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News for 2022
12 May 2022
MVI Fund II partners with SMP Parts for continued growth and value creation

On the 5th of May 2022, MVI Fund II made its latest platform investment, acquiring a significant portion of the shares in SMP Parts (“SMP”), and becoming the company’s new controlling investor. MVI Equity has been the control owner in the company since 2014, at the time acquiring the company together with its investor network and Fouriertransform AB (“FTAB”).

SMP was founded in the 1980’s in Sweden and is a leading, full-range supplier of excavator attachments (e.g., tiltorators, fast couplers, and buckets). With production is in Ilsbo, Sweden, SMP is offering its customers an integrated solution for the smart attachment ecosystem, having a strong position in the Nordics while growing in the EU and US market. Product highlights include focus on flexibility and safety, enabling fast and secure changes between different tasks and tools, saving time, maximizing efficiency, and increasing customer safety.

MVI believes this change of control to come with potential for accelerated value creation in the company. SMP has grown steadily during the historical management period. Tiltrotator sales have been growing at a double digit CAGR since 2013, representing nearly half of the company’s business when including its strong aftermarket.

Tiltrotators and hydraulic quick couplers are structurally growing due to automatization of the building market, increased focus on energy efficiency, and shortage/cost of labor. The segment is continuously expanding due to a growing international demand and the company has started to electrify relevant parts of the product assortment.

MVI has been able to help SMP transform from a welding business into a knowledgeable and leading technological manufacturer. Since 2020, the company is run by a strong management team with commercial qualities, proactively developing the business.

The management team is expected to take the company to new heights, and MVI is looking forward to continuing its support of SMP on its global growth journey, providing intelligent solutions for critical infrastructure, accelerating the transition to more sustainable societies.

For further information, please contact:

Daniel Nilsson, Partner
daniel.nilsson@mvi.se / +46 (0) 70 655 78 52

 

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04 May 2022
Aleris acquires Art Clinic from MVI Fund I

Stockholm, May 4th 2022

Aleris has signed an agreement to acquire Art Clinic, a specialist care provider focusing on orthopedics, including spine surgery, as well as plastic surgery.

Art Clinic was founded in Gothenburg in 1999 and has since established a further three clinics in Sweden (Stockholm, Uppsala, Jönköping). MVI Fund I (“MVI”) invested in the company in February of 2018. In FY21, Art Clinic had total revenue of ~EUR33m.

MVI’s key value creation levers for the investment have been organic expansion, most notably the establishment of a clinic at Sophiahemmet in Stockholm, strengthening of the finance function and financial controlling, outsourcing of non-core administrative functions, and introducing continuous price management.

Art Clinic is acquired from MVI Fund I and several minority shareholders, most of which are key clinical personnel active in the company.

The transaction is subject to competition approval. Lincoln International acted as financial advisor and Wigge & Partners acted as legal advisor to the Sellers.

“When setting out to find a growth partner back in 2018 we quickly saw the qualities in the MVI team. Their entrepreneurial mindset has helped us during the past four years to build a strong platform to support the scaling of Art Clinic, while at the same time managing to invest heavily in organic growth.

On the next leg of our journey, we see Aleris as a natural partner. Art Clinic and Aleris share the same fundamental values and have a long-term ambition to provide Sweden’s most modern and accessible specialist care. Art Clinic is pleased that we are now part of Aleris and look forward to continuing to develop healthcare in Sweden together.” – Ronnie Pettersson, CEO of Art Clinic AB

 

For further information:

Stefan Karlsson, Partner at MVI Advisors

Telephone: +46 70 601 00 39

Email: stefan.karlsson@mvi.se

 

Art Clinic offers specialist care within orthopedics, including spine surgery, as well as plastic surgery on behalf of publicly funded care providers, insurance companies and towards private care consumers. Since inception, the company has focused on its core values: quality; security; care. This has in turn resulted in high customer and employee satisfaction and world-class care.

MVI
is a leading private equity company investing in the SME segment. We aim to be a catalyst, facilitating growth and building strong companies domestically in Sweden and the wider Nordics. We work actively with value creation in our portfolio companies through our large network of entrepreneurs and senior executives. MVI is recognized as being good at finding proprietary investment thesis with strong returns for investors. Read more at: www.mvi.se

 

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22 Mar 2022
TBAuctions acquires PS Auction from MVI Fund II

On the 17th of March 2022, MVI Fund II AB signed an agreement for the sale of its portfolio company PS Intressenter AB and its subsidiaries (“PS Auction” or “PS”), a leading Swedish online auction platform, to TBAuctions (“TBA”), majority owned by fund(s) managed by Castik Capital, and its co-investor Summa Equity.

