CVC Capital Partners agrees to joint venture with Shiseido in Personal Care business

CVC Capital Partners

Aiming to maximize potential of Personal Care business and pursue further growth

CVC Capital Partners announced today that CVC Capital Partners Asia Fund V has signed a definitive agreement with Shiseido Company, Limited for the transfer of Shiseido’s Personal Care business (“the New Company”).

The New Company, in which Shiseido will hold a 35% stake and CVC Asia V will acquire 65% as a joint venture, will obtain Shiseido’s strong portfolio of established global brands, including the market-leading haircare brand TSUBAKI and skincare label SENKA.

Founded in Ginza, Tokyo, in 1872, Shiseido is a global beauty brand that operates in approximately 120 countries and regions. Shiseido is known for its nearly 150-year history of innovation and category firsts that have repeatedly set new standards for the entire beauty industry.

“We are delighted to be investing in some of Japan’s most trusted brands cultivated over the years by Shiseido. Further, we are excited to be partnering with Shiseido as we embark on this next chapter of growth,” said Atsushi Akaike, Partner and Co-Head of CVC Japan.

“Using our global network and experience, CVC is committed to making these strong brands even better. Specifically, we see significant potential for growth by investing further in employees, brands, and R&D, as well as by driving digitalization and accelerating overseas expansion, with the possibility of going public in the future,” said Yukinori Sugiyama, Partner and Co-Head of CVC Japan.

The transaction is expected to close by July 1, 2021 and is subject to customary closing conditions (closing of each overseas country and region will be executed in stages).

Categories: News


Solvari acquires Buldit, a network of home improvement sites


Nieuwegein, February 2, 2021


Vortex portfolio company Solvari has acquired Buldit, a Belgium based company that advises consumers on improving their homes. Buldit has a large online network with over 300 websites that consumers can go to with their questions about home improvement jobs. The company was founded in 2009 and is active in the Netherlands and Belgium.

Categories: News


Bloom & Wild receives £75m investment


Bloom & Wild to become Europe’s most loved flower gifting brand with £75m investment

We are excited to announce an investment of £75m into Bloom & Wild, led by some of the world’s top investors in consumer brands, including US investor General Catalyst (Airbnb, Warby Parker and Deliveroo) and Index Ventures, who has backed the likes of Glossier, Net-A-Porter and Farfetch.

The funding will help Bloom & Wild become the number one online flower gifting brand in Europe and puts it on track for unicorn status in the coming years, disrupting Europe’s £14bn fresh cut flower market.

It’s a far cry from Aron Gelbard walking around London with a notebook and ruler, measuring thousands of letterboxes and typing them up into a spreadsheet. He used this to calculate how small a box would need to be to get through about 90% of letterboxes.

He and Ben Stanway went on to pioneer the award-winning concept of ‘letterbox flowers’, launching Bloom & Wild just seven years ago. Since then, the brand has shipped more than 8m flowers across the UK, France and Germany.

With our £11m investment just two years ago, the founders have invested heavily in technology to transform both the customer experience and the traditional supply chain. From a customer perspective, this means they not only have the best-in-class digital experience (their app is amazing), but also the best customer service and logistics. Bloom & Wild’s flowers come directly from the producers themselves, giving customers beautiful, high quality fresh flowers. The flowers are delivered in bud, so they bloom over time and last longer than other bouquets. Receivers love the surprise and delight, becoming gifters quickly in turn.

We have always taken pride in Bloom & Wild’s approach to growth, chiming closely with our own. They strongly believe in ensuring that the customer experience is as good as the product. This means ensuring technology is never a bottleneck by creating seamless and memorable digital experiences on the back of a distinctive tone of voice and visual handwriting that is an emotive shortcut to the brand’s mission.

Aron and his team have always put themselves in customers’ shoes (everyone has time manning the phones) and understand their individual needs, motivations and behaviours throughout their journey, from discovering the brand to unboxing the flowers. They are obsessive about delivering innovative products and experiences, all through the lens of what customers actually want, which involves speaking and listening to them regularly.

This has resulted in a world class NPS of 85, high word-of-mouth acquisition, repeat purchase rates and lifetime values, as well as an engaged online community of avid fans who are thankful for what they have built and who subscribe to their mission. In 2019, they offered their customers the chance to opt-out of emails about sensitive occasions (like Mother’s Day), on the back of which they invented the Thoughtful Marketing Movement that is now a community of over 130 businesses.

