In December 2010, the fund Accent Equity 2008, together with management, acquired Troax AB from the listed company Gunnebo.

Troax, founded in 1955 in Hillerstorp, Sweden, provides a broad and flexible product range within Indoor Perimeter Protection, focusing on the business segments Automation and Robotics, Material Handling & Logistics, and Property Protection. Troax is represented in 25 markets worldwide and the group consists of 15 fully owned sales companies in various countries, as well as distributors on additional markets.

With production sites located in England and Sweden, Troax is the world leading producer and supplier of industrial panel and partition systems. The lightweight but extremely durable mesh panels can be customised and supplemented to suit any application required. The deliveries are carried out through locally placed warehouses that are in turn backed by daily deliveries from the world’s largest mesh panel warehouse, located in Hillerstorp.

At the time of the Accent fund’s investment, Troax had a turnover of SEK 493 million.

As the new majority owner, the Accent fund implemented a number of key initiatives to enhance Troax’s strategic position:

  • Increased focus on key products and broadened offering into stainless steel panels
  • Strengthened sales forces in key markets
  • Established sales and production in China
  • Greenfield establishment in the USA
  • Further increased cost leadership status through operational excellence

During the Accent fund’s ownership period, the company increased its turnover to SEK 625 million as well as doubled its EBITDA – ahead of the initial business plan.

A divestment process, run by ABG Sundal Collier, with a small number of selected private equity funds, was launched in Q4 2012. In the process, FSN Capital showed the greatest interest and also the highest bid. The transaction was signed in December 2012, and closed in January 2013.


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