Altor Fund IV(“Altor”) have signed an agreement to divest Nordic Tyre Group (“NTG”), the leading independent tyre wholesaler across the Nordics and Baltics, to Axcel Fund VII (“Axcel”).
In 2019, Altor entered a partnership with the founders of Gummigrossen and Rengasduo with the joint ambition to build a Nordic leader within the tyre wholesaler industry. Today, Nordic Tyre Group is the largest independent tyre wholesaler across the Nordics and Baltics with a diversified group of more than 10 000 customers and long-standing relations with 200 suppliers. The company is built on a proprietary technology platform providing a unique competitive advantage.
“Altor established Nordic Tyre Group with the ambition to build the leading tyre wholesaler across the Nordics and Baltics and they have worked with an entrepreneurial mindset to support the management team to realize that mission. It has been an incredible journey and our achievements have been a result of teamwork and a shared vision. Now, our sights are set on European roads together with Axcel” said Patrick Bergander, CEO of Nordic Tyre Group.
“Nordic Tyre Group has grown from a tech-enabled challenger in Sweden to become the leading independent tyre wholesaler across the Nordics and Baltics. We are truly impressed by the achievements of the management team and employees and we are proud to have been part of this journey. We look forward to seeing the company continue its growth journey together with Axcel” said Stian Tuv, Principal at Altor.
