Accent Equity acquires majority stake in Thor Shipping

The transaction marks the first acquisition from the GP's latest fund, Accent Equity 2017, which held a final close in October 2017.

The founders and owners of Thor Shipping approached Accent Equity Partners a year prior to the deal with the intention of staying on board to manage the company alongside the private equity investor, Accent partner Benny Zakrisson told Unquote.

Therefore, the founders retain a significant minority stake in the business, with Accent holding a majority of the company.

Thor Shipping has aimed to differentiate from other players by offering specialised transport services – such as transporting heavy duty steel products and offering small adjustment services to the products at the ports.

Accent saw a growth story in the company, both organically and through acquisitions in the Baltic and North Sea areas, including the UK, Zakrisson said.

With the fresh capital, Thor Shipping intends to build on its business model, which it reshaped in 2014, by developing its customer offering and strengthening its market position.

Accent Equity 2017 held a final close on SEK 3bn in October 2017, after starting the fundraising process in May 2017. The fund is the eighth raised by the GP since 1994, and the fourth under the Accent Equity name, according to Unquote Data.

The 2017 fund follows a similar investment strategy to the firm's earlier fund, Accent Equity 2012, which closed on SEK 3.8bn in December 2011. It invests in lower-mid-market transactions across all sectors in the Nordic region.

Company
Founded in 1994 and headquartered in Västerås, Sweden, Thor Shipping is a logistics company covering all aspects of transport by land and sea. The company offers services as a forwarding agency, stevedoring and short-sea shipping.

Thor Shipping strengthened its sea transport business in 2014 by establishing a subsidiary in the UK and founding Sun Line, a short-sea shipping company with four vessels in operation combining container and bulk cargo between Sweden, Belgium, Netherlands, the UK and Finland.

Net sales of the company in 2017 amounted to SEK 400m.

People
Accent Equity Partners – Benny Zakrisson (partner).
Thor Shipping & Transport – Eric Hjalmarsson (CEO).

Advisers
Equity – Baker McKenzie, Costin Mihailescu, Christian Reineby, Cathrine Caap, Johan Zetterström, Olof König, Olof Johannesson (legal).

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