December 20, 2024

Axcel acquires majority stake in Nordic Tyre Group from Altor at an EV of SEK 5bn and EV/EBITDA of 10x

Press Release
Danish private equity firm Axcel has acquired Nordic Tyre, the largest tyre wholesaler in the Nordics and Baltics, from Swedish private equity firm Altor. The transaction, valued at approximately SEK 5bn according to news media sources, marks the end of Altor's five-year ownership period. The valuation corresponds to an EV/EBITDA (2024E) multiple of approximately 10x. This acquisition marks Axcel's sixth investment in its seventh fund, which was raised earlier this year. Under Altor's ownership, Nordic Tyre expanded into Norway and the Baltics, becoming a leading independent tyre wholesaler across six markets. Axcel plans to leverage the transition to electric vehicles and regulatory changes to drive further growth and expansion for the company. Nordic Tyre Group was reportedly marketed off EBITDA of approximately SEK 500m. The company meanwhile reported 2023 revenues of SEK 3,879m and an EBITDA of SEK 322m. NKP | M&A Insights first reported that exit preparations for Nordic Tyre had b
Transaction announcement
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