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.
Jan Sundell
Founder and former Chairman, Westmatic Invest AB
Talk to the deal team
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