Momentum Group acquires Mekano – further strengthening its position in industrial services in Sweden
Momentum Group has signed an agreement today to acquire 70 percent of the shares in Mekano AB and 100 percent of the shares in Mekano i Sävedalen AB, thereby further strengthening the Group’s market position in service and maintenance for Swedish industry. Mekano is one of Sweden’s leading suppliers of products and services for the industrial services market and will be part of Momentum Group’s business area Components & Services. The two Mekano companies generate combined annual revenue of approximately MSEK 145 with favourable profitability and have about 85 employees.
Mekano is a comprehensive supplier of high-quality products and services with a focus on service and cost savings for industrial customers in areas such as the process, manufacturing and food industries as well as in maritime and the public sector. Mekano was founded in 2010 and has delivered favourable growth since then, with good profitability. Together, the companies have about 85 employees and their own units in Helsingborg, Malmö, Perstorp and Gothenburg, with customers primarily based in western and southern parts of Sweden.
“Following the acquisition of the electromechanical service workshops from Assemblin El (originally the NEA workshops) earlier this week, we are now taking a further step in strengthening Momentum Group’s market position in industrial services in Sweden. Our revenue in this area now amounts to approximately MSEK 400 with good profitability,” says Ulf Lilius, President & CEO of Momentum Group. “Mekano are well-established with highly competent employees and good customer relationships with industrial companies and the public sector in southern and western Sweden. We see excellent opportunities for further development and growth together with Mekano and our other businesses in industrial services, a sector in which we are now Sweden’s leading supplier following our latest acquisitions.”
In accordance with the Group’s philosophy of decentralised business responsibility, Mekano will continue to operate as independent companies within the framework of Momentum Group’s Components & Services business area.
“With its clear focus on strong niche companies in industrial services, Momentum Group was a natural choice for us when it came to finding a new owner to develop Mekano in the future,” says Ola Jönsson, Mekano’s founder and main owner. “Tomorrow’s market will require the capability and resources for continuous development, which Momentum Group offers. At Mekano, we look forward to continuing our positive, long-term development together with our customers and suppliers – and with new, successful sister companies and a new, strong owner who shares our values and goals.”
Closing is scheduled to take place mid-February 2021. The acquisitions are expected to have a marginal positive effect on Momentum Group’s earnings per share during the current financial year.
Stockholm, 3 February 2021
Momentum Group AB (publ)
For further information, please contact:
Ulf Lilius, President & CEO – Tel: +46 10 454 54 70
Mats Karlqvist, Head of Investor Relations – Tel: +46 70 660 31 32 / e-mail: mats.karlqvist@momentum.group
This information was submitted for publication on 3 February 2021 at 1:00 p.m. CET.
Momentum Group is a leading reseller of industrial consumables and components, services and maintenance to professional end users in the industrial and construction sectors in the Nordic region. The Group has annual revenue of approximately SEK 9.5 billion and some 2,700 employees. Momentum Group AB (publ) is listed on Nasdaq Stockholm since June 2017. Read more at www.momentum.group.