As a true brand legend, Bloom & Wild knows why it exists and why it does what it does – helping people ‘care wildly’ came out of a big piece of brand strategy work over the last year. This is about ‘celebrating the little things we all do for each other every day. Not just on the big occasions. It’s being there for the highs. Stepping up for the lows. Getting someone out of a rut with one simple message. Remembering those precious memories. Finding the courage to say sorry. Or silly ways to make them smile. After all, unexpected flowers really are the best kind.’

This purpose not only makes their customers’ lives better, but also has a positive impact on the world around them, future-proofing the brand as it scales. We are especially proud of its responsible supply chain. The letterbox packaging is 100% recyclable, they offset their carbon emissions, send zero waste to landfill from their warehouses and much more. All this has helped the brand to attract the highest calibre of talent that live and breathe its values.

All of this plus the new investment means that Aron’s vision for Bloom & Wild to become the world’s most loved flower gifting brand is now a step closer. We are excited about working with him on the next leg of his journey. He certainly deserves a congratulatory bouquet.

Categories: News


EQT Growth makes its first investment – backs Wolt, a leading food delivery platform


  • EQT Growth invests in Wolt, a leading food delivery platform operating in 129 cities across 23 countries, as part of Wolt’s USD 530 million capital raise
  • EQT Growth joins EQT Ventures in Wolt’s capital raise – the first ever investment for Growth and Ventures’ fifth in Wolt since 2016
  • EQT Growth will, together with EQT Ventures, support Wolt on its accelerated expansion journey into new geographies and verticals

EQT is pleased to announce that EQT Growth has invested in Wolt Enterprises Oy (”Wolt” or “the Company”), a leading food delivery platform. The investment, which is the first by the EQT Growth strategy, is made through EQT AB’s balance sheet and is part of Wolt’s USD 530 million capital raise.

Wolt was established in 2014 in Helsinki, Finland by CEO Miki Kuusi who had a vision of creating a technology company that would make it easy and fun to discover great food and get it delivered directly to your home or office. Since then, Wolt has expanded rapidly and today the Company partners with over 30,000 restaurants and retail partners and 60,000 couriers in 129 cities across 23 countries. Wolt’s platform and delivery infrastructure provide great customer convenience and new revenue opportunities for both restaurants and retailers.

The transformation of food delivery into a digital service model has accelerated over the past years and the market is estimated to be worth around USD 365 billion by 2030 (according to UBS Evidence Labs’ report from June 2020). The combination of mobile app usage, connected restaurants and on-demand delivery networks have paved the way for technology platforms, such as Wolt.

The EQT Ventures I fund was one of Wolt’s first investors and led the Company’s Series A financing round in 2016 and has participated in all subsequent rounds, making the fund one of Wolt’s largest owners. Since then, the EQT platform has provided active board and operational support to the Wolt team and EQT will continue to partner with the Company on its mission to make cities better places to live and by enabling economic opportunities in local communities. Wolt offsets 100 percent of its delivery-services’ CO2 emissions and will continue the implementation of its green agenda with support from EQT’s sustainability team and global advisory network.

Johan Svanstrom, Partner and Investment Advisor at EQT Partners: “EQT Growth is proud to support Wolt with both capital and competence as the company expands to new heights. Ever since EQT Ventures partnered with CEO Miki Kuusi and his team in 2016, we have seen Wolt build an incredibly effective and international growth machine with strong emphasis on responsible partnerships and great customer solutions. We believe that there are strong prospects for continued international expansion and deeper penetration in the company’s core markets.”

Miki Kuusi, CEO of Wolt: “I am happy to welcome EQT Growth as our new investor and broaden our overall partnership with EQT. We have already come a long way together and the team and I are very excited to take the Wolt platform into the next phase of expansion and innovation together with EQT.”

EQT Press Office,, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with close to three decades of consistent investment performance across multiple geographies, sectors, and strategies. EQT has raised more than EUR 75 billion since inception and had as of September 30, 2020 more than EUR 46 billion in assets under management across 16 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 16 countries across Europe, Asia Pacific and North America with more than 700 employees.

More info:

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Wolt
Wolt is a technology company that makes it incredibly easy to discover and get the best restaurants, grocery stores and other local shops delivered to your home or office. Wolt works together with over 30,000 restaurant and retail partners as well as with over 60,000 courier partners across 23 countries and 129 cities. The Helsinki-based company was founded in 2014, employs over 2,200 people today, and is led by its co-founder and CEO Miki Kuusi. Wolt has raised $856 million in funding from investors such as EQT Ventures & EQT Growth, ICONIQ Capital, Tiger Global, DST, Prosus, KKR, Coatue, 83North, Goldman Sachs, and Highland Europe among others.

