Advent-led group buys Hoist from Accent Equity

Eliza Punshi
03 June 2021

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A consortium led by Advent International has wholly acquired Swedish company Hoist Group, a provider of technology services to hotels, from Accent Equity and other shareholders.

The exit comes a decade after Accent acquired a 50% stake in Hoist via its Accent Equity 2008 fund while founders Malcolm Lindblom and Christopher Upmark at that time retained the other half of the company. In March 2019, Sixth Swedish National Pension Fund (AP6) joined the company as a new equity investor.

The divesting GP said that under its ownership, the company's turnover and EBITDA tripled as a result of strategic and operational improvements, which included five add-on acquisitions and development of software and technology.

The investment group led by Advent will help Hoist accelerate investments in product innovation and commercial growth, allowing it to further strengthen its position in the EMEA hospitality sector, the firm said in a statement.

The sale is subject to regulatory approval and is expected to complete in the second half of 2021. In France, the agreement is subject to completion of French works council consultations.

Company
Founded in 1994 and based in Stockholm, Hoist Group provides technology solutions to hotels, including property management and booking software, managed IP networks, and internet and TV content.

The company serves more than 8,000 hotels and employs nearly 500 staff across 20 offices in EMEA. In 2019, it had sales of SEK 281m (€28m).

People
Hoist Group - Alfonso Tasso (CEO).
Accent Equity - Niklas Sloutski (partner).

Advisers
Vendor - Clearwater (M&A); Andulf (legal).