There for
entrepreneurs every step of the way
It is easy to be in too much of a hurry. Particularly when lots of things are moving fast. We believe that there can be no shortcuts to quality, and that long-term value creation has to take however long it takes.
Together, we create more. Navigo invests in entrepreneurs who want to build successful companies that are sustainable in the long term. People who want to be part of something bigger, people who believe in the power of cooperation. We are an owner that actively supports the companies we invest in. Our aim is to create long-term value for shareholders and entrepreneurs alike. We believe that openness, commitment and cooperation lead to quality and good performance..
What we contribute is our knowledge and experience, together with the collective expertise of our business network and the companies we own. Moreover, experience from different industries provides synergies that help our companies to achieve stable growth. We set great store by business development and making the most of opportunities..
Please join us on the journey ahead.
Navigo
Our strategy and business model
Staff and contact
Navigo staff have extensive experience of corporate development and business matters. Their varied background means that the company as a group has a broad range of knowledge and experience. Its strength lies in its ability to integrate industrial, organisational and financial expertise and creativity in the various contexts of the business.
Oscar Rolfsson
CEO
Phone: +46 73-422 31 99
Email: oscar@navigoinvest.com
Employed since 2019. Oscar has extensive experience in senior positions in economics and finance. Previous senior positions include CFO of Byax AB and Vice President/CFO of Diakrit International Ltd. Oscar is also a board member of AB Farleden.
Other ongoing assignments: Calormet Holding AB, Rocorp AB, Förvaltningsaktiebolaget Domkraften, Hindia Econometrics AB and AB Farleden.
Oscar holds an MSc in Economics from the School of Business, Economics and Law at the University of Gothenburg.
Number of ordinary shares: 130,061, directly and via companies.
Joakim Winggren
Deputy CEO, Investment Manager
Tel: +46 70-637 34 37
Email: joakim@navigoinvest.com
Employed since 2019. Former CEO of Almi Invest Västsverige AB and Endorsia International AB. Extensive experience from senior positions in business development and corporate management from companies such as Kinnarps AB. Joakim has many years of experience from the venture capital industry and has held a number of board assignments in growth companies.
Other ongoing assignments: Chairman of Vinga Securities Holding AB, Vinga Corporate Finance Holding AB, Funka Mera Norden AB, Dormire Scandinavia AB and Karboholm AB. Board member of ABD Automotive Business Development AB and ABD Automotive Business Development Fastighets AB.
Joakim has a degree in economics and an Executive MBA from the School of Business, Economics and Law at the University of Gothenburg.
Number of ordinary shares: 580,143
Camilla Wolff
CFO
Email: camilla@navigoinvest.com
Employed since 2023. Previous experience includes Accounting Manager at Newsec Asset Management, Head of Accounting at Vätternäs Förvaltnings AB, and AltranSverige AB.
Other ongoing assignments: Board member of Camilla Wolff Consulting AB.
Camilla holds a DIHM Economics degree from IHM Business School.
Number of ordinary shares: –
Robert Malton
Strategy and business development
Phone: +46 70-866 21 21
Email: robert@navigoinvest.com
Employed since 2021 and previously engaged as a consultant at a number of Navigo’s portfolio companies, including Nordisk Bergteknik and Nordic Lift. Former management consultant with experience of operational and strategic consultancy at management level for international Fortune 500 companies and Nordic SMEs. Previous experience from companies such as Metals International (UK), Inpoint / Aon plc (UK), Advertising.com (UK) and as an Anders Wall fellow at the Swedish Chamber of Commerce in London (UK).
Other ongoing assignments: Chairman of Bluemanage AB.
Robert has a degree in economics from the Gothenburg School of Business, Economics and Law and also studied at the universities of economics in London, Warsaw and Vienna.
Number of ordinary shares: 16,450
Board of Directors
According to Navigo’s Articles of Association, the Board of Directors shall consist of not less than three and not more than ten members, with not more than ten deputies. The board currently consists of four board members.
