Accent Equity sells Stål & Hyr in trade deal

The deal comes only a year after Accent purchased a majority stake in the business in February 2017 via its Accent Equity 2012 fund.

During Accent Equity's ownership, Stål & Hyr grew from four to 13 depots, both through acquisitions and by establishing new facilities. The company also invested around SEK 100m in machinery and equipment in 2017. By recruiting a new CEO and CFO, the GP also secured the succession from the previous owners.

The transaction is expected to be completed in the second quarter of 2018, following customary approval from the Swedish competition authority.

Accent held a final close for its latest fund, Accent Equity 2017, on €312m in October last year.

Previous funding
Accent purchased a majority stake in Stål & Hyr in February 2017.  According to local media reports, Accent secured an 80% stake in the business. The GP bought its shareholding from brothers Jörgen Grubbeson and Glenn Andersson, who have been with the business since inception and took over ownership from their father in 1993.

Accent drew equity from its Accent Equity 2012 fund to finance the acquisition. The mid-market vehicle closed on its SEK 3.8bn target in December 2011, according to Unquote Data. The GP usually deploys equity tickets of €5-50m in companies with enterprise values in the €10-250m range.

Company
Founded in 1979 and headquartered in Varberg, Stål & Hyr rents equipment to the construction industry. These products include tools, excavators, lifts, electrical equipment and sheds.

The company operates a network of 13 depots under two separate brands: Stål & Hyrmaskiner and Dennis Maskinuthyrning. Under Accent's ownership, the group acquired Dennis Maskinuthyrning and Hyr-Service i Kungälv, and it also established new depots in Ringön and Halmstad.

According to the GP, the group saw revenues and EBITDA grow by more than 50% in the last year.

People
Accent Equity Partners – Carl Fürstenbach (partner).
Stål & Hyr Group – Joacim Johansson (CEO).

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