Ascenco Group Expands in Northern Sweden with Hiss-Craft Acquisition
Deal News | Feb 03, 2025 | MVI Advisors AB
Ascenco Group has announced the acquisition of Hiss-Craft i Norrland as part of their growth strategy to expand both organically and through acquisitions. The transaction, effective as of February 3rd, positions Ascenco to strengthen its presence in northern Sweden. Hiss-Craft, which was founded in 2008 and specializes in aftermarket services for elevators, will continue to operate independently while becoming part of the Ascenco family. The company, with a turnover of 20 million SEK, has earned a reputation for offering personalized, long-term customer service solutions in Sundsvall/Timrå and Östersund. This move is seen as an opportunity to unlock Hiss-Craft's full potential while leveraging Ascenco's expertise. Both company's CEOs expressed excitement about the partnership's prospects for enhanced services and operations in the sector. Ascenco Group, backed by PE firm MVI Advisors AB, focuses on delivering sustainable and customer-focused solutions for critical infrastructure services, aiming to ensure seamless accessibility and operational continuity. The acquisition highlights Ascenco's strategic intent to consolidate its position in the elevator service market.
Sectors
- Elevator Services
- Private Equity
- Critical Infrastructure Services
Geography
- Sweden – Both Ascenco Group and Hiss-Craft i Norrland operate in Sweden, with the acquisition aimed at strengthening the presence in northern regions.
- Northern Sweden – The specific area where Hiss-Craft operates and where Ascenco is expanding its presence through the acquisition.
Industry
- Elevator Services – The focus of the acquisition, as both Ascenco and Hiss-Craft operate within the elevator industry, providing installation, modernization, and aftermarket services.
- Private Equity – MVI Advisors AB is the private equity firm backing Ascenco Group, emphasizing investment and acquisition activity.
- Critical Infrastructure Services – Ascenco operates within the service of critical infrastructure, indicating its broader industry focus on essential services.
Financials
- 20 million SEK – The annual turnover of Hiss-Craft i Norrland.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ascenco Group | Bidding Company | Company | A group of companies operating in critical infrastructure services, aiming to deliver sustainable and customer-focused solutions. |
| Hiss-Craft i Norrland | Target Company | Company | An entrepreneurial company focused on the aftermarket for elevators, known for offering independent and tailored customer solutions. |
| MVI Advisors AB | Private Equity Firm | Company | The PE firm supporting Ascenco Group in its acquisition strategies and growth initiatives. |
| Stefan Persson | CEO of Hiss-Craft i Norrland | Person | Leader of Hiss-Craft, involved in the acquisition to bring the company to its full potential within Ascenco. |
| Daniel Nyman | CEO of Ascenco Group | Person | Leader of Ascenco Group, expressing the strategic importance of the Hiss-Craft acquisition to their growth plans. |