News

Accent Equity acquires Lunawood to boost international expansion

Stockholm, 23 December 2019

  • The investment fund Accent Equity 2017 has entered into an agreement to acquire Lunawood from funds managed by CapMan and other minority owners
  • With sales to 50 countries, Lunawood is the global leader within thermally modified Nordic softwood, a sustainable and rapidly growing alternative to traditional building materials and a substitute for tropical hardwood in decorative surfaces
  • Accent Equity will support the company’s ambition for continued international growth, both organically and through add-on acquisitions

The investment fund Accent Equity 2017 L.P. has signed an agreement to acquire Lunawood from funds managed by CapMan and a number of minority shareholders. Key management will continue as minor shareholders.

Lunawood is one of the pioneers within thermally modified timber (“TMT”) and has developed into the globally leading player within softwood Thermowood®. Lunawood’s thermo treatment is a natural method to improve the properties of regular softwood by using high temperature and steam. The treatment process significantly improves several of the softwood’s properties such as weather endurance, dimensional stability and thermal insulation, and also gives the wood a darker brown color. TMT is a much more sustainable alternative to traditional wood products such as impregnated wood and tropical hardwood and an excellent choice for decorative surfaces. Lunawood’s products, sold in 50 countries, are primarily used for cladding and facades but also for decking, landscaping and interior design.

The company, headquartered in Lahti, Finland, has three production facilities in Finland and own sales staff in Finland, Germany and France and representatives in Russia and China. Revenues have grown by 13.6% (average annual growth rate) since 2010 and now amount to approximately EUR 50 million.

“We are very pleased to get Accent Equity as the new majority owner of Lunawood. Since Accent Equity has a proven track-record of accelerating international expansion we believe they will be a great partner for supporting Lunawood for the coming years when it comes to boosting organic growth and growing through add-on acquisitions”, says Arto Halonen, CEO of Lunawood.

“We really like Lunawood’s innovative culture and dedication to sustainable products, and we further believe the company is ideally positioned to further expand internationally, both in existing and new markets. We have gotten a very good impression of the management team and look forward to working together with them”, says Daniel Winberg, Partner at Accent Equity Partners AB, investment advisor to Accent Equity 2017 L.P.

The transaction is expected to close by year end 2019.

For additional information, please contact:
Daniel Winberg, Partner at Accent Equity Partners AB, +46 70 247 41 47
Arto Halonen, CEO of Lunawood, +358 40 8232877

About Accent Equity:
Founded in 1994, Accent Equity is one of the buy-out investment pioneers in the Nordic region. Since then, Accent Equity funds have invested in 87 companies, of which 69 investments have been realised. Accent Equity’s ambition is to develop the portfolio companies to be Nordic, European or Global leaders through sustainable improvements of their operations as well as by their strategic positioning. Accent Equity Partners is the investment advisor to all Accent Equity funds. www.accentequity.se

About Lunawood:
Lunawood is an innovative pioneer in the thermal modification of wood and has grown to be the global Thermowood® market leader. The company’s status is based on the high-quality products, reliable customer service and professional employees. Lunawood is a target-oriented growth company which employs 100 professionals in Finland at the Lahti head office, at production plants in Iisalmi, Kaskinen and Joensuu, and in the company’s main export markets. The company’s annual production capacity is 155,000 m3 and the vast majority of the company’s production is exported. www.lunawood.com

2019 Accent Equity 2017