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CapMan Buyout acquires Nordic lift modernisation market leader Hydroware

CapMan Buyout has agreed to acquire Hydroware, a producer and provider of systems for sustainable modernisations of lifts from the company’s founder and other shareholders. CapMan will partner with the Hydroware team to support the company’s accelerated growth and international expansion with focus on first-rate sustainable products and solutions.

Hydroware was established in 1998 through an MBO from Schindler when the company’s founder and majority owner Kjell Johansson created the business and subsequently developed it into the international success it is today. The company develops, manufactures and sells drive and control systems for the modernisation of lifts. With approx. 170 employees, Hydroware is headquartered in Alvesta, Sweden and has four sales offices in Europe.

Hydroware is the market leader in modernisation of hydraulic lifts in the Nordics with a strong position and growing sales in the DACH and UK markets. The company’s customers include installation and service companies as well as large multinational lift companies. Hydroware has a successful history of strong growth and is currently expanding in the large and growing traction lift market.

Hydroware offers a one-stop shop for modernisation of lifts. The offering, based on the in-house developed integrated drive and control system, provides customers with many advantages such as market leading installation and delivery times and a more cost-efficient solution compared to a full lift replacement. Furthermore, the company’s modernisation solutions have a strong environmental sustainability advantage by extending the lift’s lifetime by an additional 25 to 30 years which significantly reduces the environmental footprint.

“We are very excited about Hydroware’s strong growth track, excellent products, market leading position, strong sustainability proposition and its long-term growth prospects in the market. During the last three years the company has invested heavily into R&D and undergone a complete product upgrade, including development of its traction lift offering, thereby laying the foundation for continued strong growth. The overall lift market is forecasted to grow at a solid pace, with the modernisation segment experiencing the strongest growth. We are impressed by the company that has been built by founder Kjell Johansson and the Hydroware organization and we are excited to partner with them and utilise our platform and experience to help accelerate Hydroware’s growth journey and international expansion,” says Johan Pålsson, Co-Managing Partner at CapMan Buyout.

”When I founded Hydroware, I had a vision of building a market leading lift modernisation business with an excellent value proposition to our customers and a positive sustainability impact. Since then, Hydroware has developed very well and become an international market leading company. As the company is launching its new products, growing internationally, and entering its next phase of strong growth, I am pleased to welcome CapMan onboard and look forward to our joint collaboration. CapMan will provide the support needed for Hydroware’s further international expansion and overall future success,” says Kjell Johansson, founder of Hydroware.

The CapMan Buyout team comprises investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries. The investment in Hydroware is the fourth investment from the CapMan Buyout XI fund. The transaction is expected to close in June 2022.

For further information please contact:

Johan Pålsson, Co-Managing Partner, CapMan Buyout, +46 70 595 62 24
Per Elgborn, CEO, Hydroware, +46 (0) 472 451 01

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.7 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.