PS Auction, founded in 1958, provides high-quality services within the Scandinavian auction and circular economy market. The company is present in Sweden, Finland, Denmark, and Estonia, helping customers sell goods from bankruptcies, divestments or surpluses and returns. MVI invested in PS Auction in September 2020, and swiftly executed on the business plan with the add-on acquisitions of Units/Slag1 in June 2021, increasing the sales force driving the Divestment segment, strengthened the management team and logistic center, laying a foundation for the rapidly increasing Surplus & returns segment.

The divestment stems from MVI’s various M&A-dialogues in the Nordics, which developed into a strategic partnership to consolidate the Nordic auction market under the TBAuction umbrella. The TBA group is majority owned by Castik Capital, a Munich based Private Equity Fund. In conjunction with the deal, Europe’s largest impact fund, Summa Equity is joining as a minority shareholder of TBA.

TBA is one of the largest online auctioneers in Europe, operating through the brands Troostwijk Auctions (B2B), BVA Auctions (B2C), Belgian brand Vavato and British Medical Auctions. In recent years, TBA has made significant investments in the development of its state-of-the-art and scalable technology platform “ATLAS”, allowing companies to scale and integrate seamlessly, to which PS Auction and Auksjonen will be integrated. PS Auction and Auksjonen will continue to operate with their own brand and online storefront while sharing learnings and collaborations, e.g., within Surplus & returns segment as well as logistics related to handling of cars.

“Circular business models are more relevant than ever. Companies are investing heavily in their efforts to become increasingly sustainable. Auction houses were late on joining the digital train and have been more of an enthusiast phenomenon, but with a business model which is circular, countercyclical, and digital, the auction houses are now very much the future for circular trade. As the auction industry is becoming increasingly digitalized, it is vital to become a player of size. PS Auction has taken several steps of its growth journey together with MVI, and recent add-on acquisitions it has put the company in a position of market leadership.

When PS, together with Auksjonen in Norway, become part of the TBAuctions Group we solidify the position of leadership, with the ambition of operating on the same platform and offering a very attractive marketplace for buyers and sellers. We aim to be the best partner for our customers, but also the most attractive company to work for. We are very much looking forward working together with our new colleagues knowing that we share the same DNA: Fully useful products must never be wasted again.” – Per Henriksson, CEO of PS Auction

Along with the divestment, MVI Fund II AB will reinvest in the TBAuctions group where MVI sees a significant opportunity in joining Castik and Summa in the further consolidation of the online auction market in Europe.

Wigge & Partners (Legal) advised MVI Advisors in the transaction, otherwise the deal team handled the process in-house. Closing of the transaction is aimed by end of April, subject to approval from the authorities and works councils.

 

For further information, please contact:

Stefan Karlsson, Partner MVI

Telephone: +46 (0) 70 601 00 39 / E-mail: stefan.karlsson@mvi.se

 

PS Auction, founded in 1958, provides high-quality services within the Scandinavian auction and circular economy market. The company is present in Sweden, Finland, Denmark, and Estonia, helping customers sell goods from bankruptcies, divestments or surpluses and returns. Read more at: www.psauction.se

MVI is a leading private equity company investing in the SME segment. We aim to be a catalyst, facilitating growth and building strong companies domestically in Sweden and the wider Nordics. We work actively with value creation in our portfolio companies through our large network of entrepreneurs and senior executives. MVI is recognized as being good at finding proprietary investment thesis with strong returns for investors. Read more at: www.mvi.se

TBAuctions is a leading online auction platform and marketplace for second hand and second chance goods, operating through the brands Troostwijk Auctions (B2B) and BVA Auctions (B2C) and since November 2021 also the Belgian brand Vavato. In January 2022, British Medical Auctions was added to the group. TBAuctions auctions movable and immovable goods on behalf of third parties through ATLAS, its proprietary IT platform for intelligent auctioning (IA). Read more at: www.tbauctions.com

Bjarøy is a leading service provider in Norway in the field of consultancy and valuation services and practical handling of deferred liabilities and bankruptcies. It has over 40 years of experience in securing and realizing assets in Norway and has handled more than 2,000 bankruptcies in the past five years. Bjarøy is the most important channel for bankruptcy auctions for the auction house Auksjonen. Read more at: www.auksjonen.no and www.bjaroy.no

Castik Capital manages private equity investments. Castik Capital is a European Private Equity firm that acquires majority stakes in private and public companies, where long-term value can be generated through active partnerships with management teams­. Founded in 2014, Castik Capital is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. Read more at: www.castik.com

Summa Equity invests in companies that have leading solutions to global challenges and that create positive Environmental, Social, and Governance (ESG) outcomes for society. Summa Equity was a pioneer in using the UN’s sustainability goals as a framework, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance. Read more at: www.summaequity.com

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01 Feb 2022
MVI becomes partner to nationwide accounting firm merger to back goal of becoming digital industry leader

Stockholm, January 19th, 2022

On this day, several Swedish accounting firms announce that they have chosen to join forces with the goal of placing themselves at the frontier of developing the accounting industry. MVI will be the majority owner in the established group. “We want to combine modern technology with personal service to provide relevant business support and genuine customer value”.

