Polaris joins Accent as co-lead investor in Bergteamet

Accent acquired a 55% stake in the company in October 2009, while the remaining shareholding was kept by founders and management. The latter have retained stakes in the company with equity for the current transaction coming from the Polaris Private Equity III K/S fund. The value of the transaction has not been disclosed.

Polaris partner Jan Dahlqvist stated that the investor was directly approached by Accent, through an existing relationship, and that the firms now co-own the company on equal terms. The firms aim to grow Bergteamet partially through its existing activities in the Nordics, but also through exports, mainly to Australia and Chile.

In addition to Bergteamet, Polaris and Accent co-invested in the Nordic express freight company Jetpak, which has been jointly owned by the firms since December 2005.

Company
Founded in 1999, Bergteamet provides services for the mining industry through five divisions: mining and tunnelling, raiseboring, core drilling, mining equipment construction and electronics. The company's main customers are Swedish mining industry companies, but it also works on international projects and looks to strengthen its exports to Australia and Chile.

Based in Boliden, Sweden, Bergteamet employs around 500 staff and recorded a SEK 1.2bn turnover in 2010.

People
Dahlqvist worked on the deal for Polaris, while CEO Niklas Sloutski worked on the deal for Accent. Christer Gyllengahm is the CEO of Bergteamet.

Advisers
Equity – Hannes Snellman (Legal); PricewaterhouseCoopers (Financial & commercial due diligence).

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• Topics
• Nordics
• Industrials
• Expansion
• Sweden
• Polaris Private Equity