Nefab

"They needed an advisor but were in no hurry. It took Nordgren over a year to decide which suitor to choose. In the end, it was Christer Dahlström and Skandia Investment who, through newly issued shares, were able to buy 15 percent of the company for 10 million kronor. At that time, Skandia Investment made all purchases with their own money, no borrowed funds. Therefore, they only entered as minority owners, so that the money would suffice for several different businesses. Nefab, which had sales of 120 million when Skandia bought in, then experienced rapid growth—they started production in China, South America, Malaysia. In 1996, the company was listed on the stock exchange, with sales by then of 560 million. The family remained as major owners. Thus, they shared in the increased value of the company as it grew, while maintaining control. In 2007, Nordgren, together with another private equity firm, Nordic Capital, bought the company off the stock exchange again. The family felt that Nefab was undervalued, and Nordic, as one of Sweden’s largest private equity firms, had the resources to take the company to the next growth phase. By then, the value had risen to 2.7 billion. Nordgren sold some shares again, but kept 40 percent of the company. Nordic had to settle for buying 60 percent; they would have preferred a larger majority, but had to give in. Ingmarie and Jockum Nordgren-Pihl, who now live in Luxembourg, were not willing to negotiate."

"Dahlström focused on family businesses, and that was how Nefab, Nordgren’s packaging factory in Hälsingland, came his way. It was one of Skandia’s insurance salespeople who mentioned that the Nordgren family was going through a generational shift."