Axcel acquires Ventab, Ventilationsprojekt, Installationsbolaget

Eliza Punshi
19 October 2020

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Nordic private equity firm Axcel has acquired three companies т Ventab, Ventilationsprojekt and Installationsbolaget т and merged them to create Currentum, which will specialise in heating, ventilation, health and safety, sprinkler systems and building automation.

The current owners and management will remain in their roles and maintain a significant stake in Currentum. The new group has combined revenues of around SEK 900m (€86.6m), employs 300 staff and has offices in Gothenburg, Stockholm, Södertälje, Nyköping, Norrköping, Linköping, Katrineholm and Eskilstuna.

The GP is deploying equity from its Axcel VI fund, which is targeting €800m and held a first close in February this year on just above €507m.

The GP will continue to expand the new group throughout Sweden and beyond, both in existing and new technical disciplines. Partner Thomas Blomqvist told Dagens Industri that the GP was aiming to triple revenues in four to five years and is targeting an operating margin of at least 10%, which Blomqvist said was in line with the profitability of the three companies acquired.

The CEOs of the three companies said in a joint statement that they see plenty of expansion opportunities in the large and fragmented installation market.

The companies will keep their brand names and strong local focus. The transaction is subject to customary regulatory approvals.

Company
Founded in 1977 and headquartered in Gothenburg, Ventab is a provider of ventilation and building automation services. The company has 80 employees and generates revenues of SEK 300m.

Founded in 1993 and headquartered in Norrköping, Ventilationsprojekt is a provider of ventilation and building automation services, with additional offices in Linköping, Nyköping, Södertälje, Eskilstuna and Katrineholm. It employs 115 staff and generates revenues of SEK 300m.

Founded in 2000 and headquartered in Stockholm, Installationsbolaget was founded in Gothenburg. The company also consists of Installationsbolaget Sprinkler, which was created in 2003. The two companies are providers of heating, sanitation and sprinkler systems, and records revenues of SEK 300m. It employs 115 staff.

People
Axcel – Thomas Blomqvist (partner); Stefan Hollander (director).
Ventab – Hillevi Skötte (CEO).
Ventilationsprojekt – Stefan Franzén (chairman).
Installationsbolaget – Sören Adolfsson (CEO).