Stål & Hyr is a leading rental service provider of machinery, tools and equipment primarily serving the construction and civil engineering sectors.
During Accent Equity's ownership, the number of depots increased from 4 to 13, while sales and EBITDA levels grew by more than 50% in 15 months.
Construction equipment, rental services
Type of investment:
Accelerated growth, operational enhancement
Stål & Hyr was at time of investment a well-assorted rental providers of machinery and equipment serving the construction industry, with a strong focus toward availability and services to its customers with four depots between Varberg and Gothenburg. The machinery and equipment ranged from handheld machines to medium-heavy construction vehicles. In addition, the company offered a number of rental-related services, including temporary heating, site services, training and installation of modular space.
Accent Equity acquired Stål & Hyr together with the former owners, Jörgen Grubbeson and Glenn Andersson, in March 2017. Accent Equity invested with the ambition to expand the business through further add-on investments and opening of green field depots while providing sufficient capital for machinery and equipment to meet the increasing and strong demand in the market.
Key initiatives and results during Accent Equity's ownership
Recruited new external CEO and CFO to replace the founding sellers (who's motive for the sale was to step down). The former CEO remained in business development and as fleet manager whereas the CFO retired.
Acquired Dennis Maskinuthyrning, a rental company with six depots, and Hyr-Service, a rental company with one depot north of Gothenburg
Initiated openings of new depot in central Gothenburg as well as in Halmstad
Improved sales and depot efficiency, especially in Dennis Maskinuthyrning
Made significant investments in new equipment and machinery to drive growth
During Accent Equity's ownership, sales and EBITDA levels grew by more than 50% in 15 months
Together with Accent Equity we have built a business that is well-positioned for continued growth.
- Jörgen Grubbeson, second-generation founder and previous CEO of Stål & Hyr
Exit rationale and process
Following the strong depot expansion, Accent Equity was approached by the Finnish building equipment rental company Renta who was looking for a strategic platform in Sweden. Given, the strong performance of Stål & Hyr and the great industrial fit, the acquisition of Stål & Hyr took place only 15 months after Accent Equity's entry. (Stål & Hyr Group was post-acquisition rebranded to Renta.)