Kent-Åke Jönsson
Chairman
Chairman and board member since 2024. Other current positions include member of JOOL Investment Committee and chairman of Ravnarp Invest. Previous positions include CEO of Enator, Senior VP at SAAB, CEO of PE company 3i Group’s Swedish branch, and board member of Generic Sweden and Litorina Kapital 2001.
Number of ordinary shares: 100,000.
Independent in relation to the company and corporate management team. Independent in relation to major shareholders in the company.
Peter Sandberg
Board member
Chairman 2007–2015 and 2020–2024, and Board member 2015–2020 and 2024-present day.
Other ongoing assignments: Chairman of Pearl AB and Stora Nygatan Invest AB. Director of Visa Invest AB and Bostadsrättsföreningen Viktor Rydbergsgatan 16.
Peter was previously CEO of the Sixth Swedish National Pension Fund and Bure Equity AB (publ), and Chairman of Teleca AB (publ). CFO and responsible for corporate finance at AB Volvo, CEO of Volvo Norge AS, positions at Volvo Group Credit AB, Volvo Group Finance Europe BV and Sotrot AB.
Peter has a degree in economics from the School of Business, Economics and Law at the University of Gothenburg.
Number of ordinary shares: 3,063,850 and 500,000 options.
Dependent in relation to the company and the corporate management team. Independent in relation to major shareholders in the company.
Göran Näsholm
Board member
Board member since 2019.
Other ongoing assignments: Chairman of Malef Holding AB, LW Sverige AB, Alligo AB and Profun Förvaltnings AB. Director of Nordisk Bergteknik AB.
Göran was previously CEO of Ahlsell AB from 1999 to 2015.
Göran holds a master’s degree from Örebro University School of Business.
Number of ordinary shares: 3,689,800 and 400,000 options.
Independent in relation to the company and the corporate management team. Independent in relation to major shareholders in the company.
Göran Johansson
Board member
Board member since 2023.
Other ongoing assignments include: Chairman of Lessebo Paper AB, ESS -ENN Timber AB, Bakers Aktiebolag i Lessebo, Valsjöberget AB, JOOL Capital Partner AB, Bakers Coating AB, Lessebo Finance AB, Grundingen Fastighets AB, WestCoast Charter AB, Lessebo Egendom AB, Aktiebolaget Portlåset, BAAC 2013 AB, Lessebo Herrgård AB, JOOL Invest AB and Fastighetsbolaget Bergdala. Board member of Öjen Mekaniska Aktiebolag, Diesner Invest Aktiebolag and Bostadsrättsföreningen Altanen.
Göran has more than 50 years of experience as an entrepreneur and businessman in a number of industries, and has also been a national candidate for the Guldklubban award for his work as Chairman.
Number of ordinary shares: 35,198,728 (via companies).
Independent in relation to the company and the corporate management team. Beroende i förhållande till större aktieägare.
Oscar Rolfsson
CEO
Employed since 2019. Oscar has extensive experience in senior positions in economics and finance. Previous senior positions include CFO of Byax AB and Vice President/CFO of Diakrit International Ltd. Oscar is also a board member of AB Farleden.
Other ongoing assignments: Calormet Holding AB, Rocorp AB, Förvaltningsaktiebolaget Domkraften, Hindia Econometrics AB and AB Farleden.
Oscar holds an MSc in Economics from the School of Business, Economics and Law at the University of Gothenburg.
Number of ordinary shares: 130,061, directly and via companies.
Fredrik Karlsson
Board member
Board member since 2019.
Other ongoing assignments: Chairman of Capillary Concrete AB, Nordstjernan Growth AB, Director of Lekolar Group AB, FrippCo Konsult AB, FrippCo AB and AIP Management P/S.
Fredrik was formerly a Partner and Head of Nordics at 3i, which he joined in 2001 He has also been Director of Volvo Group Finance and responsible for Private Equity investments at the Sixth Swedish National Pension Fund.
Fredrik holds a Master of Science in Business Administration and Commercial Law from the School of Business, Economics and Law.
Number of ordinary shares: 500,000 and 400,000 options.
