Livingstone has acted as advisor to the owners when I.T.K. and Hissgruppen merge and bring in Accent Equity as partner.
I.T.K. and Hissgruppen is working with installation, modernization and service of elevators, focusing primarily on customized solutions. The companies have combined revenues of approximately SEK 250m and about 100 employees.
The owners of the companies have decided to join forces to create an even stronger player within the elevator service industry. Simultaneously, the owners bring in Accent Equity 2012 as partner to create the best possible conditions for continued growth. Growth is planned both organically on new geographic markets and via acquisitions – to begin with in Sweden.
“We look forward to continue to develop the company together with Hissgruppen,’ says Lars Walldén. “Accent Equity’s proven ability to support owner managed companies to growth will allow us to take the next step, for both our clients and employees best.”
“We have, in the past years, turned down some potential projects as they have been slightly too large for us to handle in our respective companies,” comments Åke Carlsson. “Together with I.T.K. we become larger and with Accent Equity’s financial muscles and industrial network we will be able to create the best conditions for a continued successful growth strategy.”
“It has been an incredibly exciting sales process where the combination of I.T.K. and Hissgruppen created a large interest from investors. With Accent, the entrepreneurs have a very strong partner in implementing the merger and continue an expansive journey with the possibility of complementing acquisitions,” comments Thomas Karlsson, Partner at Livingstone. “The industry for elevator service is very interesting with several successful privately owned companies, acting in the segment under large international companies. We believe in more combinations where successful niche companies can benefit from being part of a larger group and environment,” concludes Thomas Karlsson.
The investor, Accent Equity, has since inception 1994 managed seven funds with total assets of about SEK 12bn and invested in 66 companies, whereof 49 have been divested. Accent’s target is to develop its portfolio companies to Nordic, European or Global companies by sustainable improvements of the companies’ operations and market positions.