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Investments from Private Equity

We make control or co-control investments in small-to-midsized companies in the Nordics with sales of SEK 100 – 2,000m. Our average equity investment is between SEK 100 – 500m.

7A 

Status:

Current

Ownership:

  • 7A was acquired in late 2018
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • 7A is a leading Swedish premium workspace and conference provider with 4 locations at attractive addresses in Stockholm
  • Serving more than 250 workspace tenants as well as providing numerous conferences on a yearly basis to around 100,000 people
  • In 2019, revenue was about SEK 150m

Investment rationale:

  • The traditional office market is undergoing transformation driven by changing employee demands and corporate needs. Shared office solutions are growing by double digits due to co-working mega trend, with Nordic cities behind the U.S./UK
  • Established service-driven offering with synergies between workspace/conference – long customer relationships and strong NPS and customer references
  • Strong underlying unit economics on existing locations. Scalable business model and a platform to add additional services and revenue streams

7A website

Norcospectra

Status:

Current

Ownership:

  • Norcospectra was created through the merger of Norco and Spectra in spring 2014
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • Norcospectra provides tailored interior decoration solutions to retailers, restaurants and offices and is considered as one of the top suppliers in this market
  • The Group has unique inhouse production capabilities and offers value adding services such as concept design and project management to a strong, diversified client base of both small and large clients located in Sweden, Norway and Poland
  • In 2020, revenue was about SEK 480m

Investment rationale:

  • Increasing demand for more exclusive and tailormade interior decoration due to the undergoing shift in the retail industry where high-end brands and concept chains expand and larger retail chains struggle
  • Value creating merger of Norco and Spectra based on a sound industrial logic; complementary market presence, separate client segments and unique production capabilities
  • Opportunity to expand to new customer segments such as restaurants and niche retailers

Norcospectra website

Uniwater (f/k/a Norvatek)

Status:

Exited

 Ownership:

  • Uniwater was acquired in late 2014
  • SEB Private Equity had controlling interest and ownership in the company
  • The business was sold to Nalka in July 2021

Business overview:

  • Uniwater provides products and solutions within water and wastewater treatment infrastructure market. The company covers the main parts of the infrastructure and all major geographies in Sweden
  • The key competitive advantage of Uniwater is its knowledge and experience as the industry leader in the Nordic water and wastewater infrastructure market
  • In 2020, revenue was about SEK 594m (pro-forma for add-on acquisitions)

Investment rationale:

  • Attractive underlying non-cyclical infrastructure market with strong secular long-term growth drivers including increasing population and urbanization, a growing need for renovations and upgrades of an old system as well as environmental regulations and demands
  • Potential in leveraging the market leading position of Uniwater within pump stations as well as expanding the product and service offering through acquisitions in a very fragmented market
  • Carve-out situation including several operational improvement opportunities to drive value creation

Uniwater website

Loviseberg Presseri (Råsaft)

Status:

Current

Ownership:

  • Loviserberg was acquired in early 2021
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • The company produces and sells its own brand of premium, high quality juice called Råsaft
  • Råsaft is a unique product as it is the only juice that is raw, fresh and un-pasteurized in the retail channel
  • The company sells its product in the greater Stockholm, Gothenburg and Malmö regions
  • In 2020, revenue was about SEK 110m

Investment rationale:

  • Trend throughout Europe shifting towards healthy, high-quality, functional juices with natural ingredients and no added sugar. Consumers increasingly value indulgence over volume, i.e., willingness to pay premium for quality
  • Unique product – the only raw juice available in the future consumption channel (retail stores). Customers of Råsaft are the most loyal (exceptionally high NPS score) and engaged (typically never go back to drinking any other juice)
  • High barriers to entry thanks to a proprietary business model has been developed in order to serve the future consumption channel, consisting of in-house IT platform, own distribution, and differentiated way of working with retailers

Loviseberg Presseri website

Eatery

Status:

Current

Ownership:

