Accent exits Motum to Mitsubishi Electric

The minority shareholders, which include management teams and founders of acquired companies operating by Motum, also exited in the deal.

Tokyo-based Mitsubishi Electric will support Motum bolster its capabilities to service and modernise elevators and escalators in Sweden and other countries, not limited to Europe, according to a press release.

Claes Bodell, partner at Accent, told Unquote the sponsor conducted a structured sale process for the portfolio company with a trade sale as the preferred exit route. "We chose Mitsubishi as they are a fantastic new owner, complementing Motum in a good way. They are a supporter of the management's growth plans and ultimately presented the most competitive offer."

Under Accent's ownership, Motum engaged on a consolidation of the Swedish elevator space. It acquired 10 companies, including the two initial acquisitions of I.T.K and Hissgruppen in 2013, and entered Norway.

Bodell said Accent achieved its consolidation plan for the company in Sweden, with a roll up of smaller local players. "Although there is still some room left to do so, the next growth journey will be outside of Sweden."

The company was held in Accent Equity 2012, a lower mid-market buyout fund that held a final close at its hard-cap of SEK 3.8bn. The vehicle is sector agnostic with a focus on the Nordic region, according to Unquote Data. The Motum transaction marks the 12th exit from the fund out of 18 companies, according to Bodell.

Company
Motum is based in Bromma, Sweden, and was established in 2013. It comprises a group of companies operating under the Motum umbrella providing elevator installation, services, and modernisation. The company employs around 350 employees. According to a press release, it generated 2021 sales of SEK 750m in revenues.

People
Accent Equity - Claes Bodell (partner).
Motum - Fredrik Eliasson (CEO).

Advisers
Vendor - MCF Corporate Finance (M&A); Mannheimer Swartling (legal); Deloitte (financial due diligence).

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• Topics
• Exits
• Nordics
• Support services
• Accent Equity Partners
• Sweden
• Trade sale