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SWEDISH INVESTMENT COMPANY BUYS MAJORITY SHAREHOLDING IN RENOVOTEC
Stockholm-headquartered Röko acquires 75% of Renovotec
Röko has 270 million Euro in capital; targets growing and profitable acquisitions; has ten European companies in its portfolio
Röko investment manager UK and Norway Anders Nordby to become Renovotec chairman
Richard Gilliard to continue as Renovotec managing director and 25% shareholder
Stockholm, Sweden-headquartered investment company Röko (www.roko.se) has acquired 75% of Renovotec Ltd (www.renovotec.com), a leading provider of rugged hardware, software and enterprise mobility solutions for supply chain, healthcare and field mobility customers, the two companies announced today. Renovotec’s legal advisers for the acquisition were Lupton Fawcett.
“The relationship with Röko will give us greater financial firepower, enabling Renovotec to grow more rapidly through acquisition and diversification” says Renovotec managing director Richard Gilliard, who will continue as MD and will also own 25% of the company. Röko investment manager UK and Norway Anders Nordby will become Renovotec chairman. Renovotec co-founder Lance Bennett will remain on the board.
Röko targets growing and profitable companies for acquisition: with 270 million Euro in capital and ten companies in its investment portfolio, its declared ambition is to be ‘the eternal owner of European small- and medium sized business’.
Renovotec was founded in 2009 by Lance Bennett and Richard Gilliard, since when it has enjoyed continued growth and profitability. Renovotec operates out of four offices, has 75 employees and has won industry plaudits for its innovation and independence.