Categories: News


CITIC Capital Completed its Investment in RECLASSIFIED, a Leading Chinese Prestige Perfume and Home Fragrance Brand

Citic Capital

(Hong Kong, 22 January 2021) Private equity arm of CITIC Capital Holdings Limited (“CITIC Capital”) is pleased to announce that it has completed its investment in Shanghai Xiangmiao Trade Co., Ltd., brand owner of RECLASSIFIED (“RE” or “the Company”) via its third RMB-denominated China buyout fund on 18 January 2021. The transaction marks the eighth completed acquisitions in the beauty and lifestyle sector in recent years, and the on-going expansion of its exposure and footprint in the space.

Founded in Shanghai in 2013, RECLASSIFIED is a leading Chinese prestige perfumery house that has created a variety of iconic original scents featured in its extensive portfolio of products, including perfume, home fragrance, car fragrance, scented candles, and scented personal care products. The company runs over 100 retail outlets spanning 50 cities nationwide, offering customers extraordinary experience with scents and senses.

Mac LIN, CEO of RECLASSIFIED, said: “The name RECLASSIFIED is a combination of ‘RE’ and ‘Classified’, illustrating our determination to differentiate and refusal to be classified. Each bottle of RECLASSIFIED fragrance has its own story and a philosophy. Since its establishment, the brand has vowed to work only with world-leading perfumers and developers to create high quality, original fragrances and genuine experiences that are unique to Chinese consumers. We are committed to bridging interesting culture, upholding individuality, and expressing freedom for our consumers.”

Hanxi ZHAO, Senior Managing Director of CITIC Capital, said: “Consumers in China today have high aspiration for better lifestyle. This aspiration has stimulated the rapid development of related sectors. The growth of the perfume and fragrance sector has been particularly strong, with iconic brands such as RECLASSIFIED emerging in China. RE has a deep understanding of the needs of Chinese consumers and takes pride in its strong heritage in world-class product development. RE also has a strong offline retail network and online presence, enabling the brand to reach a broad consumer base through different channels. We are excited to be working with the young and passionate team of RECLASSIFIED and look forward to witnessing the rising of an authentic Chinese trendsetter in the perfume and fragrance sector.”

CITIC Capital believes in the long-term growth prospects of the beauty, personal care and lifestyle sector, and will continue to look for attractive investment opportunities in the sector. In addition to RECLASSIFIED, CITIC Capital’s investments in the related sector include: Erno Laszlo, a leading American premium skin care brand; Trilogy, a clean beauty brand from New Zealand; Axilone, a world-class cosmetics packaging provider; UCO, an e-commerce service provider serving premium beauty brands; ScentAir, a scent marketing solutions provider; Lifestyles/Jissbon and LELO, leading global brands in the intimate wellness sector.

Note: PricewaterhouseCoopers and Haiwen & Partners provide financial and legal advisory services to CITIC
Note: PricewaterhouseCoopers and Haiwen & Partners provide financial and legal advisory services to CITIC Capital respectively.Capital respectively.

About Shanghai Xiangmiao

Established in Shanghai in 2013, Shanghai Xiangmiao Trade Co., Ltd.Shanghai Xiangmiao Trade Co., Ltd. owns “REowns “RECLASSIFIEDCLASSIFIED”, a leading Chinese ”, a leading Chinese prestige perfume and home fragrance brandprestige perfume and home fragrance brand. . The brand is renowned for its perfume, home fragrance, car The brand is renowned for its perfume, home fragrance, car fragrance, scented candles, fragrance, scented candles, scented personal care products. The company currently runs more than 100 retail scented personal care products. The company currently runs more than 100 retail outlets spanning 50 cities in China.outlets spanning 50 cities in China. For details, please visitFor details, please visit

About CITIC Capital
Founded in 2002, CITIC Capital is an alternative investment management and advisory company. The firm manages over USD32 billion of capital across 100 funds and investment products through its multi-asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 200 portfolio companies that span 11 sectors and employ over 800,000 people around the world.
CITIC Capital’s private equity arm focuses on control buyout opportunities globally and has completed over 79 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD7.6 billion of committed capital. For more information, please visit

For media enquiries, please contact:
Cindy TAM Director, Corporate Relations CITIC Capital Holdings Limited Tel: +852 3710 6813
Irene GAO Senior Associate, Corporate Relations CITIC Capital Holdings Limited Tel: +852 3710 6814

Categories: News


Nordic Surface Group acquires MPA Måleri


Nordic Surface Group (NSG) continues its expansion through a partnership with MPA Måleri AB. With the acquisition, NSG strengthens its position in the surface service market around Västerås and Mälardalen. MPA Måleri AB was founded in 1986 and has about 35 employees.


