Altor acquires 30% stake in renewable energy company OX2

The founders, through Peas Industries, will remain as majority shareholders and continue to stay active in the development of OX2.

The GP deployed capital from Altor Fund V, which held a final close on a hard-cap of €2.5bn in February 2019. The vehicle targets Nordic and DACH mid-market companies with EV between €100-250m and revenues of €50-500m, deploying equity tickets between €50-150m. The fund is understood to have made four investments so far, its other recent deal being a majority stake in Swedish engineering company Eleda Group. 

Paul Stormoen, CEO of OX2, said the company would aim to focus on further growth in its core markets as well as adding new geographies and technologies to its portfolio.

Company
Founded in 2004 and based in Stockholm, OX2 is a renewable energy company that develops, builds and manages renewable power generation equipment. The company operates in six countries and has management contracts for 38 wind farms totalling 2.1 GW in capacity. It reported revenues of €463m and an operating profit of €363m in 2019. According to its LinkedIn page, it employs more than 150 staff. 

People
Altor -  Petter Samlin (partner); Harald Mix (founder, partner).
OX2 -  Paul Stormoen (CEO).
Peas Industries - Johan Ihrfelt (CEO, co-founder).

Advisers
Vendor - JP Morgan (M&A); Gernandt & Danielsson Advokatbyrå (legal).

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• Topics
• Buyouts
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• Altor
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• Mid-market buyout
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