Acorn snapped up by Swedish group Axel Johnson

Acorn snapped up by Swedish group Axel Johnson

Rotherham-headquartered Acorn Industrial Services Group has been acquired by Swedish multi-national group Axel Johnson AB.

With annual turnover in excess of £20m, Acorn is a distributor of bearings, linear systems, power transmission and related services.

Founded in 1983, the company has grown into a respected industrial parts distributor employing around 100 people.

It boasts nine sales branches throughout the UK and an e-commerce platform supporting customers throughout Europe.

Acorn directors Martin Povey and Des Spillings originally acquired the business in a management buy-out in 2006 and will continue to lead and drive forward the company’s continued growth strategies.

Spillings said: “Acorn has grown tremendously over the last 10 years and to continue our growth, and more importantly, to grow at a quicker pace, we needed to align ourselves with a business that could bring with it skills and resources that we do not have currently.

“With the European market place changing and consolidating quicker than at any time in the past 20 years, we had to find the right partner for the future and we believe Axel Johnson International to be this partner.”

Axel Johnson AB is a £6bn revenue privately owned Swedish trading and services group employing over 20,000 people. 

Acorn will become part of Axel Johnson International, the technology trading division that supplies products, systems and services to industrial customers across Europe.

BHP Corporate Finance and hlw Keeble Hawson advised the shareholders of Acorn on the deal.