About private equity

How private equity invests in privately-owned businesses, supports jobs and creates prosperity.


Login to access your exclusive member-only content and account information.


Not a member? Join us

  • Operate to the highest level of professional standards
  • Access authoritative industry research and data
  • Navigate the complex EU regulatory environment
  • Network and engage with industry leaders
Private equity in action - Case Study


Back to results
Country Sweden
Region Smaland med oarna
Investor Accent

Troax makes mesh metal panels that are used to create sealed and protected indoor areas, as well as storage capacity in large modern warehouses. Today, the company has a presence in 26 countries around the globe, with six distribution hubs, enabling rapid delivery to its customers. Accent and company management acquired the company in 2010 from Gunnebo security group, which had owned Troax since 1994, and set about expanding to new markets and improving the group’s product range. The company established bases in the important Chinese and American markets, which contributed to an increase in sales of more than 20% and a doubled EBITDA (earnings before interest, tax, depreciation and amortisation) during Accent’s ownership. After outperforming its business plan, Accent sold Troax to FSN Capital in early 2013, securing the next stage of the company’s expansion.

Per Borgvall

President & CEO


With Accent as owner, the continuous development of Troax's business has been secured. Quotation Marks Graphic

increase in sales to €69m


increase in EBITDA

What did the business need?

  • Support and focus to function as a stand-alone company
  • Freedom for management to expand internationally and maximise the potential in the business
  • Help to expand its product offering into new areas

How did private equity backing create lasting value?

  • Broadened product offering into stainless steel panels
  • Strengthened sales forces in key markets
  • Established sales and production in China
  • Greenfield establishment in the US
  • Further increased cost leadership status through operational excellence

What outcomes did private equity investment achieve?

  • Increased turnover from €54m (SEK493m) to €69m (SEK625m) in two years
  • Doubled EBITDA during ownership
  • Developed the business faster than planned

More information




What can I do to manage cookies stored on my computer or phone?

You can accept or refuse cookies. Accepting cookies is usually the best way to make sure you get the best from a website.

Most PCs automatically accept them but you can change your browser settings to restrict, block or delete cookies if you want. Each browser is different, so check the 'Help' menu of your particular browser (or your mobile phone's handset manual) to learn how to change your cookie preferences. Many browsers have universal privacy settings for you to choose from.

Help on how to set and customise your cookie settings for your browser

How to manage cookies in Internet Explorer

Cookie settings in most versions of Internet Explorer can be found by clicking the tools option and then the privacy tab.

How to manage cookies in Firefox

Cookie settings in Firefox are managed in the Options window's Privacy panel. See Options window - Privacy Panel for information on these settings.

How to manage cookies in Chrome

Click on the spanner icon on the toolbar, select settings, click the under the bonnet tab, click on content settings in the privacy section.

How to manage cookies in Opera 

You can manage cookies in Opera if you Click on settings, then Preferences, then Advanced and finally Cookies

How to manage cookies in Safari

Choose Safari, then preferences and then click security. You should then be able to specify if and when Safari should accept cookies.

To manage cookies on your mobile phone please consult your manual or handbook.

Get more help about how cookies work with specific browsers.

What happens if I don't accept cookies?

If you decline cookies, some aspects of Invest Europe site may not work on your computer or mobile phone and you may not be able to access areas you want on the website. For this reason we recommend that you accept cookies.

What happens if I delete my cookies?

If you delete all your cookies you will have to update your preferences with us again and some aspects of our site may not work.

What happens if I change computers or mobile?

If you use a different device, computer profile or browser you will have to tell us your preferences again.

If you'd like to learn more about cookies in general and how to manage them, visit aboutcookies.org.

We can't be responsible for the content of external websites.

Opt-out of cookies


Join today

This is for members only. To view in full login or join Invest Europe today.