mynth
04/2019

IK PARTNERS takes majority stake in BST GROUP

SWEDEN Facility Management / Maintenance / Security & Guarding REV 1m NOK - 100m NOK

Context

Alongside the significant equity reinvestment executed by the existing founders and the management team, the IK Small Cap II Fund finalizes the acquisition of BST Brandskyddsteamet AB from Infrea AB. The execution of this definitive agreement orchestrates a formal transition of corporate control, concluding an investment cycle during which Infrea AB, directed by Chief Executive Officer Tony Andersson, oversaw a 50 percent increase in the sales volume of BST Brandskyddsteamet AB. By integrating BST Brandskyddsteamet AB into its portfolio, IK Investment Partners secures its third distinct platform investment within the specialized fire protection segment. The strategic rationale for this transaction capitalizes on explicit sector dynamics, specifically the continuous tightening of safety regulations, accelerating urbanization rates, and the heightened enforcement of building safety codes. This institutional capital injection is directly allocated to sustain the aggressive operational growth trajectory of BST Brandskyddsteamet AB. The transaction mechanics structurally mandate that the executive leadership team retains active shareholding positions to ensure absolute continuity in operational governance under the new financial sponsorship provided by IK Investment Partners. Completion of the share transfer agreement remains strictly conditional upon the receipt of mandatory approvals from the competent regulatory authorities.

BST GROUP, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Business Services sector (11.4x).

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Target

BST Group Nordic AB engineers, installs, and maintains advanced active fire protection systems across the Nordic region. Founded in 2012 by four industry veterans and headquartered in Stockholm, Sweden, the enterprise concentrates its operational activities on safeguarding critical societal functions and commercial infrastructure. Operating as a decentralized network of local entrepreneurs, the organization coordinates specialized technical consultancy alongside the physical deployment of complex fire suppression architectures. Beyond initial installation, the service provider executes continuous aftermarket maintenance and structural refurbishment services for existing life-safety networks. To manage this diverse portfolio of engineering mandates, the group directs a dedicated workforce of approximately 430 full-time employees distributed across its regional operating hubs. The corporate strategy systematically focuses on expanding its technical service niches to encompass sophisticated fire engineering solutions tailored to complex commercial environments. By maintaining this integrated operational framework, the Swedish company structures a reliable supply chain of active fire protection services capable of addressing stringent safety regulations and continuous maintenance requirements for property owners across its established geographical footprint.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (NOK)

Year
Rev
EBITDA
EBIT
2019
2018

Other operations with BST GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
11/2021NorvestorBST GROUPSWEDENSecurity & Guarding

REFERENCES

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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: bst group

Acquirer: ik partners