At LOWENCO, we believe in a solid and progressive corporate structure. We are confident that the collective healthcare expertise of our two owners, Impilo and SHS Capital, makes them the perfect partners to elevate LOWENCO to new heights of achievement. We aim to involve quality partnerships in our business, contributing to our ability to continue creating the best conditions for delivering temperature-controlled storage, ultra-low temperature freezers, and refrigerated units to the pharma- and biotech industries. Read more about our ownership and our Board of Directors below.


Impilo is a Nordic investment company focused on long-term investments in sustainable healthcare companies active in pharmaceuticals, medical technology, healthcare services, and other health-related areas. Impilo strives to increasing the value of its investments through long-term active ownerships. The company has a well-diversified portfolio of investments and has raised more than SEK 9 billion in capital from leading Nordic and international investors since its beginning in 2017. The acquisition of LOWENCO A/S marks Impilo’s fourth investment in Denmark together with Ferrosan Medical Devices, Scantox, and tandlægen.dk. If you are curious to learn more about Impilo, you can find them at www.impilo.se.

SHS Capital

SHS Capital is a private equity provider founded in 1993 that invests in healthcare companies in Europe. The focus of the investments is on expansion financing, shareholder changes and succession situations. “Building European Healthcare Champions” is the investment philosophy according to which SHS finances and develops portfolio companies. The German investor takes both minority and majority stakes. The national and international investors in SHS funds include pension funds, funds of funds, foundations, family offices, strategic investors, entrepreneurs and the SHS management team. The equity or equity-like investment of the AIF is up to € 40 million. Volumes in excess of this can be realised with a network of co-investors. In its investment decisions, SHS attaches great importance to the consideration of ESG aspects and has therefore committed itself to the guidelines of the UN PRI. SHS is currently investing from its sixth fund, which was launched in 2022 and has a volume of ca. € 250 million.
Learn more at www.shs-capital.eu.


Founded in 2013 and headquartered in Vamdrup, Denmark, LOWENCO A/S is a leading manufacturer of ultra-low temperature (“ULT”) storage solutions for the pharma- and biotech industries. The company serves a growing global customer base and its unique, highly energy-efficient, and sustainable ULT storage solutions, developed under the brand names LSSU and CON20, offer superior quality and technical performance, and a lower cost of ownership. LOWENCO follows GMP guidelines and has a steadily increasing R&D pipeline. You can learn much more at www.lowenco.com.

Meet our board members:

  • Michael Berg
    Michael Berg Chairman

    Nationality: Swedish

    Education: M.Sc. degree, Stockholm School of Economics. IMD Business School and experience from the Reserve Officers Academy (Sweden).

    Other assignments: Chairman of Renewcell AB, chairman of Babybjörn AB, and Proxify AB.

    Experience: Michael Berg has many years of international experience in both operational and board positions within listed and unlisted companies. As Chairman at LOWENCO, Michael Berg will contribute knowledge gathered across many industries and the various companies that have grown quickly and successfully under his leadership. He has previously held several international executive positions within Tetra Pak, been CEO of Envirotainer and Polygon AB, and Chairman of the Board of companies such as the construction waste recycling company Sortera AB.

    Board member and chairman since: 2022

  • Manfred Ulmer-Weber
    Manfred Ulmer-Weber Board member

    Nationality: German

    Education: International Business Administration, Eberhard Karls University, Tübingen and École de Management in Strasbourg

    Other assignments: Board Member Develco Pharma Schweiz AG, AMW GmbH, TRI Dental Implants Int. AG and Salvia BioElectronics B.V.

    Experience: Manfred started his career at SHS during his studies as an intern for the company. At the end of his internship, he stayed on as a student trainee and, based on his outstanding performance and flair for the industry, was offered a position as SHS Investment Manager in 2010. This was followed by his appointment as Senior Investment Manager in 2012, Partner in 2019 and Managing Partner in 2022.

    Board member since: 2022

  • Magnus Edlund
    Magnus Edlund Board member

    Nationality: Swedish

    Education: MSc Industrial Management & Engineering.

    Other assignments: BoD Member Mallax Pharmaceuticals, Immedica Pharma, Tandlaegen.dk, Impilo AB.

    Experience: 14 years in private equity investing (Altor 2009–2017, Impilo 2017 current), 5 years in consulting in Boston Consulting Group (20042009). Prior member of the BoD of NutraQ and Orchid Orthopedics.

    Board member since: 2022

  • Daniel Palmacci
    Daniel Palmacci Board member

    Nationality: Italian, German, American

    Education: Master’s degree in Chemistry and Process Engineering from the University of Berlin.

    Other assignments: President Cell and Gene Division at Lonza, Member of Lonza Executive Committee

    Experience: Daniel Palmacci brings over 20 years of experience in the international pharmaceutical industry with responsibility for Manufacturing, Supply Chain and Operational Excellence, leading cross-functional teams. He is responsible for Pharmaceutical cGMP Production of Biologics API and sterile Fill & Finish, Manufacturing Science & Technology and Launch Management of new biotech products and biosimilars.

    Board member since: 2022

  • Armin Metzger
    Armin Metzger Board member

    Nationality: German

    Education: Ph.D. in Biochemistry from the University of Bayreuth, Germany.

    Other assignments: EVP & Chief Science Officer, Head of Global R&D at Ferring Pharmaceuticals. Member of the Executive Committee of Ferring Pharmaceuticals.

    Experience: Armin has more than 25 years’ experience in the biopharmaceutical industry. He spent 17 years with Merck and Merck Serono in various global leadership positions, with responsibility for CMC development and end-to-end manufacturing of biologics and biosimilars. Before becoming the Chief Science Officer of Ferring Pharmaceuticals, he was appointed Chief Production Officer, Head of Global Technical Operations.

    Board member since: 2022

Interested in learning more?