Accent Equity acquires property protection company Troax - Focuses on growth by international expansion
The Accent Equity 2008 investment fund is acquiring, together with the company management, the property protection company Troax in Hillerstorp from the Gunnebo security group. The company – which is growing rapidly by supplying products for automation and robotics, storage systems and property protection – has a turnover of more than SEK 500 million and 300 employees in 2010.
Headquartered in Hillerstorp, Sweden, Troax was founded more than 50 years ago. The company’s international expansion began in the 1970s, and today Troax has a presence on 25 markets. Most of the company’s products are exported to European countries, but they are also sold in Turkey, the USA, South Korea and Japan. The next area of expansion is China.
The company’s main factory is located in Hillerstorp, with about one-third of the employees. There is a small plant in Kingswinford near Birmingham in the UK, and the company has sales representatives on all important markets.
Troax develops, manufactures, markets and sells a wide range of mesh panels, machine guard fencing systems and patented locking devices that are marketed and sold in the three industrial segments Automation & Robotics, Material Handling & Logistics and Storage & Property Protection. The global market for these products is estimated at SEK 8–9 billion.
“Troax is a fine Swedish company that has proactively adapted itself to resource-efficient production and a strong sales culture,” says Niklas Sloutski, CEO at Accent Equity Partners AB, an advisor to Accent Equity. “The company is a world leader on a fragmented market. Our ambition is, together with management and employees, to boost growth on existing and new markets and fortify Troax’s world-leading position. This will be done both organically and by complementary acquisitions.”
Gunnebo AB, which has owned Troax since 1994, has decided to divest the company for strategic reasons.
“In order to increase our profitabililty and growth, we need to focus on the core businesses we have identified in our strategy”, says Gunnebo’s President & CEO Per Borgvall. ”With Accent Equity as owners, the continuous development of Troax’s business has been secured. At the same time the acquisition gives Gunnebo space for expansion within our core businesses.”
For further information, please contact:
Niklas Sloutski, CEO Accent Equity Partners. Telephone +46 70 300 99 59
Per Borgvall, President and CEO Gunnebo. Telephone +46 31 83 68 00
Thomas Widstrand, CEO Troax. Telephone +46 70 547 18 10
Founded in 1994, Accent is a private equity pioneer in the Nordic region. Since its inception, Accent funds have invested in 55 Nordic companies and divested 43 of them. Accent has served as an advisor to six funds with managed assets in excess of SEK 10 billion. Accent’s objective is to develop the portfolio companies into Nordic, European or global players via enduring improvements of the companies’ business operations and strategic positions. Based in Stockholm, Accent has a staff of some fifteen investment professionals with backgrounds in both industry and finance. In addition, Accent has a large number of industrial advisors in its network. www.accentequity.se