We’re pleased to have supported industrial technology group Karnell in its acquisition of flex7, a UK-based designer and manufacturer of modular lighting connection and control systems for commercial and public buildings.
Founded in 1998 and headquartered in Berkshire, flex7 has established a leading position in a specialised segment of the electrical installation market – generating revenues of £9 million.
Karnell, which is listed on Nasdaq Stockholm, is a growth-oriented industrial technology group that acquires and develops small and medium-sized product companies through a systematic and proactive acquisition strategy. The group consists of 20 companies across Sweden, Finland, the UK and Italy.
flex7’s customer base includes a range of publicly funded sectors such as education, healthcare and other public buildings, as well as commercial offices, retail and hospitality.
The acquisition marks a transition from founder ownership to long-term industrial ownership, with Karnell acquiring flex7 from its co-founder. Karnell has acquired 98% of the shares in flex7, with the remaining 2% retained by its Managing Director.
Our Corporate team, led by Sean Lightfoot (Partner), Olivia Jones (Legal Director) and Emma Storkey (Associate) provided lead buy-side advice.
It was a pleasure to advise Karnell on this strategic acquisition. flex7 is a well-established and highly respected business, and the deal demonstrates Karnell’s ability to identify and invest in niche product companies with strong growth potential. Congratulations to all involved on a successful outcome.Sean Lightfoot
Partner at Hill Dickinson
Petter Moldenius, CEO of Karnell, said: “flex7 is a high-quality niche business with a strong market position, a recognised brand and a loyal customer base. The company fits well with our Product Companies business area and benefits from structural demand driven by energy-efficient and smart buildings. We look forward to supporting flex7 in its continued development.”
Sean Lightfoot, Corporate Partner at Hill Dickinson, said: “It was a pleasure to advise Karnell on this strategic acquisition. flex7 is a well-established and highly respected business, and the deal demonstrates Karnell’s ability to identify and invest in niche product companies with strong growth potential. Congratulations to all involved on a successful outcome.”