On May 21st Segulah II signed an agreement to merge Powermill Service Group with InfoCare, creating the leading independent IT and home electronics service company in the Nordic and Baltic region.
The new company will take the name InfoCare and will be jointly owned and controlled by Segulah II and Capman. Chairman of the merged company will be Powermill’s current chairman Per-Arne Sandström, previously deputy CEO and COO of the Ericsson Group. Terje Gunnulfsen, InfoCare’s current CEO will take on the role as Group CEO. Powermill’s current CEO, Kent Bladh, will be deputy CEO and head of strategic development.
The new company will have a presence in Norway, Sweden, Denmark, Finland and Estonia with a total of 2 100 employees. The estimated pro forma turnover for 2007 is 1 900 MSEK (210 MEUR).
Segulah II’s portfolio company Powermill is a buy-and-build project initiated in 2004. Through more than a dozen acquisitions over three years in four countries the company has grown from revenue of MSEK 50 to MSEK 550. Powermill is today the leading third party service provider for consumer electronics and related products in the Nordic region. Services include delivery, installation and repair. Customers are mainly hardware manufacturers, retailers and broadband/TV-service providers.
The merger is subject to approval from the competition authorities.
For further information please contact:
Christian Sievert +46 8 442 89 53, +46 708 66 96 94
Marcus Jansson + 46 8 442 89 55, +46 709 68 82 84