Litorina invests in Nordic Surface Group
• Litorina, together with Bragnum Invest, enters into a partnership with Nordic Surface Group, a leading surface service provider in Sweden
• The group consists of six local market leaders offering painting and other surface services such as flooring, tiling and facade finishing
• Litorina and Bragnum Invest will support Nordic Surface Group’s management and local entrepreneurs, who remain as significant co-owners, in accelerating growth and in the continued market consolidation
Nordic Surface Group (NSG), formed by Capillar Equity, is the second largest surface service provider in Sweden. The group consists of six regionally leading companies with driven entrepreneurs and strong local brands. NSG serves both large and small customers within painting and other surface services such as flooring, tiling and facade finishing. The group has sales of SEK 1 billion and employs more than 800 people in central and southern Sweden.
“We are impressed by the market leading companies forming Nordic Surface Group and look forward to support management and the entrepreneurs with their goal to become a nationwide champion consisting of local market leaders offering competitive surface services to their customers. In partnership with management and the local entrepreneurs, our clear focus will be on accelerating
growth and continue the consolidation in a fragmented market”, says Mattias Letmark, Partner at Litorina.
Litorina’s investment is made in partnership with Bragnum Invest, which has significant expertise from the building service industry. Per Leopoldsson and Petter Håkanson, with relevant backgrounds from various roles within Bravida, Instalco and Assemblin, will remain on the new board of directors together with Litorina and Bragnum Invest.
“The NSG team is excited to partner up with Litorina and Bragnum, that together bring significant industry knowledge and the financial resources needed to facilitate our rapid and profitable expansion journey in becoming the industry’s leading business partner and employer.”, says Jonas Danielsson, CEO of Nordic Surface Group.
The transaction is subject to customary competition authority approval and is expected to close in Q1 2021.
For further information, please contact:
Jonas Danielsson, +46 70 910 76 34, CEO, Nordic Surface Group
Paul Steene, +46 70 931 03 32, Partner, Litorina V Advisor
Mattias Letmark, +46 70 757 54 09, Partner, Litorina V Advisor
Lars Österberg, +46 70 277 23 10, Partner, Bragnum Invest
Nordic Surface Group, formed in 2020, is the second largest surface service provider in Sweden. The group has sales of SEK 1 billion and employs more than 800 people in southern Sweden, Stockholm and Mälardalen. Today’s group consists of: Stoby Måleri (founded in 1969, based in Hässleholm and present in 12 cities in southern Sweden), Ekbladhs Måleri (founded in 1967, based in Landskrona), Bruske Måleri (founded in 1936, based in Stockholm), Målerimetoder (founded in 1984, based in Stockholm, Vaksala Måleri (founded in 2006, based in Uppsala) and B Krafft Måleri (more than 100 years of history, based in Örebro).
Litorina, founded in 1998, invests in niche market leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit www.litorina.se.
Bragnum Invest is a Swedish-based investment firm focused on investing in Nordic small and medium-sized companies. The focus lies on creating significant and lasting values through a clear agenda and strong collaboration with other owners and key employees. The team has significant experience from the building service industry.