- Accent Equity and minority shareholders have agreed to divest Motum to Mitsubishi Electric Corporation, a Tokyo-based, diversified, world-leading provider of electrical and electronic systems including elevators
- During Accent Equity’s ownership period, Motum has consolidated the Swedish elevator industry by acquiring more than 10 companies and is now the second largest elevator service provider in Sweden with a strong focus on sustainability
- Motum has successfully been built into a leading provider of modernisation, new installation and service of elevators, with ability to serve nation-wide customers
The investment fund Accent Equity 2012 L.P. (“Accent Equity”) and minority shareholders have signed an agreement to divest the Motum group to Mitsubishi Electric Corporation (“Mitsubishi Electric”), a Tokyo-based, diversified, world-leading provider of electrical and electronic systems including elevators. Motum is one of Sweden’s leading providers of modernisation, new installation and service of elevators.
Since the initial investment in 2013, Accent Equity has led a consolidation of the Swedish elevator industry by acquiring more than 10 companies, creating what is now the second largest player in Sweden. Motum has full geographic coverage in high density areas in Sweden and has made a successful market entry into Norway. With strong local presence and customer relations, Motum has become an integrated player with a strong focus on sustainability, serving customers on a nation-wide basis.
“We are very happy to have found a long-term industrial home for Motum in Mitsubishi Electric. Motum will be able to serve as a new growth platform for Mitsubishi Electric, whilst also benefitting from Mitsubishi Electric’s considerable technological know-how and customer offering. Motum’s management has successfully created an integrated leading player with unique capabilities, especially within sustainable modernisation of elevators. We are confident that Mitsubishi Electric will be an excellent new owner of Motum”, says Claes Bodell, Partner at Accent Equity Partners, investment advisor to Accent Equity.
“We are grateful for the support, trust and strategic guidance we have received from Accent Equity and the board over the years. Together with our owners and board, we have led a consolidation of the Swedish elevator industry, put sustainability on the agenda through our strong modernisation offering, and created an integrated player in the Nordic elevator landscape which still retains its local business relations and entrepreneurship. We look very much forward to continue to execute on our growth strategy together with Mitsubishi Electric and we are confident that this is the beginning of an exciting new phase in Motum’s journey”, says Fredrik Eliasson, CEO of Motum.
The transaction is conditional on approval by the Swedish Competition Authority and closing is expected in Q2 2022. MCF Corporate Finance (M&A), Mannheimer Swartling (legal), and Deloitte (financial) assisted Accent Equity in connection with the transaction.
For additional information, please contact:
Claes Bodell, Partner at Accent Equity Partners,
+46 (8) 545 073 28, firstname.lastname@example.org
Fredrik Eliasson, CEO Motum,
+46 70 678 56 48, email@example.com
Motum is a leading provider of modernisation, new installation and service of elevators and automatic doors in Sweden and Norway. The company offers flexible and high-quality solutions for all types of elevators. Motum has unique capabilities within elevator modernisation, which significantly reduces the climate impact compared with replacement. Motum has approximately 350 FTE’s and generated approximately SEK 750 million in revenue in 2021.
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. Accent Equity Partners is the investment advisor to Accent Equity 2012.
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About Mitsubishi Electric:
Mitsubishi Electric Corporation was founded in 1921, and is listed on the Tokyo stock exchange, with an annual revenue of USD 38 billion in 2021. The company is engaged in the manufacturing, development and sales of diversified electric and electronic equipment in the areas of Energy and Electric Systems, Industrial Automation Systems, Electronic Devices and Information and Communication Systems (amongst others). Mitsubishi Electrics’s elevator business is an important part of their Building Systems Group with a market presence in 94 countries and 15 manufacturing sites, out of which 12 are outside Japan.