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SEB’s venture capital firm invests in Teknikmagasinet

SEB’s venture capital firm has become the largest owner of Teknikmagasinet with a 40 per cent share. The SEB company will work with the remaining shareholders to continue developing the home electronic and gadget chain’s business throughout the Nordic region.

Teknikmagasinet, headquartered in Järfälla outside Stockholm, started in Sweden in 1989 and has since expanded to Norway and Finland. Today, the chain has about 100 stores and employs 460 people. Since its inception, annual growth has been on average 25 per cent per annum. In 2010/2011 the company grew 8 per cent with a turnover of 800 million Swedish kronor including VAT.

The deal team of Magnus Ramström, Babak Etemad and Johan Wolf is impressed with Teknikmagasinet and excited about the continued growth possibilities. Etemad, senior investment manager, says: “Teknikmagasinet’s success to date is based, to a large degree, on the company’s knowledgeable and dedicated staff, ability at all times to offer an exciting and affordable range and provide excellent service.

Ramström, senior investment manager, continues: “We are looking forward to working with the company's other owners to develop the company through continued growth and improved profitability.”

Jannis Östlund, CEO of Teknikmagasinet, says SEB’s venture capital firm brings strong financial knowledge and an extensive network through the Nordic region. ”With SEB we have a new co-owner that can contribute to the development of the company. SEB’s venture capital business is a capital-strong and long-term owner with lengthy experience of working with developing entrepreneur-driven companies. We look forward to benefiting from that experience, SEB’s financial knowledge and its network, which will contribute to our continued Nordic expansion.”

SEB’s venture capital company has been investing in new and exciting technology companies with identified potential for 15 years. In addition to this approach, the company also invests in established companies that have strong growth possibilities, as is the case with Teknikmagasinet.