Axcel buys Picca Automation

Picca reported a turnover of around DKK 132m (EUR 18m) in 2021, which Axcel says it has grown by 6-8% annually. 

The company sells industrial automation and software packages to the public and private sector in Denmark, and says its customers use automation to improve efficiency, limit their environmental impact and comply with regulations.  

Axcel partner Christoffer Müller told Borsen that it wanted to grow Picca to DKK 500m sales with the help of acquisitions in Norway and Sweden. 

He added that the price was a three-digit-million price below DKK 500m.

The management of Picca, who are also owners, will remain in place and retain a significant shareholding in the company. Axcel will hold a majority.

The transaction is expected to close in the first half of 2022.

Axcel closed its Axcel VI fund in August 2021 on its hard-cap of EUR 800m. The GP said it expected to make 12-14 investments in Nordic companies with enterprise values of EUR 100m-250m. 

Company
Founded in 1988, Picca develops automation software for large Danish industrial companies. Picca has 100 employees across four locations in Denmark.

People
Axcel – Christoffer Müller (partner).
Picca Automation – Henrik Jensen (CEO).

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