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At the end of 2023, searcher Kristoffer Ekelund, who brings over 20 years of experience in strategy, business development, and operational excellence, founded Black Fox Invest to identify, acquire, and manage a profitable Swedish company. He has now completed his mission with the acquisition of Tollco, a leading company specializing in protection against water damage, and will lead the business into its next phase of growth. 13 investors, including 3 sellers who are reinvesting, financed the acquisition. The lead investors were Nordking Investments and Investmentbolaget Camp-B. The acquisition was valued at around 5x EBITDA, with 48% financed through leverage by Nordea.
Founded in 1995 and based in Knivsta, Tollco has focused its activities on water damage prevention products, primarily for kitchens and white goods OEMs, wholesalers, retailers, insurance companies and real estate. The company designs and provides high-quality leak protection solutions, ranging from floor and appliance leak guards to water shut-off devices and alarms. With 20 employees, Tollco generated €7.3M in revenue in 2023 (up from €6.8M in 2022) and achieved an EBITDA of €0.93M (up from €0.61M in 2022). EBITDA increased by 70% between 2024 and 2025.
Former CEO Clas Crafoord Olsson will remain on board, focusing on strengthening the brand and driving the company’s marketing strategies. “This is an exciting step for Tollco. With Black Fox Invest as our new owner, we gain resources and networks to accelerate growth and take the next step on our journey. I look forward to working closely with Kristoffer and the rest of the team to strengthen our market position,” says Crafoord Olsson.
Kristoffer Ekelund, incoming CEO, comments: ”What attracts us in this transaction is that Tollco holds a very solid position within a defined niche, has an outstanding client base, is well positioned for further international growth with emerging clients in Germany, the Netherlands, and Italy, enjoys attractive gross margins with highly scalable overhead, possesses strong technical know-how, and has demonstrated very consistent historical revenue growth.” He adds ”The company has achieved impressive progress. With a very strong product portfolio and a highly dedicated organization, we look to the future with confidence. Together, we will continue to create value for our customers and partners”.
Legal: TM Partners / Financial DD: Quickinsight
