Accedo sponsor SEB taps Raymond James for exit

The auction is expected to kick off later in autumn, according to two of the sources.

Accedo reported EBITDA of SEK 97m (EUR 9.5m) in 2019/20, with SEK 497m in revenues. Accedo expects to raise its EBITDA margin from the existing level of 22% and reach USD 13.2m in 2021, CEO Michael Lantz told Mergermarket in May. The company is also set to generate EUR 50.5m in revenues in 2021, following a 15% quarterly organic growth rate in Q1 2021.

"We're currently growing at a good pace with healthy profit margins," Lantz said, declining to elaborate on the company's sale.

In May, Lantz told Mergermarket that Accedo regularly receives takeover approaches from other players in the market and that financial advisers could be mandated for an IPO or a trade sale. In case of an IPO, Accedo would prioritise a listing on Nasdaq Stockholm and may also consider partnering with a special-purpose acquisition vehicle as an alternative. However, the current process is focusing on the M&A track, one source said.

SEB Private Equity acquired a majority stake in the company in June 2016.

Accedo provides TV applications, tools and services for media companies and TV operators worldwide. Accedo has 400 customers and 100 global partners. Its customers include Vodafone New Zealand, British television network Channel 5 and American television network CNN, according to its website.

Accedo is headquartered in Stockholm, Sweden, and has offices in the UK, Spain, Hungary, Canada, the US, Mexico, Chile, Hong Kong, Australia, New Zealand, Singapore and India. It has more than 450 employees and was founded in 2004, according to its website.

SEB declined to comment. Raymond James did not return a request for comment.

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