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Swedish serial acquirers take aim at "mom-and-pop" firms in Europe

Swedish investment firms that specialize in snapping up small family-owned businesses are increasingly looking overseas as the race to find suitable targets heats up.

Jon Hyltner, portfolio manager at Enter Fonder. | Photo: PR

Companies such as Lifco, Indutrade and Embracer Groupbhave earned the moniker serial acquirers based on an aggressive deal-making strategy that has seen their operational footprints explode in size.

The trick has been to find targets with valuation multiples that are much lower than those of the serial acquirer. That leads to what’s known as "multiple arbitrage", meaning a quick revaluation of the newly acquired asset as it joins a bigger cluster of portfolio companies.

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