  • Eatery was acquired in 2021
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • Eatery is a fast-growing food service provider with a unique concept in the private and public sector
  • The private sector comprises restaurants with a mix of lunch, conference and catering services, partnering with property owners in the most attractive areas with proximity to both households and corporate customers
  • The public sector constitutes production units and catering services mainly to schools
  • In 2019/2020 (fiscal year ending in June), revenue was about SEK 150m

Investment rationale:

  • Disrupting player and proven concept with significant synergies between the two business areas and best-in-class customer satisfaction among both private and public customers
  • Highly scalable model ready to be rolled-out across Sweden and other Nordic countries
  • Business model and offering with clear sustainability angle from reducing food waste, utilizing resources and providing high-quality organic food
  • Strong and complementary management team with well-established customer relationships

 Eatery website

Matsmart

Status:

Current

Ownership:

  • SEB Private Equity was one of the lead investors in the C-round in 2021 and is one of the largest shareholders in the company with co-controlling interest and is the largest individual investor

Business overview:

  • Matsmart is a high-growth online surplus food provider, present in four countries
  • The company takes care of FMCG surplus inventory that would be discarded due to e.g. packaging changes, seasonality, faulty production, or an approaching best before date with a 100% online offering and 20-90% discount to retail prices
  • In 2020, revenue was about SEK 500m

Investment rationale:

  • Over 1/3 of all food produced globally is going to waste which has a huge environmental impact. Matsmart addresses the increasing problem of food waste by offering the second-best solution to prevention, namely redistribution to people
  • Unique business model managing the complexity of a constantly changing assortment as well as building scale and know-how over time creates barriers to entry
  • First mover advantage from strong supplier relationships and limited competition across its markets provides potential of becoming a pan European company

Matsmart website

Smedbo

Status:

Current

Ownership:

  • Smedbo was acquired in 2021
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • Smedbo is a leading bathroom and home accessories provider that over multiple decades have built out an attractive offering in northern Europe and the US
  • Founded in 1967 and headquartered in Helsingborg, Sweden, Smedbo has a rich history of over 50 years of offering premium products for demanding customers
  • In FY 20/21A, company revenue amounted to SEK 202m, corresponding to 8% YoY growth

Investment rationale:

  • Leading product offering in the premium segment and has through products that stay in demand over time been able to build a reliable business model with high profitability
  • Large opportunity to capture new markets, establish additional product lines and deepen presence at key markets

 Smedbo website

Rimes

Status:

Current

 Ownership:

  • Rimes was acquired in mid-2020
  • SEB Private Equity has a co-controlling interest through our global partner network

Business overview:

  • RIMES is a global provider of managed data services (MDS) for financial reference and benchmark data as well as regulatory software (RegTech) solutions.
  • RIMES is the market leader in its niche, helping its customers, who are large financial institutions, cope with increased complexity and number of data sources and comply with new regulation.
  • With RIMES’ software services, customers can outsource non-core and manual data management activities and thereby enhance operational flexibility and efficiency, ultimately reducing clients’ internal costs

Investment rationale:

  • Steadily growing addressable market driven by secular trends in outsourcing, replacing manual tasks with software, increasing amount of data, regulation and focus on ESG
  • RIMES is the market leader in an attractive global niche market, leveraging a highly profitable, cash generative SaaS business model with predominantly recurring revenues and strong net retention
  • Acquisition directly from the founder with ample room for professionalization, operational value creation and accelerating adjacent growth initiatives

 Rimes website

Axkid

Status:

Current

Ownership:

  • Axkid was acquired in early 2021
  • SEB Private Equity has controlling interest and ownership in the company (company remains listed on Spotlight)

Business overview:

  • The company designs, manufactures and sells rear-facing child car seats to the Nordic and European markets. Based out of Gothenburg with subsidiaries in China, Germany, and the U.K.
  • Listed on Spotlight since 2014
  • In 2020, revenue was about SEK 114m

Investment rationale:

  • Underlying penetration of rear-facing child car seats across the European car seat market – sustainable investment thesis promoting usage of safer products
  • A leading player in the rear-facing car seat segment – scoring high on safety which is the most important buying criteria for customers
  • Strong historical growth journey – well-invested organization and product platform in place to further accelerate the growth going forward

