Accent Equity partners with Enerco Group to consolidate industrial services, initiated through the acquisitions of MVUSAB and InduMate

19 January, 2021

  • The investment fund Accent Equity 2017 has signed an agreement to acquire a majority stake in fast-growing industrial service partner Enerco Group
  • Enerco Group aims at consolidating the fragmented industrial services and components market in Sweden, and has already entered into agreements to acquire the companies MVUSAB and InduMate
  • The current owners of Enerco and MVUSAB will remain with a significant ownership and continue to develop the group in close co-operation with Accent Equity

The investment fund Accent Equity 2017 has signed an agreement to acquire a majority stake in the industrial service partner company Enerco Group from its founders. In connection with Accent Equity’s entry, the new group will acquire the two companies MVUSAB and InduMate. With combined sales in 2020 of almost SEK 700 million, the new group aims at being a consolidator of the Swedish fragmented industrial services and components industry.

Enerco Group was established in 2015 and has since provided Swedish industrial customers with maintenance and technology services as an industrial service partner, enhancing customers’ cost-effectiveness, quality, and safety as well as development and innovation. As a result of the group’s focus on serving the steel, process equipment and automotive suppliers, the annual revenue growth since inception has been above 30%.

MVUSAB is a specialised producer of large high-quality metal components for heavy industrial applications, serving customers primarily active within power generation, steel, mining, paper and pulp.

InduMate has a specific focus on industrial pipe welding services and will expand the group’s service portfolio further.

"We are very pleased to welcome MVUSAB and InduMate to the group as it strengthens our position as a reliable and knowledgeable partner to the Swedish industrial market. We will now be able to provide our existing customers with a better service offering and are finally able to approach new customers that have challenging needs. With Accent Equity as partner, we can accelerate our current strategic growth plan by looking at add-on acquisitions and new establishments", says Niklas Pettersson, co-founder and CEO of the Enerco Group.

"It became clear to us during the Covid-pandemic that local suppliers and service partners are truly important, and we have a firm belief that Swedish industry will regain and even excel in coming years. We are very impressed by Enerco’s development in recent years, and it’s therefore we are convinced that Enerco is in the pole position for a rapid growth journey ahead", says Carl Fürstenbach, Partner and investment manager at Accent Equity.

Enerco’s founders Niklas Pettersson and Roger Hydén, as well as the founders of MVUSAB, will remain with a significant ownership and continue to develop the group in close co-operation with Accent Equity.

For more information, please contact:
Carl Fürstenbach, Partner and Investment Manager at Accent Equity,, +46 70 322 98 99

Niklas Pettersson, CEO of Enerco Group AB,, +46 70 796 70 50

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
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About Enerco Group, MVUSAB and InduMate:
Enerco is an industrial service partner providing maintenance and technology services for the Swedish industry, primarily serving the steel, process equipment and automotive suppliers. Enerco, headquatered in Hofors, has presence in nine regions in Sweden through approximately ~500 FTEs. Enerco also operates two contract metal workshops in Hofors and Horndal.
MVUSAB is mainly active in the contract metal workshop segment, specialized towards production of heavy components for industrial applications. The company operates a machine and sheet metal workshop with around 120 FTEs in Smedjebacken, which produces components to equipment OEMs and construction projects as well as production site related one-off components. In addition, the company assists in industrial service, maintenance and assembly of components.
InduMate Gävle AB is an industrial service company with some 35 employees. InduMate’s specific focus on industrial pipe welding services.
2021 Accent Equity VI (2017)