Independent in relation to the company and the corporate management team. Independent in relation to major shareholders in the company.
Per Grunewald
Board member
Board member since 2007.
Other ongoing assignments: Chairman of Mantex AB and Calormet AB. Board member of Stora Hotellet i Fjällbackas Intressenter AB, Business Challenge AB, ANDRITZ Technologies AB, SEKAB BioFuel Industries AB and Emphco AB. Director (Chairman) of Division 1 of the Royal Swedish Academy of Engineering Sciences (IVA).
Per is co-founder of Navigo and previously worked for the Electrolux Group for 16 years, most recently as Group Senior VP and CEO of e2Home. He was also senior IM at Bure Equity and co-founder and Deputy CEO of Spine Robotics.
Number of ordinary shares: 2,421,484 and
400,000 options.
Independent in relation to the company and the corporate management team. Independent in relation to major shareholders in the company.
Our history
Navigo was established under the name Pegroco Invest AB in 2007, and will be changing its name to Navigo Invest AB (publ) in 2023. Since our inception, we have completed more than 60 acquisitions and a number of divestments and stock exchange listings of our holdings. Navigo is an investment company with substantial experience and a history that can be divided into four phases:
Phase 1
The foundation is established
2007
Navigo is established under the name Pegroco Invest AB, which is formed when Per Grunewald and Peter Sandberg merge their respective investment companies in 2007. Investments are made in companies such as Scandinavian Air Ambulance, Flexenclosure and Alelion. The holding Diakrit acquires Matrix, its biggest competitor.
2009–2011
Navigo expands its ownership circle to about 20 people between 2009 and 2011, while also raising about SEK 60 million in new capital. Investment focus on turnaround and green tech companies, as well as business development of existing holdings.
2014
In 2014, Navigo makes its biggest divestment to date when Scandinavian Air Ambulance is sold to Babcock International (UK). Navigo’s return amounts to 5.3 times the invested capital and an annual return of 37%. The turnover of holding Flexenclosure exceeds SEK 400 million in 2013. Navigo undergoes a reorganisation in the autumn of 2014 when the Board of Directors decides to appoint Thomas Brue as CEO, replacing Per Grunewald. Furthermore, two new share issues totalling around SEK 44 million are conducted in order to strengthen the capital base and investment capacity. Navigo makes its biggest divestment to date with the sale of Scandinavian Air Ambulance, generating a return of 5.3 times the invested capital and a 37% annual return.
2009–2011
Navigo expands its ownership circle to about 20 people between 2009 and 2011, while also raising about SEK 60 million in new capital. Investment focus on turnaround and green tech companies, as well as business development of existing holdings.
Phase 2
Increased pace of investment
2015
Former Swedish Prime Minister Göran Persson takes over as chairman at the AGM. Navigo expands its shareholder base still further and issues preference shares worth around SEK 160 million. The preference share is listed on Nasdaq First North. An investment is also made in AB Stockholms Spårvägar.
2016
2016 starts off with the divestment of Diakrit to Rupert Murdoch’s media group News Corp Australia Pty Ltd, which generates a return of 3.5 times the invested capital and an annual return of around 37%. An investment is made in measurement technology company Mantex in early 2016, and in June Alelion’s value development is highlighted by listing the share on Nasdaq First North.
In May of the same year, Navigo acquires 94.0% of rock engineering company Norrbottens Bergteknik, which has a turnover of around SEK 100 million at that time, thereby also establishing the group and the hub company Nordisk Bergteknik. In November, 90.1% of RC Hisservice AB is acquired and Navigo establishes the hub company Nordic Lift. In 2016, 33.2% of the Mechanum car repair chain is also acquired through a share issue in kind.
2017
The Mantex holding is listed on Nasdaq First North in spring 2017. In spring 2017, Navigo increases its ownership in Stockholms Spårvägar to 51.7% of the capital. In June 2017, the hub company Nordisk Bergteknik enters Norway when the company acquires two of Norway’s leading rock engineering stakeholders, Vestfold Fjellboring and Norsk Fjellsprengning.
