Axcel enters into partnership with Netel
Axcel has agreed to acquire a majority stake in leading Scandinavian telecommunications contractor Netel. Existing shareholders will retain a substantial minority holding. The new ownership structure will mean increased resources for Netel’s continued expansion.
Netel is a leader in the rollout and maintenance of mobile and fixed telecommunications networks in Sweden and Norway. The company plans, designs, builds and maintains networks for telecom operators, network owners and property managers. Netel has some 110 employees at 10 offices in Sweden and Norway, or around 400 full-time equivalents if subcontractors hired on a project basis are included, and generated revenue of around SEK 465 million in 2012.
Netel’s management looks forward to having Axcel on board as principal shareholder:
“Axcel is an ideal development partner for us,” says Netel’s CEO Erik Salling. “We share the same vision of Netel’s future, and having Axcel behind us will lend further weight to our business plans. I look forward to developing and expanding the company further with such an expert partner.”
Axcel considers the company to have real promise: “Netel is a well-run company with great potential for further growth in both new and existing markets and geographical areas,” says Lars Österberg, Partner at Axcel. “There is also a major underlying need for further development of the telecommunications infrastructure, due partly to growing volumes of data traffic in both the fixed and mobile networks.”
The transaction is expected to be completed during the first quarter of 2013, subject to approval from the competition authorities.
Netel: Erik Salling, CEO, tel.: +46 (0)8 444 7401, cell: +46 (0) 733 37 50 00, e-mail:
Axcel: Lars Österberg, Partner, tel.: +46 (0)8 442 5346, cell: +46 (0) 702 772310, e-mail:
Netel builds and maintains physical infrastructure for both fixed and wireless communications. The company offers clients complete solutions spanning project management, network planning, site acquisition, licensing, design, construction, installation, operation and maintenance. Netel has some 110 employees at 10 offices in Sweden and Norway, or around 400 full-time equivalents if subcontractors hired on a project basis are included, and generated revenue of around SEK 465 million in 2012.
Axcel was founded in 1994 by a group of investors from Denmark’s largest financial and industrial institutions. Axcel focuses on medium-sized companies in Denmark and Sweden and has a broad base of both Danish and international investors. Axcel has raised four funds with total committed capital of around DKK 10 billion and has made 39 investments along with 50 significant bolt-on acquisitions. 25 of the companies in which it has invested have so far been sold or floated. Axcel’s investments currently include 14 companies and a significant holding in PANDORA, representing combined revenue of more than DKK 16 billion and around 11,400 employees.