Axkid website

Accedo

Status:

Current

Ownership:

  • Accedo was acquired in June 2016
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • Accedo is a leading player in the rapidly growing and evolving Over-The-Top (OTT) TV & Video space (streaming services such as HBO and Netflix) with focus on the user experience and interface
  • The company provides a range of solutions and services to quickly deploy and manage the user experience and interface that enables video services across multiple platforms and devices
  • In 2020, revenue was about SEK 470m

Investment rationale:

  • Attractive, exploding end-market driven by the conversion from TV/cable to OTT and double-digit growth
  • Accedo is the undisputed leader on a fragmented market and the only independent player of size with truly global capabilities
  • Ample room for value-creation on top of market and market share growth by offering more value-added services, expanding to new verticals and developing its product platform to further drive growth in recurring revenues

Accedo website

Hightower

Status:

Current

 Ownership:

  • Hightower was acquired in late 2020
  • SEB Private Equity has a co-controlling interest through our global partner network

Business overview:

  • Hightower provides a comprehensive, independent wealth management platform that serves an end-to-end fiduciary.
  • The platform holds all aspects of the client and advisor need such as advisory community, marketing services, financial management, CRM, custodians, etc. Hightower operates as an aggregator, acquiring majority stakes in smaller RIAs.
  • Their acquisition model addresses both the advisors’ demand for autonomy and give access to the Hightower platform, removing overhead burden allowing 100% focus on clients. This unlocks capacity and creates a win-win situation where Hightower and the target can grow together with aligned economic incentives

Investment rationale:

  • Rapidly growing market, driven by secular trends supported by regulation and customer demand driving increased adoption of the fiduciary model offering increased transparency and objectivity as well as stand-alone advisors joining aggregator platforms such as Hightower
  • Best-in-class platform in place allowing advisors to focus on their largest value-add, unlocking hidden value leading to improved margins and accelerated growth
  • The acquisition model effectively aligns economic incentives and lock in partner affiliate revenues, de-risking the model, allowing recurring revenue to increase from 23% to 97% since 2018
  • Attain economies of scale attained by leveraging the platform when adding companies. The M&A strategy is already proven and with fully scaled organization the activity can be ramped up.

Hightower website

Bought By Many

Status:

Current

Ownership:

  • Bought By Many was acquired in early 2021
  • SEB Private Equity has a co-controlling interest through our global partner network

Business overview:

  • Founded in 2011 as an insurance broker, but with focus on cat and dog insurance since 2017, BBM is a rapidly growing digital pet insurer offering innovative and differentiated products in the UK, Sweden and the US.
  • BBM works with reinsurers and hence takes no risk while keeping ~25% of premiums. Thanks to superior products BBM has industry leading customer satisfaction and is rapidly stealing market share from traditional insurance players.
  • The company has consistently outperformed its historical targets, nearly doubling gross written premiums (“GWP”) every year.

Investment rationale:

  • Attractive global pet insurance market with recurring characteristics. Source of growth is penetration growing from low levels (global penetration only 5%) driven by strong trends including pet ownership among millennials is growing (>30% of millennials have insurance), increased “humanization” of pets, better insurance products and surging vet costs
  • Superior product-market fit from day one with tech-enabled products, more complete coverage than competitors and outstanding customer satisfaction
  • Strong management and proven historic execution on ambitious targets resulting in consistent overperformance vs. budget

Bought By Many Website

TAWI

Status:

Exited

Ownership:

  • TAWI was acquired in late 2016
  • SEB Private Equity had a controlling interest and ownership in the company
  • The business was sold to PIAB, part of Patricia Industries, in December 2019

Business overview:

  • TAWI is a leading provider of complete light lifting solutions comprising vacuum and electric lifters as well as crane systems and aftermarket services.
  • Headquartered in Kungsbacka south of Gothenburg and represented worldwide with subsidiaries in five countries (Denmark, Netherlands, USA, UK and Germany) and 90+ distributors in an additional 50+ countries with exports accounting for 85% of sales.
  • Asset-light assembly production where all products are being made-to-order with customized solutions, in Kungsbacka. Currently only operating in one shift, capacity to increase production volume significantly (double according to current owner) without any larger investments.

