Livingstone’s Industrial sector team has advised Malmö-based Areco Steel AB on the acquisition of Éton i Göteborg AB.
Founded in 1944, Areco is a manufacturer and distributor of steel products, with a turnover of approximately SEK 800m ($90m) and 110 employees. The acquisition will further Areco’s strategic objective of becoming a complete distributor of steel sheet products throughout Sweden through its store concept Areco Direct. The acquisition takes the Areco Group’s combined sales over SEK 1 billion.
“We have followed the development of Éton for some time and we see enormous potential in the company,” said Peter Areskog, CEO of Areco. “Éton will merge with our Areco Direct subsidiary. We look forward to working with the staff to implement our strategy and strengthen our position and service to customers in the Gothenburg region. By establishing multiple Areco Direct stores around the country, we can meet the growing demands of our customers,” Areskog concludes.
“At Éton, we are very excited about the acquisition. Being part of Areco, we will further strengthen our competitiveness. The combined expertise of Éton and Areco Direct will broaden our product range, giving our customers more products from a single supplier,” adds Jonas Hjalmarsson, site manager at Éton.
“We have followed Areco for several years and are impressed with the company’s development and strong market position. We are pleased that we have been able to assist Areco on this acquisition and to help them implement their growth strategy,” explained Thomas Karlsson, Partner at Livingstone Stockholm.