Swedish private equity firm Nordic Capital has secured a deal to acquire a majority stake in Sesol, a Swedish turnkey solar PV installer, batteries, and EV chargers provider. Sesol, backed by SEB Private Equity, serves a diverse range of customers, including residential, agricultural, and commercial clients.
The company, which installed over 500,000 solar panels with a capacity of 100 MW in 2022, is anticipated to report nearly SEK 3 billion (USD 286m/EUR 266m) in revenue for 2023.
Founded in 2019, Sesol operates with 1,000 employees across 14 locations. As part of the transaction, minority shareholder SEB is exiting the business, while Sesol's founders will retain their investment and continue as board members.
Nordic Capital has committed to collaborating with Sesol's founders and management to support the company's growth trajectory and expansion. The private equity firm, with a focus on green transition investments, boasts a portfolio that includes companies like Foxway, Sortera, Autocirc, and Hjo Installation.
The financial terms of the majority investment in Sesol were not disclosed. The transaction is expected to close in the first quarter of 2024, subject to regulatory clearances.
