Stena Adactum

Stena Adactum

Continued strategic investments and development in line with market demands

Headquartered in Göteborg, Stena Adactum is the Group’s investment company and invests in companies outside Stena’s traditional core business. The company’s strategy is based on creating long-term and sustainable business without a fixed investment horizon. This creates the flexibility needed to build strong, growing and profitable businesses for future generations.

Summary of 2023

During the past year, Stena Adactum has actively adapted its operations to meet new market conditions. Despite challenges in the market, a positive financial year, with a significant level of investment, was reported.


The company’s portfolio comprises ten companies with revenue totalling around SEK 23 billion. The net asset value decreased by 2 per cent compared to the previous year and amounted to SEK 12.4 billion at the end of 2023.


The consumer market declined significantly in 2023 after a few years of robust growth, as the strong house and home trend in connection with the pandemic benefited Stena Adactum’s kitchen and bathroom companies. The decline in sales in these sectors in 2023 led to extensive restructuring, with the main focus on strengthening the companies’ equity ratios and implementing efficiency improvements.


“The major transition has exceeded expectations and all companies have handled it well. We’ve taken a number of tough measures to adapt to a new reality and reduce risks, and to prepare ourselves to enter the next economic cycle in a stronger position,” says Anders Wassberg, MD of Stena Adactum.


Several of Stena Adactum’s companies are located in small towns in Sweden, where the companies play an important role as employers by offering job opportunities and actively contributing with involvement in the local community.


“We’re a major player at many locations where we operate, which we’re keen to respect and take responsibility for. We’ve therefore paid considerable care to the restructuring that we had to carry out during the year,” comments Anders Wassberg.


The Group’s operations that were not affected by the recession in 2023 include Envac, a world leader in automated waste management, and Gunnebo, a prominent player in safety products and services. Both of these companies achieved profitable growth during the year.


Strategic acquisitions driving growth

During the year, Stena Adactum actively utilised the prevailing market situation to achieve strategic investments. The investment criteria for companies that attract Stena Adactum’s interest include a market-leading position, competitive advantages through their strategic position in the value chain, and the ability to meet Stena Adactum’s high sustainability criteria.


“We’re always open to acquisitions and, especially during tougher economic periods, we look for opportunities to identify well-managed companies at attractive valuations, to enable long-term strategic investments,” comments Anders Wassberg.


One of these investments includes Ballingslöv International’s acquisition of DanKüchen, Austria’s leading kitchen manufacturer. With around 450 employees and revenue of around EUR 120 million in 2022, DanKüchen operates in nine European countries.


“Our ambition for the DanKüchen takeover is to drive growth in the Central European kitchen market,” comments Anders Wassberg.


At the same time, Svedbergs Group, which offers a wide range of bathroom products, continued its growth journey through the acquisition of Thebalux, a well-established Dutch designer, producer and supplier of bathroom products. This acquisition is an important step for Svedbergs Group towards becoming the leading bathroom group in Northern Europe.


Gunnebo has broadened its target group to include both the consumer and corporate markets, with the aim of increasing its stability. In 2023, the company acquired the leading supplier of electronic locking systems, Tecnosicurezza, which has subsidiaries in both the USA and Spain.

Strong growth and flexible business strategy

Stena Adactum’s strength is reflected in the shared values that permeate all companies. A significant principle is delegated business acumen, where decisions are made close to operations, to create the flexibility needed to build strong, growing and profitable companies that span generations.


A clear example of this commitment is the Norwegian gardening company Plantehallen, which was acquired in 2022. The goal is to establish an extensive network of 40 stores across Norway. Five new stores were opened in the past year, and the plan is to open five more in 2024, an expansion that has proceeded more rapidly than expected.


Stena Adactum also acquired the media production company Stockholm Digital Media Centre (DMC) in 2022. This is a production company specialising in digital live broadcasts of major events where people from all over the world can meet in an innovative way without having to travel. In 2023, the company went from idea to full operation in most European markets.

Increased involvement in wind power

Stena Adactum’s commitment to wind power was further strengthened in 2023. The co-owned company, SR Energy, recently inaugurated the Tvinnesheda wind farm as an integral part of the ongoing expansion in southern Sweden, within electricity area 4, with the most obvious need for energy. With annual production of 600 GWh, this wind farm is the largest in southern Sweden and also increases SR Energy’s capacity by over 25 per cent. SR Energy now suppliers electricity area 4 with 20 per cent of the total electricity supply and is working actively on preparations for further expansion in the wind power sector.

Sustainability is vital for continued success

Stena Adactum’s growth targets entail an annual increase in the portfolio’s value of approximately 15 per cent. Continuous investment in sustainability is seen as a necessity to achieve long-term value creation. As a responsible owner, Stena Adactum is actively involved in promoting strong and profitable companies where sustainability is integrated into their core business. It is important that portfolio companies take a long-term perspective, communicate transparently and focus on continuous development of innovative products, resource efficiency and reduced emissions. The sustainability work in the portfolio companies is well-integrated in both strategic decisions and day-to-day operations. All companies have goals, KPIs and procedures for follow-up in place.


“Our portfolio companies seek to offer their customers competitive products and services that create long-term profitability. We want sustainability to be an important parameter when customers choose products from us,” says Anders Wassberg.


During 2023, Midsona, a portfolio company in the organic food segment, attracted attention for its climate strategy and leadership of the global non-profit organisation CDP (formerly Carbon Disclosure Project). CDP is known as the most respected and comprehensive environmental performance assessment system. By achieving the highest rating, A, for 2023, Midsona is now ranked as one of the top-400 listed companies in the world, out of around 21,000 participating companies.

Risk management

Stena Adactum’s main risks are linked to economic fluctuations in the market. To manage these, the company focuses on being able to quickly adapt its operations and invest in and establish itself in new markets within both the B2B and consumer segments.

Portfolio companies


Sustainability reports for portfolio companies


Wholly-owned Ballingslöv International and Blomsterlandet present their own annual and sustainability reports. No key figures are therefore presented for them in this report.


Envac sustainability report

Envac contributes to the development of smart and sustainable cities by driving the circular economy with pioneering waste management technologies. Envac Sweden has implemented policies and monitors the sustainability work that is done. In 2023, a life cycle assessment was carried out to map the impact in the value chain and a significant energy impact exists in the operation of customers’ facilities (scope 3). During the year, there were no work-related accidents leading to absences of more than 24 hours. Furthermore, based on the company’s Code of Conduct, the company is in dialogue with the most important suppliers.


Share of Total income




Income MSEK


Capital employed, MSEK