Livingstone acted as advisor on the sale of Vinga Hiss to Motum. Before the transaction, Motum consisted of I.T.K. and Hissgruppen, both focusing on Mälardalen. Vinga Hiss is based in Gothenburg with Western Sweden as its main market, and thereby complements Motum’s geographical presence. Together with Vinga Hiss, the Motum Group turns over about SEK 330m and has about 130 employees.
With the Private Equity fund, Accent Equity 2012, as majority shareholder the consolidation of the elevator service industry continues. All companies included in the Motum Group works with installation, modernization and service of elevators with focus on customized solutions. Motum’s strategy is to grow both organically on existing and new markets, and through additional acquisitions.
The founders and owners of Vinga Hiss (Mikael Räftegård, Pontus Bengtsson, Benny Johansson, Tommy Nilsson and Tomas Andersson) become co-owners in Motum and continue to work in the day-to-day operations, in the same manner as the previous owners of I.T.K. (Lars Walldén and Per Hagbergh) and Hissgruppen (Åke Carlsson) which also have become co-owners in Motum.
“Just a few months after our initial investment in Motum we are pleased to announce the first bolt-on acquisition,” says Benny Zakrisson, Chairman in Motum and industrial advisor to Accent Equity. “We believe in the opportunity to create an even stronger company providing services for elevators with the goal to offer an even better and more nationwide service.”
“The acquisition of Vinga Hiss is an essential complement to the previously included companies in Motum,” says Ola Gunnarsson, new CEO in Motum. “This is in line with Motum’s strategy to create a nationwide independent elevator service business.”
“The merge with Motum is a very exciting and logical next step in Vinga Hiss’ development,” comments Mikael Räftegård, CEO and one of the founders of Vinga Hiss. “We look forward to continue to grow together with our new sister companies with similar business models, philosophies and corporate cultures.”
“The acquisition of Vinga Hiss is yet another sign of the consolidation that is taking place within the industry for elevator and property services. We expect continued consolidation in the coming years,” comments Thomas Karlsson, Partner at Livingstone.