We welcome MPA Måleri AB and strengthen our position in Mälardalen with high competence. MPA has always been the preferred choice for us in the region. With this acquisition, we take further steps towards our goal of becoming the leading surface service provider in Sweden.” says Jonas Danielsson, CEO of Nordic Surface Group.

For further information, please contact:

Jonas Danielsson, +46 70 910 76 34, CEO, Nordic Surface Group

Nordic Surface Group, formed in 2020, is the second largest surface service provider in Sweden. The group has sales of SEK 1 billion and employs more than 800 people in southern Sweden, Stockholm and Mälardalen. Today’s group consists of Stoby Måleri (founded in 1969, based in Hässleholm), Ekbladhs Måleri (founded in 1967, based in Landskrona), Bruske Måleri (founded in 1936, based in Stockholm), Målerimetoder (founded in 1984, based in Stockholm, Vaksala Måleri (founded in 2006, based in Uppsala), B Krafft Måleri (more than 100 years of history, based in Örebro) and MPA Måleri (founded in 1986, based in Västerås).

Categories: News


H.I.G. Capital Sells RGIB’s Bathroom Furniture Division to Roca

H.I.G. Europe

MADRID – January 20, 2021 –  H.I.G. Capital, (“H.I.G.”), a leading global private equity investment firm with over €35 billion of equity capital under management, and the Royo family have entered into an agreement to sell the bathroom furniture division of RG International Bathroom (“RGIB or the “Company”) to Roca Sanitario, S.A. The Royo family will retain a minority stake in the division. Both H.I.G. and the Royo family will continue as shareholders of the shower tray business of RGIB, operating under the Fiora brand.

H.I.G. partnered with the Royo family in December 2016 and has achieved a number of important milestones, including:

  • Developing a new factory and brand in Poland (Maximus) that contributed to strengthening the leading position that RGIB already had in the Polish market under the Elita brand
  • Entering new segments, channels and countries; one of the most relevant achievements was the entry into the DIY channel in Germany where RGIB is now a leading player
  • Consolidating RGIB’s leading position in Spain and France, where the group has grown its distribution network to more than 5,000 points of sale
  • Launching Amizuva, an exclusive brand that targets the online channel
  • Increasing RGIB´s revenues by over 50%

The Royo family and H.I.G. will retain ownership of Fiora and will continue to strengthen the Company’s innovation, design and product development capabilities in order to consolidate Flora’s leading position in the European premium shower trays segment. The shareholders will also focus on further expanding Fiora’s international footprint beyond the 30 countries where it is currently present through its widespread distribution network and its customer service team.

Raul Royo, CEO of RGIB, stated: “We would like to thank H.I.G.for their support over the past four years, which has allowed us to strengthen our leading position in Europe. The agreement with Roca, a global leader in the bathroom sector, will help us enhance our state-of-the-art business, with almost 150 years of combined experience in the sector between the two families.”

Jaime Bergel, Managing Director of H.I.G. Spain commented: “We are very pleased with the success of this investment, which proves our capabilities in the Spanish market. Together with the Royo family, we have positioned RGIB as one of the leading companies in the bathroom sector in Europe, and we will continue supporting Fiora to consolidate its leadership in the European market.”

The deal is subject to approval by antitrust authorities in some European markets.

About RGIB
RG International Bathroom, founded more than 45 years ago by Pascual Royo, is one of Europe’s leading manufacturers of bathroom products, mainly focused on furniture and resin shower trays. The group has factories in Valencia, Nájera and Poland and operates on five continents under the brands Royo, Elita, Maximus and Fiora. RGIB has an annual turnover of more than €110 million and employs more than 1,000 professionals.

About Roca Group
Roca Sanitario is dedicated to the design, production and marketing of bathroom products, as well as ceramic floor and wall tiles for architecture, construction and interior design. The family-owned Spanish group is the market leader in Europe, Latin America, India and Russia. It also has a strong presence in China and the rest of Asia, the Middle East, Australia and Africa. It is the international leader in the field.

