SEB Private Equity sells Norcospectra to Accent

Accent invested through Accent Equity 2017, which held a final close in October 2017 on SEK 3bn (EUR 291m). The vehicle will invest exclusively in companies based in Norway, Finland, Sweden, and Denmark with an enterprise value of EUR 20m-50m, deploying equity tickets in the range of EUR 10m-25m. The fund is sector agnostic so it seeks succession deals, as well as carve-outs from industrials and occasionally secondary transactions, according to Unquote Data.

The management team of Norcospectra will reinvest and continue operating in their current roles.

Oscar Claeson, partner at Accent Equity, told Unquote that the company was sold via an auction process and the sponsor gained exclusivity. He added that new management members will receive offers to invest in the business.

According to Claeson, the company will grow through acquisitions and organically. Norcospectra would like to grow its presence in its current domicile countries including Poland, Norway, and Sweden, as well as expand into neighbouring countries like Germany, Denmark, and Finland, said Claeson. In a press release, the CEO of Norcospectra, Ove Opseth, said that the company will seek to create new sustainable solutions and develop its digital offering under Accent’s ownership. The business generates revenues of almost SEK 600m (EUR 58m) and had an EBITDA margin of around 10% in 2021, added Claeson.

Norcospectra Group was established in 2014 following a merger between three companies: Norway-based Norco,Sweden-based Spectra Collection, and KS Projekt. The merger was initiated by previous private equity backers SEB. It was fully integrated in January 2016, according to the company’s website.

Company
Formed in 2014 and headquartered in Stockholm, Sweden, Norcospectra Group sells and manufactures bespoke commercial interior products and furnishings to a range of clients in sectors including, retail and commercial. It has operations in Sweden, Poland, and Norway and its production plant in Poland has approximately 40,000 square metres for both metal and wood production. The company has 300 employees.

People
Norcospectra Group – Ove Opseth (CEO).
SEB Private Equity - Maria Bilkenroth (investment director).
Accent Equity - Oscar Claeson (partner).

Advisers
Equity – EY (financial due diligence); Hannes Snellman (legal).

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