The technical development in the accounting industry is fast and accelerating. One reason being AI-technology, enabling the automation of increasingly qualified tasks. However, the technology change not only poses a threat, but also presents opportunities. That is why several accounting firms from Malmö, Stockholm and northern Sweden have joined forces, with a goal of being at the forefront of industry development and digitalisation.

“Our assessment is that it will be difficult to be an independent agency in the long run. To keep up with digitalization, large investments are required in both technology and competence. Therefore, it is wise to do it together with more players with the same interests”, says newly appointed CEO Antti Antonov from Stockholm.

The group consists of several accounting firms; Dillon MTV AB, Outsource AB and Resultera i Redovisning AB in Malmö, Bfree in Stockholm and Value & Friends in Västerbotten. One of the firms is the accounting and software company Bfree Advisor, which has developed the acclaimed accounting system Bflow. Bflow is a unique accounting system where customers can easily handle their administration, comprising areas such as accounting, salaries and receipt management, but also perform finance and banking matters, such as paying bills, taxes and expenses, in real time.

“We see great advantages with the new constellation. Forming the group, we will be able to combine a strong local presence and customer service with technical and financial conditions to provide increasingly relevant business support and genuine customer value”, Antti continues. “For agency owners who choose to join us, it means an opportunity to catch up with digitalisation and future-proof jobs for their staff.”

The growth ambitions are shared by MVI, a partnership investor in the group. Stefan Karlsson, partner in MVI, states: “We see great business potential and societal benefit in the opportunity to be involved in developing the accounting industry to deliver increasingly sharper business support.”

During the spring, additional accounting firms will join the group. The group’s turnover today is approximately SEK 80 million with about eighty employees. The group has an ambitious growth plan for the coming years.

A majority of the vendors will remain owners in the group, through significant reinvestments. The investment was in line with MVI’s investment theme of Digitalization, enabling innovation and productivity through digital transformation.

For further information, please contact:

Stefan Karlsson, Partner
stefan.karlsson@mvi.se / +46 (0) 70 655 78 52

Mårten Werner, Director
marten.werner@mvi.se / +46 (0) 70 992 72 24

MVI is a leading investor in small- and medium sized firms. Our goal is to act as a catalyst for growth and to build the next generation of Nordic companies. We work actively with value creation in our portfolio companies, levering our broad network of entrepreneurs and leading corporate executives. MVI is continuously working on finding new proprietary deals in order to create value for its stakeholders.

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News for 2021
14 Dec 2021
MVI Fund II closes above the target

MVI closes MVI Fund II above the target – ready to create the next generation of market-leading Nordic companies

Stockholm, 3rd December 2021.

MVI Advisors AB (“MVI”) has reached a final closing on its second private equity fund, MVI Fund II AB (the “Fund” or “Fund II”) with commitments of SEK 1.1 billion, exceeding its target of SEK 1 billion. MVI’s previous fund, MVI Fund I AB (“Fund I”), had commitments of SEK 478 million. The Fund, led by Stefan Karlsson and Daniel Nilsson, is pursuing the successful strategy implemented by MVI since 2011 of completing buyout investments in high-quality, small companies in the Nordic region, with a particular focus on Sweden.

The focus of Fund II is control positions in companies that take advantage of sustainable industry trends, have solid fundamentals, show potential for strong organic growth, and lend themselves to buy-and-build strategies. Stefan Karlsson, Partner at MVI comments:

We are delighted to reach a final close on Fund II of SEK 1.1 billion, an amount significantly larger than our previous fund. It will be used to create the next generation of market-leading Nordic companies. We are grateful to our existing investors for their continued support, and welcome on board our new investors. Our first four investments in the Fund are performing well and we are now focused on a strong pipeline of opportunities.

Elm Capital acted as the global placement agent for the Fund.

 

For more information please contact:

Stefan Karlsson, Partner MVI Fund II, +46 70 601 00 39 / stefan.karlsson@mvi.se

Daniel Nilsson, Partner MVI Fund II, +46 70 655 78 52 / daniel.nilsson@mvi.se

Etienne Deshormes, CEO & Managing Partner, Elm Capital., +44 20 7901 8941 / edeshormes@elmcapital.com

About MVI

 MVI is a Stockholm-based private equity firm whose strategy is to invest in small, profitable companies with strong growth potential. The MVI team is comprised of a pragmatic group of entrepreneurs and individuals with a passion for business development.

 We prefer to partner with existing founders and management to help small to mid-size companies develop and grow. The three most important factors behind the value that we create are: thematic, idea-driven sourcing; unique, proprietary deal flow; and expertise in buy and build transactions. We focus on building healthy Nordic companies that are trustworthy, have a positive impact, and contribute to shaping tomorrow’s world. We endeavour to create companies that show a deep understanding of the impact of their business on society and how their role can shape our culture and economies.

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