Go to deals
Industrial Machinery & Components

Westmatic Invest has been acquired by Lagercrantz Group

Westmatic Invest AB has been acquired by Lagercrantz Group. Through the acquisition of Westmatic – consisting of Westmatic i Arvika AB, Westmatic Corporation in Buffalo, New York, as well as wholly and partly owned subsidiaries in Norway, Canada and Australia – Lagercrantz strengthens its Niche Products division

Westmatic, with roots dating back to 1974, is a leading supplier of environmentally friendly heavy vehicle wash systems. With manufacturing facilities in Arvika, Sweden, and Buffalo, New York, the company provides innovative washing solutions to a wide selection of customers, including commercial truck washes, truck fleet operators, and public and private operators of bus and train fleets. In the past decades, Westmatic has established a strong market position in the Nordics and North America, with exports to other parts of the world. Today, the company is in a very good position to benefit from an increasing demand for environmentally friendly vehicle washing systems, fuelled by stricter environmental regulation. Headquartered in Arvika, Sweden, Westmatic generates annual revenues of approximately US$20m with a proforma EBITA in 2021 of approximately US$2.8m.

Lagercrantz Group is a technology group offering value-creating technology, using either proprietary products or products from leading suppliers. The Group consists of some 60 companies, each with a focus on a specific sub-market. Within the Group’s niche products business segment, the focus is on finding, acquiring and refining niche companies with proprietary products. The Group has approximately 1,800 employees and annual revenues of approximately US$550m. Lagercrantz is listed on Nasdaq Stockholm Large Cap.

Oaklins’ team in Sweden is proud to have acted as financial advisor to the owners and management of Westmatic Invest in this transaction. The team started working together with the sellers in 2020 to prepare the company for the upcoming sale process which was initiated in August 2021 and completed in January 2022.

Service
M&A sell-side
Parties
“It feels reassuring to hand over the responsibility to a long-term and stable owner that can help Westmatic to develop the business in the Nordics, North America and elsewhere. I am deeply impressed by Oaklins’ dedication, professionalism and methodical work, which resulted in a deal far exceeding our expectations.”

Jan Sundell

Founder and former Chairman, Westmatic Invest AB

Talk to the deal team

 Lars  Gustafsson

Lars Gustafsson

Partner
Stockholm, Sweden
Oaklins Sweden
 Christos  Karabelas

Christos Karabelas

Associate
Stockholm, Sweden
Oaklins Sweden
 David  Sjöblom

David Sjöblom

Analyst
Stockholm, Sweden
Oaklins Sweden

Related deals

Inman S.r.l. has been acquired by Marco Giovannini
Industrial Machinery & Components

Inman S.r.l. has been acquired by Marco Giovannini

Pompilio Bettinelli has sold his 50% stake in Inman S.r.l. to Marco Giovannini.

Learn more
Sjørring Maskinfabrik has been sold to Terratech Group
Industrial Machinery & Components

Sjørring Maskinfabrik has been sold to Terratech Group

Dansk Ejerkapital (largest shareholder) and the remaining shareholders of Sjørring Maskinfabrik A/S (Sjørring) have sold the company to Terratech Group.

Learn more
Jiangsu Huineng Electric has formed a joint venture with Eaton
Industrial Machinery & Components

Jiangsu Huineng Electric has formed a joint venture with Eaton

The shareholders of Jiangsu Huineng Electric Co., Ltd. (Jiangsu Huineng) have sold a 50% equity stake of the company to Eaton Corporation (Eaton), promoting yet another strategic cooperation and further consolidation in China’s electrical equipment sector, after helping Huanyu Group to obtain strategic investment from Eaton in 2021.

Learn more