Storskogen, a listed Swedish company that acquires and manages enterprises within various business areas, purchased a majority stake in UK supplier Julian Bowen Ltd on 14th October.
According to Julian Bowen MD Emmett Lenaghan, this investment in the supplier's management team and staff will "fully support the company’s existing business model and assist with its future growth plans".
Emmett, and buying director Mark Pickup, will remain in their existing senior roles within the company and, alongside Jonathan Bowen, will remain members of Julian Bowen's board.
Emmett says he is excited to begin working with Storskogen, and believes that its wide expertise within trade and ecommerce will benefit the company. “We are delighted that Storskogen have chosen to partner with us," he says. "Their support and expertise will be highly beneficial as we continue to deliver our ambitious plans for the company.”
Julian Bowen is Storskogen’s second acquisition in the UK. Christer Hansson, Storskogen’s EVP and head of business area, trade, comments: “Throughout our discussions, we have been immensely impressed with Julian Bowen, in particular their extensive ecommerce operations and capacity to innovate in partnership with customers and suppliers. Julian Bowen is an ideal partner for Storskogen, and we will continue to support the expansion of their flexible and dynamic customer offering."
At the end of H121, Storskogen consisted of 94 business units with approximately 7000 employees and a trailing annual turnover (RTM) of some £1.6b.