 Investment rationale:

  • Large addressable market with growth driven by increased demand for safe, ergonomic, and efficient lifting
  • TAWI is enjoying a leading position in a niche segment of the market, catering to a strong and untapped customer base
  • Impressive financial track record with stable historic sales growth and high profitability
  • Accelerate growth and become the clear market leader by investing in distribution network, production sites and sales organization

Tawi website

Soluno

Status:

Exited

Ownership:

  • Soluno was formed through the merger of SolusBC and Uno Telefoni in early 2017
  • SEB Private Equity had controlling interest and ownership in the company
  • Sold to Destiny, owned by British private equity sponsor Apax Partners, in July 2021

Business overview:

  • The company is the leading operator-independent cloud-based business communication service provider for SMEs
  • Soluno has a user base of over 200,000 users across the Nordics, UK, Germany and the Netherlands
  • In 2020, revenue was about SEK 300m

Investment rationale:

  • Attractive underlying market driven by growing cloud-based switchboard penetration and penetration of communication-based SaaS solutions
  • Potential to create the leading cloud-based communications service provider across Europe with distinct competitive position and potentially the most advanced technology
  • Attractive business model with mainly recurring revenues and high scalability
  • Potential to expand both geographically and through additional services
  • Strong SEB Private Equity angle through our network

Soluno website

VaccinDirekt

Status:

Current

 Ownership:

  • VaccinDirekt was acquired in January 2018
  • SEB Private Equity has controlling interest and ownership in the company

Business overview:

  • VaccinDirekt is one of the leading and most professional chains of vaccination clinics with over 170,000 vaccinations done per year serving over 110,000 patients from infants and children to people of ages 18-45 as well as elderly.
  • The chain has been created through organic growth as well as several acquisitions. The 6 clinics are located in Slussen, Odenplan, Hammarby Sjöstad, Stureplan, Uppsala and Malmö. VaccinDirekt also operates 3 mobile clinics (“Fästingbussen”). Vaccine offerings consist mainly of travel (47% ), TBE (22%¹) and influenza (11%¹) vaccines. Other offerings include health checks and health certificates.
  • VaccinDirekt played an integral role in the Covid-19 vaccination rollout across Sweden.

 Investment rationale:

  • Attractive underlying market dynamics
  • A unique operator and platform for the future
  • Unique situation upon entry with strong management team and value creation potential
  • Expansive business plan with attractive risk / return characteristics

VaccinDirekt website

Planday

Status:

Exited

 Ownership:

  • Planday was acquired in late 2018
  • SEB Private Equity had a co-controlling interest through our global partner network
  • The business was sold to Xero in early 2021

Business overview:

  • Planday is a workforce collaboration platform that allows businesses to optimize administration of shift-based employees and integrate seamlessly into their payroll processes.
  • Targeting industries that have been traditionally underserved by technological solutions, the flexible scheduling platform can be used to enable real-time communication between employees, managers and co-workers. Headquartered in Copenhagen, the company has five offices and 170+ employees and a customer base that spans the globe.
  • SEB Private Equity acted as lead investor in the C-round financing and is today the largest individual investor with joint-control together with prior investors.

 Investment rationale:

  • Large addressable market undergoing a significant shift towards SaaS model (land grab opportunity)
  • Planday is well positioned in an attractive market segment with enterprise-grade sophistication and multi-market end-user engagement
  • Flexible and scalable platform which gives exposure to wide range of industries and low customer concentration
  • Strong management team with right foundation in place with previous experience of scaling SaaS businesses

Planday website


SEB Investment Management AB is a wholly owned subsidiary of Skandinaviska Enskilda Banken AB. The fund company was formed May 19, 1978, with headquarters in Stockholm and organization number 556197-3719.