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €35 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of  €27 billion. For more information, please refer to the H.I.G. website at

* Based on total commitments managed by H.I.G. Capital and affiliates.

Categories: News


FPE Capital portfolio company IWSR completes the strategic acquisition of Wine Intelligence

FPE Capital

FPE Capital LLP (‘FPE’), the specialist software and services growth investor in UK SMEs, announces that IWSR, the leading B2B data and information provider to the global drinks industry, has acquired the wine consumer research and insights expert, Wine Intelligence. The combined offering provides the industry with robust insight into consumption trends, consumer insights and growth opportunities for the global beverage alcohol sector.

Backed by FPE Capital in 2018, IWSR and its core Global Database has cemented its position as a unique source of data and insight for the largest global drinks brands. FPE Capital Managing Partner David Barbour commented


Since our investment, the team at IWSR has driven hugely impressive organic growth, including through the Covid pandemic, proving its criticality to its clients. The addition of Wine Intelligence enhances the coverage and product range of the combined group, including the creation of a world-class consumer insights division focused exclusively on the global beverage alcohol industry.


Founded in 2002, Wine Intelligence conducts projects on behalf of wine businesses in more than 35 global markets.


As Covid reshapes consumer behaviour and beverage alcohol drinking occasions, industry stakeholders are looking for a deeper understanding of the consumer attitudes driving the market,


remarks Mark Meek, CEO of IWSR.


Our vision is shaped by our clients, and this acquisition is a tremendous opportunity for us to expand on our existing offerings and work with the Wine Intelligence team to provide the industry with access to comprehensive consumer insight across all categories of the drinks industry, including beer, wine, spirits and the ready-to-drink sector.



We are delighted to join the IWSR family after nearly 10 years of our organisations working together on behalf of our client base,


says Lulie Halstead, CEO of Wine Intelligence.


I share Mark’s vision of us building a world-class and comprehensive offering of data and consumer insights to support the global beverage alcohol sectors, which we are uniquely positioned to do.


Advisers on the acquisition included Johnson Carmichael (financial and tax due diligence) and Stephenson Harwood (legal).


Media inquiries:

David Barbour

Managing Partner, FPE Capital LLP

020 3912 8800

Smartphone photo book sensation Once Upon sets out to conquer new markets with Verdane

Verdane Capital

Verdane, the Northern European specialist growth investor, has announced its investment in Once Upon Publishing AB, the leading app for making and designing photo books on smartphones. Once Upon is based in Skellefteå, Sweden, and operates across Western Europe, Australia and New Zealand. The company will draw on Verdane’s digital consumer investment experience to support its international expansion and product development. Once Upon reached a turnover of SEK75m in 2020, with closer to 2 million app downloads since launching in 2017. 

In addition to Verdane, which brings experience from investing in companies such as Boozt, Desenio, EasyPark and MatHem, Once Upon will continue to be supported by its existing investor Spintop Ventures.

“Many people today are overwhelmed with the number of photos on their phones and are looking for ways to turn them into curated memories and keepsakes. Our easy way to create stylish photo books on-the-go has found a strong following among busy parents who want to eternalise all those special moments but have little time. The Once Upon app guarantees that anyone can create a beautiful book with sleek Scandinavian design in as little as 20 minutes,” says Lina Andersson, CEO at Once Upon.

Once Upon was founded after Lina realised she didn’t have any printed photo memories of her daughter Sally, and felt that the user experience of existing photo printing services was unnecessarily complicated and time-consuming for a busy mother of three. Together with co-founders Johan Schiller and North Kingdom, the digital design agency, Lina set out to build the world’s number one brand for memories.


“We are very happy to welcome Once Upon to the Verdane family.  We have been following their journey over the last two years and are impressed by how they have built a fast-growing brand adored by their customers.  Equally inspiring is their team, who are obsessed with creating a seamless user experience with a proud Scandinavian footprint. This is exactly the sort of journey that we at Verdane are excited to be a part of, and we look forward to supporting them as they expand to new markets,” says Jakob Tolleryd, Partner at Verdane.

Once Upon is headquartered in Skellefteå, in northern Sweden, and currently has 25 employees, a number the company expects to double in the next 12 months. The company is proud of its Northern heritage and is committed to making Once Upon one of the best workplaces in its region.

