Accent Equity divests Nordic Traction Group
The investment fund Accent Equity 2012 L.P. and minority shareholders have agreed to divest 100% of the shares in Nordic Traction to AB Max Sievert, a long-term focused investor in Nordic based companies. As part of the transaction, the minority shareholders will be reinvesting into the company together with its new owner.
Nordic Traction, founded in 1886, is a leading manufacturer of bespoke vehicle traction aids, which are used for a wide range of vehicle types operating in harsh environments primarily in the forestry sector. The company operates from two manufacturing sites based in Loimaa, Finland, and Dumfries, Scotland (UK), from where it supplies its products directly to OEMs and other distribution channels in over 30 countries worldwide. The company employs over 110 people and is headquartered in Loimaa, Finland.
“Since the carve-out from Gunnebo Industries AB three years ago, the management team has successfully implemented several strategic initiatives and, at the same time, prepared the company and the organization for continued growth. We wish the team every success as they continue their growth journey with AB Max Sievert.”, says Daniel Winberg, Partner at Accent Equity Partners AB, advisor to Accent Equity.
“Accent Equity has been a highly supportive partner and a driving force to help Nordic Traction build a stronger platform for future growth and continued great customer service. I now look forward to the next stage of the company’s journey and working with AB Max Sievert to continue to build an international leader in traction products and reach our latest set of goals and objectives,” says Tero Järvinen, CEO at Nordic Traction Group AB.
The transaction is expected to be completed on 13 December 2018.
Stephens Europe (M&A), Mannheimer Swartling (legal) and KPMG (financial due diligence) assisted Accent Equity in connection with the transaction.
Source: Accent Equity Press Release