Powermill Service Group AB (“PSG”), has acquired Servex AB. PSG is one of the leading participants in the Nordic market for service of home electronics, computers and telecom products and is owned by the private equity-fund Segulah II L.P. PSG was created in the summer of 2004 through the acquisitions of SKV Service AB in Stockholm, Sweden and Powermill OY in Helsinki, Finland, two leading repair centers in their respective markets.
Servex AB, that has now been acquired, is Philips’ service and competence center for home electronics in Sweden. PSG acquired Servex from the company’s CEO Mr. Sture B+ng.
PSG’s Chairman Per-Arne Sandstr”m commented on the acquisition of Servex: “Servex is our third acquisition this year and we welcome the company to our group. We see major opportunities for continued growth in repair services in the Nordic region.”
PSG:s CEO Kent Bladh commented on the transaction: “The acquisition of Servex is in line with our acquisition strategy. Together we can now offer our customers broader competence and increased capacity in home electronics repairs. Servex are particularly strong in repairs of plasma and LCD TV’s, which is a fast growing segment of the market. We are not planning any staff changes as a result of the acquisition.”
Servex CEO Sture Bång commented on the transaction: “I have been working with Philips’ products for 36 year and have owned Servex for eight years. Servex will be in a stronger position as a part of PSG. It will be very interesting to continue developing the business together with PSG”
Powermill Service Group with workshops in Stockholm, Sweden and Helsinki, Finland offers workshop repairs of home electronics computing- and telecom products and is certified to perform warranty repairs for most of the major global manufacturers. In Sweden PSG also operates a countrywide network for delivery and installation of products to end customers. Including Servex PSG is estimating its 2005 revenues to MSEK 250, with good profitability
Servex, with workshops in Norrk”ping, Sweden and Trelleborg, Sweden is Philips’ authorized central workshop in Sweden and Grundig’s specialist workshop for LCD and plasma TVs.
For further information, please contact:
Kent Bladh, CEO Powermill Service Group, +46-(0)70-536 83 50
Sture Bång, CEO Servex, +46-(0)70-561 26 27