Mon January 16, 2023
Eco Log Group AB, which specializes in forest machines, has a new majority shareholder. An agreement has been entered into with Lazarus Industriförvaltning AB, which acquires a majority of Eco Log Group AB.
Lazarus is an investment company specialized in operational turn-around of companies facing significant challenges. By combining access to capital with experience of operational turn-around, Lazarus can strengthen Eco Logs' position and offering going forward, the company said.
Lazarus already owns companies such as Eurosteel Nybro, AH Automation, Stockholm Repair Yard and other manufacturing industrial companies.
"We believe in the company and in the industry, and our acquisition is an important part of the new start that is now needed. We see particularly good opportunities to strengthen Eco Log's position and we hope that we as new owners can provide both the capital and the drive that is needed," said Martin Alsander, partner in Lazarus Industriförvaltning AB.
Eco Log Group AB manufactures and sells efficient forest machines for sustainable forestry and is based in Söderhamn.
"We are very pleased to have new experienced owners who believe in the company and have experience of operational turn-around during complex situations. The acquisition gives Eco Log the right prerequisites to conduct long-term sustainable operations," said Lars Bredenfeldt, board member of Eco Log Group AB.
The acquisition is conditional by the Swedish Competition Authority's approval. Weland and Accent remain as minority shareholders of Eco Log Group AB.
New CEO, Management
Following the acquisition, Daniel Bonna takes over as CEO of Eco Log Group, succeeding Niklas Jonsson, who has been interim CEO for just over a year. The management team also receives another addition in Sverre Trygg, who will be chief restructuring officer, with special responsibility for driving the necessary change processes.
Both Bonna and Trygg previously come from Lazarus Industriförvaltning AB.
"We would like to thank Niklas who, during a transition period, has been involved in piloting the company during a difficult time with component shortages and the aftermath of the pandemic. Now a proper new start is needed to handle the company's short-term challenges and to take advantage of the good opportunities that exist to strengthen Eco Log's position in the long term," said Alsander.
"It feels great to work with a leading company in its industry with so much expertise and with fantastic forest machines that are also in demand. The company has taken some decisive measures and the reorganization is progressing. More liquidity-strengthening changes will be implemented in the short term and in the longer term we see that the company will be strong and stable," said Bonna.
For more information, visit www.lazarus.se.