Altor Fund IV(“Altor”) have signed an agreement to divest Nordic Tyre Group (“NTG”), the leading independent tyre wholesaler across the Nordics and Baltics, to Axcel Fund VII (“Axcel”).
In 2019, Altor entered a partnership with the founders of Gummigrossen and Rengasduo with the joint ambition to build a Nordic leader within the tyre wholesaler industry. Today, Nordic Tyre Group is the largest independent tyre wholesaler across the Nordics and Baltics with a diversified group of more than 10 000 customers and long-standing relations with 200 suppliers. The company is built on a proprietary technology platform providing a unique competitive advantage.
“Altor established Nordic Tyre Group with the ambition to build the leading tyre wholesaler across the Nordics and Baltics and they have worked with an entrepreneurial mindset to support the management team to realize that mission. It has been an incredible journey and our achievements have been a result of teamwork and a shared vision. Now, our sights are set on European roads together with Axcel” said Patrick Bergander, CEO of Nordic Tyre Group.
“Nordic Tyre Group has grown from a tech-enabled challenger in Sweden to become the leading independent tyre wholesaler across the Nordics and Baltics. We are truly impressed by the achievements of the management team and employees and we are proud to have been part of this journey. We look forward to seeing the company continue its growth journey together with Axcel” said Stian Tuv, Principal at Altor.
About Altor
Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Wrist Ship Supply, Trioworld, Eleda, OX2 and Nordic Climate Group.
About Nordic Tyre Group
Nordic Tyre Group is the leading independent tyre distributor across the Nordic and Baltic markets. The company was founded in 2019 through the merger of two leading tyre wholesalers, Gummigrossen in Sweden and RengasDuo in Finland. Since then, the Group has expanded to Norway and the Baltics through acquisitions of Starco, Gummi-Centralen, Dekkteam, Dekk1 and Latakko, and is today present across six markets.
About Axcel
Founded in the Nordics in 1994, Axcel is a leading private equity group investing across Northern Europe, with a focus on four sectors: Technology, Business services & Industrials, Healthcare and Consumer. Our team across Copenhagen, Stockholm and Frankfurt draws on 30 years of experience in building market leaders through a collaborative mindset and a structured approach to value creation. Axcel has raised seven funds with committed capital of more than EUR 4.1 billion from Nordic and international investors. We currently own 19 companies and have made a total of 72 platform investments, over 375 add-on acquisitions and 53 exits.
For more information, visit www.axcel.com.