Two directed new issues of ordinary shares in Navigo takes place in summer 2017. These issues will provide the company with around SEK 70 million. Nordic Furnaces (now CalorMet) is acquired in December 2017 through acquisition of assets and liabilities. Nordisk Bergteknik also continues its acquisitions in December, purchasing 90.1% of the shares in Songdalen Fjellsprenging.
2018
Navigo conducts an issue of ordinary shares and raises SEK 275 million in July, as well as setting financial targets to achieve a group turnover of at least SEK 2,000 million with an EBITDA of at least SEK 200 million by 2021. The preference share changes list to the Nasdaq First North Premier Growth Market, which means that it will operate in compliance with a more far-reaching regulatory framework in the future as the Premier segment largely applies the same regulatory framework as Nasdaq Stockholm’s main list.
The holding Nordic Lift AB continues to expand and acquires Hissteknik i Göteborg AB.
Phase 3
Transformation and highlighting of values
2019
In April, main holding Flexenclosure – which manufactures and installs prefabricated modular data centres – applies for company reorganisation, but the company ends up filing for bankruptcy in October. The bankruptcy triggers a guarantee requirement for Navigo of around SEK 104 million, and a long-term agreement is entered into with creditors to fund the guarantee requirement, which will be regularly paid off in full in the next few years.
Navigo undergoes a major change in summer 2019. The board is partially replaced and a new management team is appointed, with Victor Örn taking over as CEO. Furthermore, the portfolio of holdings is refined in line with the change in strategy, which focuses more on creating cash flow-positive hub companies and where the previous investment category Growth is starting to be phased out.
In parallel with this, the hub companies Nordisk Bergteknik and Nordic Lift continue to make important add-on acquisitions. Nordisk Bergteknik continues its expansion and broadens its offering by acquiring the foundation company Pålab. avigo assists with resources and expertise when Nordisk Bergteknik issues corporate bonds of SEK 300 million in June, with a framework of SEK 400 million. These bonds are listed on the Nasdaq First North Bond Market in August 2019.
2020-2021
2022
In March 2022, Nordisk Bergteknik makes its biggest acquisition to date and expands to the Stockholm region through the acquisition of Rovalin and Soil Mixing Group. Another handful of acquisitions take place later in the year, and the company also expands into Finland with a letter of intent to acquire Power Mining Oy.
Navigo makes two major divestments in May and July: Stockholms Spårvägar is divested to Bergkvarabuss AB and Nordic Lift is sold to TK Elevator Sweden AB. The latter divestment generates a return of 5 times the capital invested, with an estimated annual return of 50%.
Navigo also announces a letter of intent to acquire the accounting activities of JOOL Capital Partner AB.
Phase 4
Growth with a new portfolio and hub strategy
2023
Navigo divests eSite Power Systems to Clear Blue Technologies International Ltd of Canada. The company also signs a letter of intent to divest the Mechanum holding to Kemphanen Invest AB.
Navigo acquires and establishes the foundation for three new hub companies – Chemgroup Scandinavia AB, Geogruppen AB and JOOL Capital Partner AB’s accounting activities, which subsequently changes its name to Vinga.
The acquisition of Vinga allows Navigo to create a series of positive effects for future development, such as adequate net cash with positive cash flow and doubling of the capital base.
Pegroco Invest AB rebrands itself and changes its name to Navigo Invest AB (publ) in order to strengthen the company’s identity and positioning as a Western Swedish investment company focusing on unlisted SME listings using the hub model as a strategy.
Sustainability work
An extract from Navigo Invest AB’s statutory sustainability report for the 2022 financial year, which is presented in the annual report for 2022, is presented below. This report has been prepared in accordance with the requirements of the Swedish Annual Accounts Act for sustainability reporting and covers the sustainability work conducted by Navigo and its Holdings in 2022.
