04 Jul 05
Litorina Kapital acquires PAX Electro Products, the leading manufacturer of domestic fans in the Nordic region. Litorina Kapital will own 75% of the company and the remaining parts will be owned by PAX Electro Products's previous ownerfamilies, as well as the company's future chairman of the board, Johan Boheman, MD Gustavsberg.
PAX Electro Products was established as a fan producer in 1959 and has since the early 1970s had a its main focus on developing and producing domestic fans. Today PAX Electro Products has a market leading position in the Nordic market within domestic fans, with a market share of 65% in Sweden and 50% in Norway and Finland . In recent years PAX has expanded its product range to vents, towel rails and oil-filled radiators. The Company has successfully grown outside the Nordic market, e.g. in Russia and Japan and is expected to generate a revenue of MSEK 90 in 2005 with high profitability.
PAX Electro Products has been growing with approx. 20% p.a. during the last couple of years. The growth has primarily been generated through continued solid growth for PAX fans in the Nordic region, growth in the other product areas as well as through one minor acquisition.
– PAX Electro Products is a well-managed company with significant potential for further growth and increased profitability. The company has been very successful in terms of building a market leading position and there are good future possibilities for both organic growth and growth through acquisitions, says Harold Kaiser at Litorina Kapital
– We are very pleased to have Litorina Kapital as a new owner. With the competence and financial strength that is given to the company through the new owners and the Board of Directors, the company has very solid foundations for further expansion of the business, say the present owners Göran Widén and Lars Roglar, who will continue to be active in PAX.
The Board of Directors will initially be strengthened through Johan Boheman, current MD of Gustavsberg and Business Area Director of Villeroy & Boch, who will be elected chairman of the board.
For further information, please contact:
Senior Partner, Litorina Kapital
Tel: 08 – 545 181 84, 0708 – 54 38 00
Investment Manager, Litorina Kapital
Tel: 08 – 545 181 88, 0709 – 31 03 32
CEO PAX Electro Products
Tel: 0157-756 09, 070 – 624 73 35
About PAX Electro Products
PAX Electro Products is a leading manufacturer of domestic fans, vents, towel rails and oil-filled radiators in the Nordic market. Within domestic fans, the PAX fan, the company has a dominating position with market share of 50-65% in major markets. PAX sells the majority of their products in the Nordic region as well as in Japan and Russia . Significant effort and resources are focused on the development of energy efficient and high-quality products with focus on design in close contact with the end-customer. PAX Electro products' customers primarily consist of wholesalers, resellers and “do-it-yourself” retail chains.
PAX Electro Products has 40 employees and all product development, production and marketing takes place in the head office in Hälleforsnäs. For more information about the products, please visit www.pax.se
About Litorina Kapital
Litorina Kapital, founded in 1998, is a private equity firm that focuses on acquiring and industrially developing small to mid sized companies in the Nordic region together with senior management. Litorina offers extensive, in-depth expertise through its own organization and its network of industrial advisors.
Litorina Kapital is backed by well recognized long term institutions that together have invested approximately SEK 1 000 million in Litorina Kapital for investments in the Swedish Lower Mid-Market. For more information, please visit www.litorina.se