Axcel acquires majority stake in Mountain Top Industries

After rapidly expanding, the company decided to de-risk its growth plans by partnering with Axcel, which intends to support the firm's entry into new markets.

Axcel director Christoffer Müller told unquote" that the GP was impressed by the company's production line efficiency, which would allow it to focus on expansion into new markets. Top-line growth plans include expanding the firm's presence in the EMEA region, as well as in Asia and the US.

Although the exact number of shares acquired remains undisclosed, Müller said the stake was in excess of 66%. The founders will remain shareholders and board members.

The transaction is the second investment for the firm's fifth fund, Axcel V, which held a first close on €352m in April 2017. The fund has a hard-cap of €600m. The GP acquired a majority stake in cooling technology firm Nissens in May 2017 in a first investment from the fund.

Company
Founded in 1978, Mountain Top Industries operates from its headquarters in Frederikssund, Denmark, where it works on the design, development and production of accessories for pickup trucks.

It supplies accessories to manufacturers such as Ford, Nissan, Renault, VW, Mercedes-Benz and Toyota for factory fitting, but also to the aftermarket segment.

The company opened a sales office in Australia in 2014 and employs a staff of 170.

People
Axcel – Christoffer Müller (director).
Mountain Top Industries – Marie-Louise, Lars Bjerg (founders).

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• Buyouts
• Nordics
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• Denmark
• Axcel