Axcel to acquire Tic Elkas and Eegholm Group

• Frank Müntzberg, Tic Elkas’ CEO, will become Group CEO for the new platform company
• The transaction is expected to be completed in Q4 of 2023
• Axcel is a Nordic private equity firm based in Copenhagen

Axcel will acquire Tic Elkas and Eegholm Group, two Danish electric control and power distribution panel manufacturers.

Axcel will acquire Tic Elkas from Dansk Ejerkapital and the company’s management team, and Eegholm from a group of private investors.

This transaction is Axcel’s third investment from Axcel Fund VII.

Both companies’ management teams will remain in place under the new ownership and will reinvest alongside Axcel.

Together, the two companies will reach a turnover of over DKr 700 million ($100 million; €93.9 million), according to a release.

“We see great potential in a Northern European consolidation of the electric panel market, which today consists of a lot of small businesses,” said Lars Cordt, Axcel Partner. “With the acquisitions of Tic Elkas and Eegholm Group, we’re building a platform that combines high-quality complex solutions and local presence with effective European production capabilities. We plan to add more companies to the platform, and in doing so grow the group beyond Denmark and across Northern Europe.”

Frank Müntzberg, Tic Elkas’ CEO, will become group CEO for the new platform company.

Erling Ewers will remain as Eegholm’s CEO and will report to Müntzberg.

The transaction is expected to be completed in Q4 of 2023.

Tic Elkas is based in Skovlunde and Eegholm Group is based at two locations in Sønderborg.

Axcel is a Nordic private equity firm focusing on mid-market companies within technology, business services and industrials, healthcare and consumer sectors. It is based in Copenhagen.

No financial details of the transaction were disclosed.