Axcel invests in Currentum AB and creates a leading player in the Swedish technical installation market
Axcel enters into a partnership with Ventab, Ventilationsprojekt and Installationsbolaget to create a strong installation group within HVAC, H&S, sprinkler and building automation with offices in Gothenburg, Stockholm, Södertälje, Nyköping, Norrköping, Linköping, Katrineholm and Eskilstuna.
The new group has revenues of around SEK 900 million with over 300 employees and a strong market position in both western and eastern Sweden. Current owners and management will remain in their roles and maintain a significant stake in the new group. Together, Axcel and its partners will continue to expand the new group throughout Sweden and beyond, both in existing and new technical disciplines.
“We are excited to partner with Axcel to continue to grow and improve our businesses in the large and fragmented installation market, where we see plenty of expansion opportunities”, say Hillevi Skötte, CEO Ventab; Stefan Franzén, Chairman Ventilationsprojekt and Sören Adolfsson, CEO Installationsbolaget in a joint statement.
Ventab, Ventilationsprojekt and Installationsbolaget all have a long and successful track record of profitable growth and are leaders in their respective region and market segment with an outstanding reputation. The companies will keep their well-established brand names and strong local focus. At the same time, the new and larger group will have more resources and better market coverage and be able to provide its customers with a broader and stronger service offering.
“Ventab, Ventilationsprojekt and Installationsbolaget are all excellent installation businesses well known in their regions for provision of reliable and high-quality installation services. We at Axcel are very excited at the prospect of jointly further expand and develop the group across regions and technical disciplines. The installation market offers plenty of consolidation opportunities. Axcel and our partners will accelerate growth through M&A in the next years to build a strong market leader,” say Thomas Blomqvist and Stefan Hollander, Axcel Partner and Director, responsible for the transaction.
Ventab, Ventilationsprojekt and Installationsbolaget are being acquired from their founders and management. The parties have agreed not to disclose any financial terms. The transaction is subject to customary regulatory approvals.
Currentum AB is Axcel’s third investment in Axcel VI. Axcel will own the majority of Currentum AB’s shares.
About Currentum AB
Currentum AB is a leading player in the Swedish technical installation market and has been created through the combination of Ventab, Ventilationsprojekt, Installationsbolaget VS and Sprinkler.
Ventab is a leading provider of ventilation and building automation services headquartered in Gothenburg. Founded in 1977, Ventab i Göteborg and Ventab Styr today have revenues of nearly SEK 300 million and some 80 employees.
Ventilationsprojekt is a leading provider of ventilation and building automation services headquartered in Norrköping and with offices in Linköping, Nyköping, Södertälje, Eskilstuna and Katrineholm. Founded in 1993, Ventilationsprojekt today has revenues of some SEK 300 million and some 115 employees.
Installationsbolaget VS was founded in Gothenburg 2000 and is established in Stockholm since 2014. Installationsbolaget Sprinkler was founded in 2003. Installationsbolaget VS and Sprinkler are leading providers of heating, sanitation and sprinkler services with revenues of over SEK 300 million and 115 employees.
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of over EUR 2.5 billion. These funds have made 57 platform investments with well over 100 major add-on investments, 43 exits and Axcel currently owns 14 companies.
Axcel Management A/S holds a licence from the Danish Financial Supervisory Authority to operate as a management company. Axcel is therefore subject to supervision and inspection by the FSA in respect of the funds Axcel IV, Axcel V and Axcel VI.