Lagercrantz Group AB said Friday it has acquired a 70% stake in two Swedish companies, Sit Right AB and Enskede Hydraul AB, continuing its strategy of expanding through acquisitions.
The two companies, which provide products and aftermarket parts for forestry and construction machinery, have combined annual sales of more than 150 million Swedish Kroner with solid profitability, according to the company.
The deal follows five acquisitions in the first half of the fiscal year that have helped fuel the Swedish technology group's recent profit growth.
Sit Right provides products including seat leveling systems and grapples, while Enskede Hydraul is a distributor of spare parts and hydraulic components.
"We look forward to supporting their continued growth journey in the Nordics, across Europe, and into new markets such as North America,” said Magnus Nilsson, Head of Lagercrantz's Niche Products Division.
The companies will become part of the Niche Products division, and the acquisitions are expected to have a marginally positive impact on the group’s earnings per share, Lagercrantz said.
More from this issuer
Related coverage
Swedish technology group Lagercrantz Group AB on Friday reported a 17% rise in second-quarter profit, driven by contributions from recent acquisitions and stable market demand.
Swedish technology group Lagercrantz Group AB on Friday reported a 12% rise in first-quarter operating profit, driven by its active acquisition strategy which offset slower organic sales growth.
Swedish technology group Lagercrantz Group AB announced Tuesday it has acquired 100% of the shares in Epoke A/S, a Danish manufacturer of winter road maintenance equipment.
Lagercrantz Group AB announced on Tuesday it has acquired 100% of the shares in Epoke A/S, a Danish manufacturer specializing in winter road maintenance equipment.