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THE 2025 INVESTMENT YEAR
“The valuation levels for new acquisitions are still
a little too high for our liking, so we’ve simply
prioritised investing in our existing companies”
It’s no exaggeration to say that 2025 was an intensive year of
investment for Mellby Gård. Several important investments were
made, starting back in 2024, and the company is now at the peak
of an investment curve that is likely to return to more normal levels
in 2026.
“Overall, we’ve quadrupled our investments compared to 2021–
2022, from SEK 600–700 million to just over SEK 2.5 billion per year
in 2024 and 2025,” says Johan Sandberg, CFO of Mellby Gård.
This is primarily due to making investments in the existing
portfolio – by increasing ownership in selected companies, such
as Duni Group and Anocca, and by supporting the companies in
their respective investments. During 2025, this has been the case
with, for example, the new logistics centres for Kappahl Group and
Roxtec as well as Oscar Jacobson’s acquisition of Filippa K, with the
latter two companies forming a new joint platform under the name
Scandinavian Heritage.
“It’s a question of strengthening companies so that they can
continue to grow,” says Mikael Helmerson, CEO of Mellby Gård. “We
also take a very long-term perspective when making these kinds of
investments. The fact that we’re not listed on the stock exchange and
have owners close to our operations makes this easier.”
“In the case of Kappahl Group, it’s about providing the business
with the right conditions to be able to deliver on its strategy of
growth, increased digitalisation and internationalisation,” says Sven
Knutsson, Deputy CEO of Mellby Gård. “At the same time, we’re
taking the opportunity to build capacity so we can gear up in our ope­
rations over time and tackle new challenges, such as the extended
producer responsibility for textiles, which is just around the corner.”
COINCIDENCES DETERMINE INVESTMENT VOLUME
Mellby Gård describes the fact that the investment volume has been
so substantial this year as a coincidence. Sven Knutsson continues:
“It’s really just pure chance that a number of major investments
are coinciding at this time, rather than it being a new norm for us.
The decisive factor is the needs of individual companies, whether
it is add-on investments, investments to enable continued growth
or those required to build a more resilient value chain. Often it is a
combination of these needs.”
MIKAEL HELMERSON
OVER SEK 20 BILLION FOR THE FIRST TIME
A lot of resources have been devoted to the existing portfolio during
the year, and the overall financial performance looks solid. Mellby
Gård reached an important milestone, with the Group’s net sales
exceeding SEK 20 billion for the first time ever.
“The Group is expanding in absolute terms, something we are
naturally delighted with,” says Johan Sandberg. “Our sound per­
formance is based on the fact that several companies are continuing
to do very well and growing their businesses through further acqui­
sitions. It’s also the first full year we’re consolidating Duni Group,
even though we only own just over half of the company.”
The year has seen only a few new additions to Mellby Gård’s
portfolio.
“The valuation levels for new acquisitions are still a little too high
for our liking, so we’ve simply prioritised investing in our existing
companies,” says Mikael Helmerson. “It’s also somewhat easier to
assess the future return on CAPEX investments, as the respective
boards of directors and management know their businesses well
and are able to present detailed analyses and data in preparation for
these major decisions.”
CONTINUING IN LINE WITH INVESTMENT STRATEGY
Looking ahead, major corporate acquisitions are not being ruled out.
If the right situation arises with a reasonable valuation, Mellby Gård
is ready to add new companies to its portfolio.
“We still have a very strong balance sheet, allowing us to invest
when there is a need to do so or when an interesting opportunity
arises,” says Johan Sandberg. “However, we work according to the
strategy of primarily investing in our existing portfolio, then sup­
porting the companies with add-on acquisitions and finally looking
at new companies.”
“We’re always prepared to make investments but have realised
that if Mellby Gård AB is to make any new acquisitions directly, we
need to be looking at larger companies,” says Mikael Helmerson.
“However, slightly smaller companies may still be of interest as add-
on acquisitions in one of our subsidiaries, or be suitable for Family
Partnership Invest AB, in which we have been a partner since 2024.”
“Even if we’re not actively looking for new investments, we always
keep an eye out, evaluate proposals and answer any calls,” says
Sven Knutsson. “We’ll only know whether we’re interested or not
when something actually shows up.”
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