Altor Equity acquires minority stake in Svea Solar

The transaction makes Altor the lead investor in the company as it acquires all outstanding shares from the current shareholder Axsol, an Axel Johnson company investing in the solar energy sector, according to a press rerelease.

Svea's founders, Erik Martinson and Björn Lind, will continue in their roles as CEO and Head of Operations and remain major shareholders of the company.

In the press release, Altor said it will provide significant growth capital into Svea Solar to accelerate geographic expansion and launch an integrated residential solar product in the near future.

Martinson said in a statement that the new capital will enable the company to contribute further to sustainable and independent energy system. Adding further that they sought out a partner who had a shared vision of a future without fossil fuels.

Altor is currently deploying equity via Altor Fund V which held a first and final close on its EUR 2.5bn hard-cap in February 2019. The fund focuses primarily on mid-market companies with enterprise values between EUR 100m-250m and revenues of EUR 50m-500m based in the Nordics. It can also target companies in the DACH region. The vehicle will deploy tickets in the range of EUR 50m-150m, and under its investment mandate it can make minority investments in publicly traded companies and distressed debt, according to Unquote Data.

Altor did not repsond to a request for comments at the time this article was published. 

Company
Svea Solar was founded in 2013 and is headquartered in Stockholm. The company provides integrated solar solutions and services. It had revenues above SEK 1bn (EUR 97m) in 2021, according to a press release. The company started its operations in Sweden, then entered Spain in 2019, and has since further expanded into Germany and Benelux in 2020. It has 700 staff and serves more than 20,000 customers with a primary focus on residential sectors and also has corporate clients.

Its suitable living solutions include solar panel systems, electric car chargers, batteries, fossil-free electricity contracts, and a platform enabling customers to produce, consume and sell their power.

People
Svea Solar - Erik Martinson (CEO, co-founder), Björn Lind (head of operations, co-founder).
Altor Equity - Herman Korsgaard (director).

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