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Edge19 Apr 2024
The Three Cornerstones of Serial Acquirer Success
Explore what is behind successful serial acquirers: efficient capital use, decentralization, and a strong focus on people.
Indutrade (INDT) investor relations material
Indutrade CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary4 Nov, 2025
Strategic direction and organizational development
Reconfirmed financial targets: minimum 10% growth, EBITA margin of at least 14%, ROCE of at least 20%, and a 30-50% dividend payout ratio, prioritizing sustainable profit growth.
Implemented a sector-based structure with five business areas and over 30 segments, each led by experienced internal leaders to enhance scalability and acquisition capacity.
Focused on decentralization, entrepreneurship, and autonomy for managing directors, leveraging internal knowledge sharing and tailored development programs.
Portfolio model categorizes companies to optimize capital allocation and support growth, profitability, or turnaround as needed.
Sustainability is integrated as a business opportunity, with a validated science-based climate framework and focus on CO2 efficiency and responsible supply chains.
Financial performance and guidance
Achieved 12% annual sales CAGR and 15% EBITA CAGR over the last five years, with a 14.6% average EBITA margin and strong cash flow generation.
Recent profit growth has been flat due to recessionary conditions, cautious acquisition activity, and transition to the new group structure.
Short-term trends are improving, with a book-to-bill ratio of 102% and over half of companies showing organic growth in Q3.
Maintains a strong balance sheet, with net debt/EBITDA at 1.4, investment grade rating, and a reinvestment rate averaging 71% over five years.
Free operating cash flow has increased 7% annually over the last decade, with a cash conversion rate above 100%.
Acquisition strategy and pipeline
Acquisitions remain central, with disciplined pricing (typically 5-8x EBITDA) and a focus on B2B, technical trading, or manufacturing companies with strong management and stable earnings.
Gradual increase in annual acquisitions, aiming to move from 15 to 30 per year, leveraging proactive internal lead generation and business segment leaders.
About 70 companies acquired in the last five years, with a stepwise expansion in Western Europe, especially Northern Italy.
Earnouts and clear walk-away prices are used to manage risk and ensure acquisitions are EPS accretive and meet return targets within 3–5 years.
High hit rate in acquisitions, leveraging internal and external networks, with a focus on long-term relationships and post-acquisition integration.
What factors influence not raising EBITA target?
How do BSLs balance organic growth and M&A?
How does Indutrade ensure acquisition quality?
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Q4 202529 Jan, 2026
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Company Research24 Jan 2024
Indutrade: Growing Through Strategic Acquisitions
Indutrade, a Swedish serial acquirer founded in 1978, has established itself as a significant player in the field of technology and industrial business.
Frequently asked questions
Swedish Industrial Serial Acquirer
Indutrade AB is an industrial technology group based in Sweden that specializes in the development, manufacture, and distribution of high-tech products and solutions. The company operates through a diversified structure comprising multiple segments, with each division offering a variety of products such as components for flow control, hydraulic and mechanical components, industrial springs, and measurement and sensor technology equipment. Indutrade is a serial acquirer, purchasing companies that fit into its wider organizational structure. It is headquartered in Stockholm, Sweden, and its shares are listed on the Stockholm Stock Exchange.
Nils Dacke AB
The story of Indutrade begins in earnest in 1982, although its roots can be traced back to 1978. In 1982, a series of companies came together to form Nils Dacke AB, which then went public. Throughout the 1980s and 1990s, the company expanded by acquiring several small and medium-sized industrial trading companies. Indutrade got its current name after Nils Dacke was acquired by Industrivärden in 1989. The series of acquisitions didn't stop after the new name was chosen and is something that has only kept on going ever since the company was first founded. In 2005 Indutrade once again went public. Today, it has over 200 different companies in its portfolio and continues to make acquisitions through its formula which has proven successful so far.
The Acquisition Strategy
The company's strategy is centered around acquiring companies that fit a very specific set of criteria, specifically business-to-business (B2B) companies that align with Indutrad’s corporate values and whose management teams are keen on continuing their roles post-acquisition. Ideal candidates are those generating annual revenues between 50 and 500 million SEK ($5-50 million), demonstrating stable and strong profitability. Prospective companies should hold a sustainable, dominant position in a well-defined niche, offer technically advanced products that deliver significant value to customers, and have a high rate of recurring sales.
Further Reading: Indutrade: Growing Through Strategic Acquisitions
The Companies
Indutrade has a diverse portfolio, but there's a clear emphasis on businesses that operate in the industrial technology sector. This includes companies that specialize in automation, instrumentation, fluid and mechanical systems, and industrial components. These businesses often provide niche products and technical solutions aimed at improving process efficiency, quality, and safety across various industries.
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