“Once Upon has built a strong culture of innovation and co-creation that really stands out. It’s inspiring to see how every team member is empowered  to make decisions and the way innovation happens all around the company. It’s been a joy to watch this passionate team evolve, and we’re excited about the things to come,” says Sami Niemi, Partner at Spintop Ventures, who has been an investor in Once Upon since 2019 and also participated in this transaction.


About Once Upon

Once Upon is the easy way to turn your precious memories into well-designed photo books. Our vision is to celebrate life and spread happiness through making everyone’s memories shine. We’re based in the far North of Sweden and we have shipped worldwide to 87 countries. Our app has about 2 million downloads and is available in 12 languages.


About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2.1bn in total commitments and have made over 120 investments into category leaders in digital consumer, energy & resource efficiency and software businesses. Verdane’s team of 62, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled businesses in Northern Europe.


About Spintop Ventures

Spintop Ventures is a Swedish early-stage Venture Capital company investing in Nordic software enabling technology companies. Spintop, started in 2009, is backed by the European Investment Fund, Saminvest, Sitra and many high-profile tech entrepreneurs and is currently investing from Spintop’s third fund. Spintop has a sustainable ESG investment agenda for its funds and portfolio companies.

Further information at


Press contacts

Lina Andersson, CEO
Once Upon
+46 70 229 11 13

Jakob Tolleryd, Partner
+46 70 964 23 80

Sami Niemi, Partner
Spintop Ventures
+46 73 38 26 736

Categories: News


Litorina invests in Nordic Surface Group


  • Litorina, together with Bragnum Invest, enters into a partnership with Nordic Surface Group, a leading surface service provider in Sweden
  • The group consists of six local market leaders offering painting and other surface services such as flooring, tiling and facade finishing
  • Litorina and Bragnum Invest will support Nordic Surface Group’s management and local entrepreneurs, who remain as significant co-owners, in accelerating growth and in the continued market consolidation

Nordic Surface Group (NSG), formed by Capillar Equity, is the second largest surface service provider in Sweden. The group consists of six regionally leading companies with driven entrepreneurs and strong local brands. NSG serves both large and small customers within painting and other surface services such as flooring, tiling and facade finishing. The group has sales of SEK 1 billion and employs more than 800 people in central and southern Sweden.

“We are impressed by the market leading companies forming Nordic Surface Group and look forward to support management and the entrepreneurs with their goal to become a nationwide champion consisting of local market leaders offering competitive surface services to their customers. In partnership with management and the local entrepreneurs, our clear focus will be on accelerating growth and continue the consolidation in a fragmented market”, says Mattias Letmark, Partner at Litorina.

Litorina’s investment is made in partnership with Bragnum Invest, which has significant expertise from the building service industry. Per Leopoldsson and Petter Håkanson, with relevant backgrounds from various roles within Bravida, Instalco and Assemblin, will remain on the new board of directors together with Litorina and Bragnum Invest.

“The NSG team is excited to partner up with Litorina and Bragnum, that together bring significant industry knowledge and the financial resources needed to facilitate our rapid and profitable expansion journey in becoming the industry’s leading business partner and employer.”, says Jonas Danielsson, CEO of Nordic Surface Group.

The transaction is subject to competition authority approval and is expected to close in Q1 2021.

For further information, please contact:

Jonas Danielsson, +46 70 910 76 34, CEO, Nordic Surface Group
Paul Steene, +46 70 931 03 32, Partner, Litorina V Advisor
Mattias Letmark, +46 70 757 54 09, Partner, Litorina V Advisor
Lars Österberg, +46 70 277 23 10, Partner, Bragnum Invest

Nordic Surface Group, formed in 2020, is the second largest surface service provider in Sweden. The group has sales of SEK 1 billion and employs more than 800 people in southern Sweden, Stockholm and Mälardalen. Today’s group consists of Stoby Måleri (founded in 1969, based in Hässleholm and present in 12 cities in southern Sweden), Ekbladhs Måleri (founded in 1967, based in Landskrona), Bruske Måleri (founded in 1936, based in Stockholm), Målerimetoder (founded in 1984, based in Stockholm, Vaksala Måleri (founded in 2006, based in Uppsala) and B Krafft Måleri (more than 100 years of history, based in Örebro).

Litorina, founded in 1998, invests in niche market leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit

Bragnum Invest is a Swedish-based investment firm focused on investing in Nordic small and medium-sized companies. The focus lies on creating significant and lasting values through a clear agenda and strong collaboration with other owners and key employees. The team has significant experience from the building service industry.

Categories: News