Storskogen makes its first acquisition in the UK
London, April 21, 2021 – Storskogen has acquired its first UK company, as it has obtained a majority stake in SGS Engineering – the leading e-commerce retailer of power tools and related products in the UK. The transaction was completed in April 2021 and financial details have not been disclosed.
SGS Engineering was founded in 2003 and has since grown to become the leading UK online retailer of products such as power tools, air compressors, gas struts, tool chests, generators, and a variety of garden tools. The products are primarily sold through the sgs-engineering.com website, and distribution is managed through the newly built warehouse in Derby, England. The company has a workforce of about 50 employees and founder Andrew Wyatt will remain as CEO and shareholder.
“SGS Engineering has come a long way since its founding in 2003 and our growth is testament to the strength of our customer offering. We now look forward to the next chapter of growth with Storskogen at our side,” said Andrew Wyatt, SGS founder and CEO.
SGS Engineering is Storskogen’s 21st acquisition in 2021 and it will belong to the business area Trade at Storskogen, led by EVP Christer Hansson.
“We have been tremendously impressed with Andrew and his team and how they have managed to build a leading business in a competitive space. We look forward to working with Andrew and his team to further develop the company and we warmly welcome SGS to the Storskogen family,” said Christer Hansson, EVP and Head of Trade at Storskogen.
The acquisition of SGS Engineering is a milestone for Storskogen, according to Philip Löfgren, who heads up Storskogen’s operations in the UK.
”The acquisition of SGS Engineering is an important step for Storskogen, as it is our first UK company. We are committed to building a strong presence in the UK market and are constantly evaluating new UK investment opportunities across all industries. We encourage company sellers and vendor advisers to contact us at Storskogen if they are looking for a long-term home for their business.”
Storskogen is a Swedish privately owned company founded in 2012, with a mission to acquire and operate well-managed and profitable companies with leading positions in their respective markets. As of the end of 2020, Storskogen was made up of 58 business units with about 3,500 employees. All business units are run in a decentralised and entrepreneurial fashion, as we know the importance of nurturing the qualities that have made a company successful in the first place.
Storskogen only acquires companies which we are confident will flourish under our long-term ownership. When we acquire a business, we intend to own it forever and we do not have an agenda to divest acquired companies. We believe that long-term thinking is the foundation of any successful business, and that permeates all decision-making at Storskogen. Business owners who sell their life's work to Storskogen can rest assured that Storskogen, as a new owner, will provide support and expertise for the company’s continued development and success.
For further information, please contact:
Philip Lofgren, CEO Storskogen UK
Tel: +44 (0)7825 956655