Private equity firm Nordic Capital has agreed to acquire a majority stake in Swedish solar PV installer Sesol for an undisclosed sum.
Deutsche Bank served as financial adviser to Sesol’s shareholders.
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Headquartered in Jönköping, Sweden, Sesol is a solar PV installer and battery and EV charger provider. It focuses on residential, agricultural and commercial customers.
Sesol founder Victor Salomonsson stated: “We are immensely proud of how we have managed to build a leading supplier of solar PV and battery solutions across the entire chain from planning to finished installation since 2019.
“Partnering up with an experienced investor as Nordic Capital will provide valuable expertise which will […] support us on our growth journey as well as [in] our ability to enable more clients to reduce their carbon footprint in an easy and safe manner.”
SEB Private Equity, currently the minority owner, will sell its stake.
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By GlobalDataSesol founders will continue their association with the business as board members and will stay on as significant minority shareholders alongside Nordic Capital.
In 2022, the Swedish company installed more than 500,000 solar panels for 20,000 end users, resulting in 100MW of capacity.
It has a workforce of 1,000 employees across 14 locations and is expected to report Skr3bn ($286m) in revenue for 2023.
The deal with Sesol aligns with Nordic Capital’s focus on backing growth companies with business models enabling the green transition, such as Foxway, Sortera, Autocirc and Hjo Installation.
Nordic Capital partner and industrial and business services head Andreas Näsvik stated: “We are very impressed with the development of Sesol and how the team has managed to build such an efficient and robust operating model and become a leader within solar PV installations in only four years.
“Nordic Capital looks forward to supporting Sesol to reach its goal of becoming a Skr10bn company and together continuing to help accelerate the transformation of the energy sector.”
The deal is expected to close in the first quarter of 2024.
