INVESTMENT Case
San Sac Group
San Sac Group is the market leading provider of products and services for sorting, containment, and compaction of waste in Scandinavia, as well as a world leading manufacturer of waste compaction machines.

During Accent Equity's ownership, multiple acquisitions expanded the group's geographical presence and product offering. The acquisitions, combined with strong organic and synergetic growth, resulted in increased revenues and EBITDA by 4.9 times and 5.3 times respectively.
Industry:
Waste management, recycling
Type of investment:
Secondary and succession capital
Investment theme:
Accelerated growth, international expansion
Entry/exit:
2014/2019
At time of investment, San Sac was the leading supplier of waste sorting and containment products in Sweden with some presence in Denmark, and the Norwegian group EnviroPac AS was a supplier of equipment and solutions for waste sorting – but with a different product assortment (machinery such as compactors) and geographical focus on predominantly Norway. Key customer segments for both companies included private waste management companies, municipalities, property companies and the healthcare sector.

In April 2014, Accent Equity started to evaluate the potential acquisition of San Sac. In parallel, Accent Equity also investigated possible acquisition of EnviroPac. Hence the investment hypothesis established was to combine the two companies, given a low product and customer overlap as well as strong geographic complementary. Accent Equity's ambition was also to further expand such group through add-ons related to both new products and services, as well as geographical areas.
Key initiatives and results during Accent Equity's ownership
The group successfully grew from a small Nordic distribution business into a resilient and multinational business focused on recycling and sustainability
Several substantial add-on investments in Sweden, Norway, UK, Russia and France to strengthen and expand geographical reach
Strong organic growth due to product developing and broadening of service offering
Establish a group management team that became skilled in incorporating the add-ons while running the group in a decentralized manner, and at the same time promote cross-selling and realizing synergies
Established automated marketing and on-line presence for boosting sales
During Accent Equity's ownership, revenues and EBITDA increased by 4.9 times and 5.3 times respectively
Thanks to Accent Equity we have been able to transform from a small local supplier to becoming the clear waste management solutions market leader in Scandinavia and the world leading supplier of compaction machines for waste.
- Fredrik Jaginder, CEO of San Sac Group
Exit rationale and process

Having outperformed the original growth plan, an exit process supported by Management was initiated in 2019. Both financial and industrial buyers showed interest, but the best industrial fit was found with Sulo Group, a manufacturer and distributor of products and services around containerization of waste, active mainly in France and the rest of Western Europe, backed by Latour Capital and Bpifrance.

The acquisition was perceived as a key milestone in Sulo Group's strategic development and the transaction was finalised in December 2019.