On Wednesday, investment firm Celero Capital announced the acquisition of four entrepreneur-led companies within the cleaning and facility management sector: ICG Sverige, Ekebybruk Städ och Lokalservice, Bofint Städservice Sverige and Exiso.
These companies will form the foundation of the newly launched Reledo platform, which aims to provide tailored facility management solutions for small and medium-sized businesses. The group's strategy is to continue growing through further acquisitions.
Celero Capital owns 85% of Reledo, while the entrepreneurs behind the operating companies retain the remaining 15%. Reledo, in turn, owns 100% of its subsidiaries. During the initial phase, Celero will also be represented on the boards of each of the group’s companies.
Although the companies now form part of the Reledo Group, they will continue to operate under their existing brands, with their current CEOs remaining in place. Carlos Said, CEO of ICG, will serve as Interim CEO of Reledo until a permanent Group CEO is appointed. Exiso CEO Mikael Norden and Karin Linden of Ekebybruk will join Reledo’s Board of Directors as representatives of the entrepreneurs—a governance model that Peter Möller, Managing Partner at Celero Capital, describes as a key element of the group’s philosophy.
Swedish trade publication Rent spoke with Peter Möller about the new venture.
Have these acquisitions been made to enable the group to serve larger customers and compete for larger contracts?
“All of the companies in the group have built long-standing relationships with satisfied customers through excellent service and a strong customer focus. That remains the foundation of our business. At the same time, being part of Reledo allows us to offer customers a broader range of services through the other companies in the group. Our ambition is not to compete for large, nationwide contracts with the industry's biggest players—we remain firmly focused on serving small and medium-sized businesses.”
Will the companies continue to operate under their existing brands?
“Yes. Local presence and customer focus are central to Reledo’s model, and each company’s established local brand is an important part of that.”
Will the group focus on both public sector tenders and private sector customers?
“Yes. Initially, our strongest presence is within the private sector, but over time we expect to acquire businesses with a greater focus on public sector contracts as well.”
How long have you been developing this idea, and why did you choose the facility management sector?
“We have been working on this strategy for a long time because it was important for us to carefully select outstanding companies to establish Reledo. We see facility management as an exciting industry—it is large, steadily growing, and driven by employee engagement and customer satisfaction. It is also rewarding to work in a sector that helps improve people’s everyday working lives.”
Do you see yourselves competing with Litorina’s Northclean platform?
“Our focus is on building Reledo, and we have a very clear strategy for doing so. I’m not familiar with Northclean or their ambitions, but I’m convinced the market is large enough for both of us.”
How many more acquisitions do you expect to complete this year and over the next five years?
“We have an active acquisition agenda with a strong pipeline of potential businesses. That said, we are very selective about the companies we acquire. Quality is far more important to us than quantity.”
By Pernilla Hansson