Axcel exits LGT Logistics to Litorina

Litorina exited the company to Axcel in a secondary buyout in 2009, having acquired LGT in 2005.

LGT was originally acquired via Axcel's DKK 3bn Axcel III vehicle. Axcel recently wrote off its investment in troubled fashion retailer Noa Noa, handing the company over to banks and a group of investors seven years after the GP's DKK 1.5bn buyout.

Litorina's acquisition was made through its SEK 2.5bn Litorina IV fund, which saw a SEK 46m commitment from Scandinavian Private Equity, among other LPs.

Previous funding
LGT Logistics was acquired by Litorina in 2005, in a buyout from DHL made through the GP's 2001 fund.

Litorina reaped a 10x money multiple when it sold the company to Axcel in 2009, according to unquote" data.

Company
Headquartered in Tibro in Sweden and Horsens in Denmark, LGT specialises in the distribution and storage of furniture.

The company currently employs 290 people and generated revenues of SEK 700m in 2014, a similar turnover to that generated when it was bought by Axcel in 2009.

Founded in the 1940s as LBC Tibro, LGT operates under the brand names LBC Sweden, Herrljunga Åkeri and Transportsektionen in Sweden, and GM-ITM in Denmark.

People
Vilhelm Sundström is a partner in Axcel and worked on the exit alongside Litorina's Paul Steene.

Advisors
Vendor – Carnegie (Corporate finance); Mannheimer Swartling (Legal).

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• Topics
• Nordics
• Buyouts
• Industrials
• Sweden
• Denmark
• Litorina
• Axcel
• Secondary buyout