Acquisition Paves Way for Growth for Sweden-Based Hydroware

The acquisition of Alvesta, Sweden-based Hydroware by CapMan Buyout promises to pave the way for Hydroware — a market leader in hydraulic lift modernization — to expand beyond the Nordics into the Germany and U.K. markets, the companies said in a May 18 announcement. The deal is expected to close in June. With approximately 170 employees, Hydroware was founded in 1998 by Kjell Johansson through a management buyout from Schindler. It develops, manufactures and sells drive and control systems for elevator modernization with a focus on sustainability and affordability. Customers include major OEMs, installation and service companies. CapMan Buyout consists of investment professionals working in Helsinki and Stockholm who invest in medium-sized, unlisted companies in the Nordics. CapMan Co-Managing Partner Johan Pålsson observed that, in the last three years, Hydroware has invested heavily in R&D and undergone a complete product upgrade, including development of its traction lift offering, “thereby laying the foundation for continued solid growth.”