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Pegroco’s portfolio company Flexenclosure intends to launch an IPO on Nasdaq First North Stockholm

By 11 May, 2016November 14th, 2016Press release

May 11, 2016

Pegroco’s portfolio company Flexenclosure AB (publ), a leading cleantech company selling into high growth emerging markets, today announces its intention to launch an initial public offering (IPO) on Nasdaq First North Stockholm.

Flexenclosure designs and markets prefabricated data centre buildings and intelligent hybrid power systems to the IT and telecom industry in emerging markets. The company provides systems that are fully integrated, modular, reliable, adaptable to local conditions and quick to install.

”We have been active owners in Flexenclosure for nearly ten years and we will continue to have a long-term perspective as owners. We see a very exiting future for the company in the fast-growing energy and ICT (information and communication technology) sectors.” says Pegroco’s CEO, Thomas Brue.

David King, CEO of Flexenclosure comments:

“Flexenclosure addresses the rapidly growing need for data and mobile communications in high growth markets with limited infrastructure. With both our product offerings and the customer base we have established, Flexenclosure is well positioned for growth. By listing the company, we further strengthen our ability to grow and create long-term value for shareholders.”

Jan Roxendal, Chairman of the Board of Flexenclosure comments:

“As a leading cleantech company solving energy and data needs in high growth emerging markets, Flexenclosure is in an attractive position. With the success achieved in both its technology and business, I am convinced that Flexenclosure will succeed in taking the company to its next stage of development in a listed environment.”

The offering 

The IPO on Nasdaq First North will consist of a new share issue of approximately 250 MSEK. The use of the proceeds is primarily to finance the Company’s rapid growth. Shares will be offered to institutional investors in Sweden and internationally, as well as to the general public in Sweden.

Existing investors and an investment company related to a Board member have committed to subscribe for up to 20% of the primary equity raise. None of the current owners will be selling any shares as part of the IPO. Further details of the planned offering will be presented at a later date.

Pareto Securities is sole financial adviser and bookrunner in the offering.

Flexenclosure in brief 

Flexenclosure is a Swedish cleantech company that designs and markets innovative products to some of the world’s fastest growing markets in Africa, Asia and Latin America. The Company has established leading positions in the market for hybrid power systems for base stations and in the market for prefabricated modular data centres – two large and rapidly growing market segments. Its customer base includes several blue chip companies such as IHS Towers, Millicom, MTN and Vodacom.

Flexenclosure has two product lines, eSite hybrid power systems for base stations and eCentre prefabricated modular data centre buildings. The products are designed to meet the specific requirements and challenges in emerging markets. With both product lines, Flexenclosure has demonstrated its ability to deliver large projects in difficult environments and challenging geographical areas such as Angola, Chad, Myanmar, Nigeria, Paraguay and Sierra Leone. Turnkey solutions enable Flexenclosure to deliver quickly, efficiently and at low cost.

Swedish high-tech manufacturing company 

  • Headquartered in Stockholm, Sweden
  • Product development and manufacturing facilities in Vara, Sweden
  • Customer support teams in Myanmar and Nigeria
  • Sales offices in Malaysia, Mexico, Myanmar, Nigeria and South Africa

Two products; eSite and eCentre 

  • eSite is a hybrid power system for base stations (also referred to as towers or telecom towers) in off-grid or bad-grid geographies, enabling diesel cost savings of up to 90%
  • eCentre is a prefabricated data centre building that is energy efficient, easy to expand, and reduces building times by up to two thirds

Key statistics 

  • 2,900+ eSites and 37 eCentres sold in approximately 20 countries thus far
  • Revenues in Q1 of 2016 SEK 104.7m up from SEK 28.3m in Q1 2015 and compared to SEK 220m for 2015
  • Order bookings in 2015 of SEK 300m, a 12% increase from 2014; order backlog SEK 212m going in to 2016

Financial targets

  • In the medium term, Flexenclosure targets an annual sales growth exceeding 15% per year and an EBIT margin exceeding 10%

About Flexenclosure

Flexenclosure designs and markets prefabricated data centres and intelligent hybrid power management systems for base stations to the IT and telecom industry in emerging markets. The Company provides systems that are fully integrated, modular, reliable, adaptable to local conditions and quick to install.

Flexenclosure is based in Vara, Sweden, headquartered in Stockholm and has additional offices in Malaysia, Mexico, Myanmar, Nigeria and South Africa. Customers include Airtel, Apollo Towers, IHS Towers, Millicom, MTN, Vodacom and Zain. 

About Pegroco

Pegroco is an investment company that invests in smaller and medium sized unlisted companies, predominantly in Sweden. Pegroco is an active owner and primarily seeks companies with an established market position and preferably those that have a need for a major change. This need can be structural or business oriented. It can for example be when management wants to buy out the operation from the owners, or when the entrepreneur owner wants to expand the company into new business opportunities but lacks resources. Pegroco also has a professional services business area, Pegroco Advisory, which offers services within capital procurement, company transactions and business development. Pegroco currently has eight investments. Pegroco’s preference share is listed on Nasdaq First North, Stockholm.

For more information


or contact Thomas Brue, CEO Pegroco Invest AB (Publ), tel: +46 70-270 2141, email:

Consensus Asset Management AB is Pegroco’s Certified Adviser on Nasdaq First North Stockholm.