Serial Acquirers

Röko - a EUR 270m juggernaut acquirer aiming for an IPO

Gustaf Hakansson
January 11, 2022
Röko is a miniature Lifco focused on European asset light businesses with EBITA of EURm 2-10 and a margin of 10%+

RÖKO - 100x by 2040?

Fredrik Karlsson is the former CEO of the Swedish serial acquirer Lifco (100x the money in 20 years).

His new firm, co-founded with Tomas Billing from Nordstjernan, raised EURm 270 in commitments from investors two years ago.

An IPO is only a few years out, with half of the capital already deployed.


Röko has mainly acquired owner-led firms, as they share a similar long-term approach.

In contrast to Lifco's predominant 100% acquisitions, Röko allows for seller minority ownership (up to 40% so far).

Röko also focuses on smaller firms with EBITAs of EURm 2-10.

Röko's main priority is not to do any damage to already good businesses. They act as sounding boards to the remaining minority owner-operators.


Röko stays in regular contact with ~560 brokers. To keep communication crisp, they have clear target criteria.

Röko's stated 10% EBITA margin requirement is flexible depending on the firm's asset intensity though.

They are open to acquiring growing European niche businesses in any industry.

A fascinating insight from Fredrik is that England has seen increased seller activity after capital gains tax hike fears.

Complex ownership structures spread over distant family members have made Germany harder to enter.

Serial Acquirers insight

Fredrik has seen competition from serial acquirers / "M&A compounders" increase every year.

The already common model in Sweden continues to gain traction with ever more firms raising capital.

Recently publicly listed Swedish M&A compounders include Sdiptech, Teqnion, Infrea, Idun Industrier, Seafire, and Addvise Group.

Fredrik guesses that Sweden's history of "freedom with responsibility" explains why the model is more common in the region.

Reach out to Fredrik Karlsson to understand if Röko is the right fit for your company. Or to get your M&A advisory in front of a European acquirer active for years to come.


Give the quarterly newsletter a try if you want to stay up-to-date with M&A compounder trends.

Disclaimer: This is not investment advice. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. Any reference to or omission of any reference to any company should not be construed as a recommendation to buy, sell or take any other action with respect to any security of any such company. The author may hold positions in securities discussed. Any forward looking-statement is subject to risks and uncertainties. Read further disclosure in the Terms of Service.

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Worth reading!
Chris Mayer
Author of 100-Baggers
PM & co-founder, Woodlock House Family Capital
Brett Kelly
Founder & CEO
Kelly+Partners Group