Axcel Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Axcel has acquired 3 companies. It has also invested in 4 others.

Axcel’s most common sectors for investment are manufacturing (13%) and apparel/textiles (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (66%) and growth capital (13%). In total, Axcel has invested in 5 different countries.

In the last 3 years, Axcel has exited 6 companies. The Firm’s most common exit type is secondary buyout (27%). Axcel’s largest (disclosed) exit occurred in 2007 when it sold Icopal AS for $965M.

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M&A Summary

  • M&A Total Activity87
    • M&A Buy Activity49
    • M&A Sell Activity38
  • Total Sectors Invested 25
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 16
  • M&A Advisors 3

Axcel

Sankt Annæ Plads 10,
Copenhagen, 1250
Denmark,
+45 333 66 999
www.axcel.dk
axcel@axcel.dk

Axcel Management AS is a private equity firm focused on mid-market buyouts in Denmark and Sweden. Axcel primarily seeks companies with a strong Danish or Swedish base and international potential. The Firm looks to invest in companies with revenues of DKK 250 million (€ 35 million) to DKK 4 billion (€ 535 million). Axcel prefers majority positions. Axcel Management A/S was formed in 1994. The Firm is based in Copenhagen with an additional office in Stockholm.


Investment Criteria

Sectors of Interest: Agriculture, Apparel/Textiles, Building Materials, Business Services, Construction, Education, Electronics, Furniture, Information Technology, Machinery, Manufacturing, Metals/Mining, Packaging, Plastics, Publishing, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI)

Geographic Preferences: Scandinavia

Transaction Criteria Min Max
Target Revenue 35 535
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.4/yr) # 37 3 1 5 3 - 49
Sell (2.0/yr) # 28 4 - 2 4 - 38
vol $2.1B $2.1B
  87

Most Recent M&A

Company Date Value Type
SteelSeries ApS 2019-07-01 - Secondary Buyout
Valby, Denmark · www.steelseries.com
Phase One A/S 2019-06-17 - Secondary Buyout
Frederiksberg, Denmark · www.phaseone.com
Ball ApS (Ball Group) 2019-04-12 - Secondary Buyout
Billund, Denmark · www.ball-group.com
European Sperm Bank ApS 2019-04-03 - Buyout (LBO, MBO, MBI)
Copenhagen, Denmark · www.europeanspermbank.com
Conscia A/S 2019-03-01 - Secondary Buyout
Brondby, Denmark · www.conscia.dk
EG A/S 2019-01-25 - Add-on Acquisition
Herning, Denmark · www.eg.dk
Mita-Teknik 2019-01-10 - Sold to Management
Rodkaersbro, Denmark · www.mita-teknik.com
Loopia AB 2018-06-18 - Buyout (LBO, MBO, MBI)
Vasteras, Sweden · www.loopia.com
GUBI A/S 2018-05-29 - Growth Capital
Copenehagen, Denmark · www.gubi.com
Orion Diagnostica Oy 2018-04-30 - Divestiture
Espoo, Finland · www.oriondiagnostica.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Frontmatec Group 2016-07-12 Industrial Técnico Alimentaria S.A. (Intecal) 2019-01-14 7
Kolding, Denmark · www.frontmatec.com Barcelona, Spain · www.intecal.com
Frontmatec Group 2016-07-12 SFK LEBLANC A/S 2016-07-12 6
Kolding, Denmark · www.frontmatec.com Kolding, Denmark · www.sfkleblanc.com
Frontmatec Group 2016-07-12 Attec Danmark A/S 2016-07-12 5
Kolding, Denmark · www.frontmatec.com Sydals, Denmark · www.attec.dk
Frontmatec Group 2016-07-12 Carometec A/S 2016-07-12 4
Kolding, Denmark · www.frontmatec.com Smørum, Denmark · www.carometec.com
Frontmatec Group 2016-07-12 ITEC Frontmatec Hygiene GmbH 2016-07-12 3
Kolding, Denmark · www.frontmatec.com Beckum, Germany · www.itec.de
Frontmatec Group 2016-07-12 Frontmatec A/S 2016-07-12 2
Kolding, Denmark · www.frontmatec.com Skive, Denmark
Frontmatec Group 2016-07-12 Accles & Shelvoke Ltd. 2016-07-12 1
Kolding, Denmark · www.frontmatec.com Sutton Coldfield, United Kingdom · www.acclesandshelvoke.co.uk

M&A by Sector

Sector Current # Value All-time # Value
Manufacturing - - 6 (12%) -
Apparel/Textiles - - 4 (8%) -
Building Materials - - 4 (8%) -
Consumer Products 2 (17%) - 4 (8%) -
Information Technology - - 4 (8%) -
Business Services - - 3 (6%) -
Machinery 1 (8%) - 3 (6%) -
Automotive 2 (17%) - 2 (4%) -
Software 1 (8%) - 2 (4%) -
Transportation - - 2 (4%) -
Agriculture - - 1 (2%) -
Communications - - 1 (2%) -
Construction - - 1 (2%) -
Education - - 1 (2%) -
Electronics - - 1 (2%) -
Environmental 1 (8%) - 1 (2%) -
Financial Services 1 (8%) - 1 (2%) -
Furniture - - 1 (2%) -
Internet Software and Services 1 (8%) - 1 (2%) -
Life Science 1 (8%) - 1 (2%) -
Marine - - 1 (2%) -
Medical Products 1 (8%) - 1 (2%) -
Plastics - - 1 (2%) -
Retail - - 1 (2%) -
Technology Hardware 1 (8%) - 1 (2%) -
Total 12 - 49 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
Denmark 8 (67%) - 36 (75%) -
Sweden 2 (17%) - 8 (17%) -
Finland 2 (17%) - 2 (4%) -
Belgium - - 1 (2%) -
Slovakia - - 1 (2%) -
Domestic 8 (67%) - 36 (75%) -
Cross-border 4 (33%) - 12 (25%) -
Total 12 - 48 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 2 (17%) - 32 (65%) -
Growth Capital 4 (33%) - 6 (12%) -
Secondary Buyout 3 (25%) - 6 (12%) -
Divestiture 1 (8%) - 2 (4%) -
Stake Purchase 1 (8%) - 2 (4%) -
Consolidation 1 (8%) - 1 (2%) -
Total 12 - 49 -

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (32%) 1.3B (60%)
Trade Sale 10 (26%) -
Sold to Management 6 (16%) -
Trade Sale - Public Company 5 (13%) 844M (40%)
Unknown 2 (5%) -
IPO 1 (3%) -
Merger 1 (3%) -
Stake Sale 1 (3%) -
Total 38 $2.1B

Top M&A Advisors

Financial Deals
Deloitte
 2
Legal Deals
Ropes & Gray LLP
 1
Moalem Weitemeyer Bendtsen
 1

Deal Values

sell # Total
$100M to $1B 5 $2.0B
< $100M 1 $74M
TOTAL $2.1B
Largest Icopal AS
$965M (2007-07-01)

M&A Connections

Deals %
Acquired from
PE Firm(s)
64%
7 64%
Strategic(s)
36%
4 36%
Exited to
PE Firm(s)
62%
13 62%
Strategic(s)
38%
8 38%

Investor Summary

Size

Large

PE Assets

2.0B EUR

Established

1994

Specialist/Generalist

Generalist

Leadership

Christian Frigast

Founder & Executive Chairman

Christian Schmidt-Jacobsen

Managing Partner

Lars Cordt

Partner

Christoffer Arthur Müller

Partner

Asbjørn Mosgaard Hyldgaard

Partner

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