In 2022, Navigo has publicly endorsed the Task Force on Climate-related Financial Disclosures (TCFD) framework and intends to develop our sustainability work and disclosures going forward in line with its recommendations. In the future, Navigo intends to focus on matters such as further prioritising the sustainability areas in which Navigo is able to work to achieve the greatest impact relative to the Company’s interest groups, and to further optimise how the Company works to gather data from the Holdings.
Sustainability at Navigo Invest
Navigo endeavours to conduct investment activities that are sustainable in the long term. As Navigo’s own activities are limited in terms of size, the primary impact in respect of sustainability has been identified in how the Company chooses to invest, and how Navigo further supports and drives sustainability issues with associated requirements in the group and Holdings. We updated our investment criteria in 2022 to align more accurately with our sustainability goals, created an internal sustainability committee and streamlined our sustainability governance by implementing a digital sustainability platform.
Sustainability governance
Navigo’s Board of Directors bears ultimate responsibility for its sustainability work, while the members of the management team are responsible for formulating and presenting new proposals for future updates to the board. The following steering documents are applied for the most part in the field of sustainability:
Code of Conduct and Environmental Policy
Covers all Holdings in which Navigo has an ownership interest and an ability to exert an influence. Primarily Group companies.
Staff Handbook
Covers Navigo’s own activities.
Investment Policy
Linked to material sustainability aspects, included as part of Navigo’s acquisition analysis.
The Staff Handbook and the Investment Policy are aimed at Navigo’s own activities. Collectively, the steering documents cover the following areas related to sustainability: environment, social, personnel, human rights and anti-corruption.
Each of the Holdings covered by Navigo’s sustainability policies has appointed an officer as the main point of contact for future follow-up. Group companies are also subject to annual monitoring by means of metrics. Group companies are brought to account in any cases where breaches of Navigo’s policies are found. All parties are asked to report directly to Navigo’s management team in the event of a suspected breach of policy, or to report the matter via the whistleblower function. Sustainability work is driven and permeated by the material sustainability issues that we have identified, with associated global sustainability goals from the UN’s 2030 Agenda, where specific targets have been identified. These are presented in greater detail in the next section.
Sustainability framework
Essential sustainability issues aligned with the global goals of the UN’s 2030 Agenda.
Navigo is absolutely certain that companies have a key part to play in order to address the sustainability challenge facing the world as effectively as possible. As an investment company, Navigo can influence the Navigo portfolio to conduct long-term, structured and competitive sustainability work. Navigo can also influence companies by defining clear requirements in the investment process and including sustainability aspects in the acquisition analysis. We believe it is important to find synergies going forward and to share knowledge within the group, allowing Navigo to play a key role in facilitating dialogue and defining requirements.
Our focus areas
Navigo’s most significant sustainability issues in terms of economic, social and environmental sustainability are presented below. These may evolve and change in the future as Navigo’s portfolio and activities are updated. The issues are defined by means of analyses and stakeholder dialogue with key individuals in Navigo’s own operations, as well as in the operations of Group companies. All sustainability areas referred to in the Swedish Annual Accounts Act have been touched upon in analyses: environment, social, personnel, human rights and anti-corruption. Furthermore, Navigo has worked together with key individuals at the Group companies to identify global sustainability goals from the UN’s 2030 Agenda that are linked to Navigo’s material issues. Navigo has chosen to work with the global goals in order to create a wider context for our work, while also focusing on the areas in which Navigo and its Holdings, going forward, can contribute to a sustainable society as well as competitive solutions. Navigo is absolutely certain that the environmental and climate issue is one of the greatest challenges of our age; and in Navigo’s opinion, companies that deal with the issue well will be more competitive in the future. This will also mean good business. This is why the majority of our global goals relate to the environment and climate.
Sustainability
Business ethics and anti-corruption
Investment criteria linked to sustainability
Long-term profitability
Corporate governance
Social sustainability
Gender equality and diversity
Staff
Supplier follow-up
Social impact
Environmental sustainability
Energy and climate
Supplier follow-up
Material efficiency
........
We intend to develop Navigo’s sustainability framework still further as the business develops and changes, and as Navigo’s maturity in sustainability work increases.