Accent Equity Buys Autotube

Nordic private equity firm Accent Equity has acquires Autotube, a provider of automotive components, from Specma Hydraulic AB, a unit of Investment AB Latour. Financial terms of the deal have not been released. The deal is expected to close in March. Founded in 1994, Accent is based in Stockholm and has more than $1.5 billion under management.

The Accent Equity 2008 investment fund has signed an agreement via a company to acquire 100 per cent of the shares in Autotube AB from Specma Hydraulic AB, a unit of Investment AB Latour. Autotube delivers automotive components for both heavy vehicles and passenger cars. The company has an annual turnover of about SEK 400 million and 220 employees. The deal, which is conditional on approval from the Swedish competition authorities, is expected to be concluded in March.

Autotube’s products are developed in close cooperation with the customers and consist of tubes and tube systems for air and fluid distribution as well as other special components for delivery directly to the customers’ assembly lines. The company has business operations in Varberg and Ulricehamn and sells to a number of customers in the motor vehicle industry in Sweden and abroad. The Accent Equity investment fund has previous experience as an owner of subcontractors to the motor vehicle industry, such as Gislaved Folie, Elmo Leather and Mont Blanc.

“Autotube is a niche-oriented company with longstanding relations with both Swedish and international motor vehicle manufacturers,” says Niklas Sloutski, CEO at Accent Equity Partners AB, an advisor to Accent Equity 2008. “The motor vehicle industry is expected to grow vigorously over the next few years with interesting opportunities for geographic consolidation. Accent’s ambition is to give Autotube resources to further consolidate its position as the customers’ first choice in its niche segments.”

“With its roots in the fifties, Autotube has close relations with leading representatives of both the Swedish and international motor vehicle industry,” says Sven-Olov Libäck, CEO of Autotube AB. These relations have been strengthened during Latour’s ten-year term as owner. “The motor vehicle industry has been globalised at a rapid pace. We look forward to taking part in this process and offering the highest product quality and level of service on competitive terms to both existing and new customers.”

Founded in 1994, Accent is a private equity pioneer in the Nordic region. Since its inception, Accent funds have invested in 57 Nordic companies and divested 43 of them. Accent has served as an advisor to six funds with managed assets in excess of SEK 10 billion. Accent’s objective is to develop the portfolio companies into Nordic, European or global players via enduring improvements of the companies’ business operations and strategic positions. Based in Stockholm, Accent has a staff of some fifteen investment professionals with backgrounds in both industry and finance. In addition, Accent has a large number of industrial advisors in its network.