Business model

Pegroco invests in smaller and medium sized companies, predominantly unlisted and in Sweden with a focus on building value long-term. The investments are spread over many business categories as Pegroco’s assessment is that such diversification over time gives the best return for Pegrocos shareholders. Pegroco has six employees and its head office in Gothenburg, Sweden.

Build value
Pegroco is an active and long-term owner without a predetermined investment horizon. The business model is to identify suitable investment objects, acquire a minority or majority, build value by developing the investment object’s business and to, in various ways, make the created value visible to Pegroco’s shareholders, for example through a stock market listing.

Small to medium size companies, reasonable valuations
Pegroco primarily seeks companies with an established position in a B2B market. Pegroco’s experience shows that the large supply of companies in the small to medium size company segments, in combination with less acquisition competition for these size companies, result in lower acquisition valuations. Pegroco invests primarily in companies with proven business model, strong market position and a stable positive cash flow. An important investment criterion is that the company has a strong entrepreneurial culture and a business-oriented management.

Hub-companies, expansion through M&A, 
Pegroco builds value in the holdings through business development. Business development strategies vary from company to company but ideally involves forming hub-companies around which Pegroco can make additional acquisitions of complementary companies to consolidate a business segment, or add additional customer offerings, in order to build a stronger competitive position on the market. Examples of hub-companies among Pegroco’s holdings are Nordisk Bergteknik and the recently divested Nordic Lift.

Pegroco’s ambition is that its ownership in the portfolio companies over time exceeds fifty percent. Pegroco’s holdings where Pegroco’s ownership share exceeds 20 percent currently comprise Nordisk Bergteknik, Mechanum, CalorMet, Geogruppen and Chemgroup. Further to these Pegroco has holdings where the ownership share is below 20 percent such as Alelion Energy Systems and Thinc Jetty Collective. Read more about these companies by clicking on the respective company under the menu Holdings. Pegroco currently consolidates three portfolio companies, Calormet, Geogruppen and Chemgroup.


Pegroco’s employees have a broad experience of company development and business transactions. Their varied backgrounds give the company a wide knowledge base. Our strength is our capacity to integrate our industrial operational competence with our financial creativity into solutions to develop companies further.

Victor Örn

CEO and Investment Manager

Employed since 2007. Former board member of a number of Pegroco's holdings such as Bilisten AB, Scandinavian Air Ambulance, Skummeslövsgården AB, Diakrit Int. Ltd and Priority Aero Maintenance. Has also held positions as interim CEO of Diaktrit Norge, Svensk Flygambulans AB and Gruppo e Figli AB and as Investment Manager, Tumlehed Invest. Victor has a MSc in Business and Economics from the School of Business, Economics and Law at the University of Gothenburg.

Joakim Winggren

Deputy CEO and Investment Manager

Employed since 2019. Previously CEO for Almi Invest Västsverige AB and Endorsia AB. Extensive experience from leading positions within business development and management. Joakim has a MSc in Business and Economics from the School of Business, Economics and Law at the University of Gothenburg and also holds an executive MBA.

Peter Sandberg

Executive Chairman of the Board

Founding Partner. Investment manager at Pegroco up until 2019. Former CEO of the Sixth Swedish National Pension Fund and of Bure Equity AB. Chairman Teleca AB. CFO and responsible for corporate finance for AB Volvo. CEO Volvo Norway AS and positions within Volvo Credit AB, Volvo Group Finance Europe BV and Sotrot AB. Peter has a MSc in Business and Economics from the School of Business, Economics and Law at the University of Gothenburg

Oscar Rolfsson


Employed 2019. Broad experience from leading positions within finance, including CFO off Byax AB and VP/CFO of Diakrit International Ltd. Oscar holds a MSc in business and economic from Gothenburg University.

Johan Sjösten


Employed since 2019. Previously intern at Pegroco, Nordea, Volvo Cars and project experience from Ap4. Johan holds a MSc in Industrial Engineering and Management with a master specialization in risk management from Umeå University.

Robert Malton

Robert Malton

Strategy and business development

Employed since 2021. Robert has extensive experience as a strategy management consultant within the financial industry. Previously based in London with positions at Inpoint / Aon plc (UK), (UK) and the Swedish Chamber of Commerce for the UK (UK). Robert has a degree in Business and Economics from the School of Business, Economics and Law at the University of Gothenburg.

Board of Directors

Peter Sandberg


Göran Näsholm

Board member

Fredrik Karlsson

Board member

Per Grunewald

Board member