From Swedish window manufacturer to Europe's largest door and window manufacturer

Ratos acquired Inwido (formerly Elitfönstergruppen) from the venture capital firm Triton in 2004. Thirty-some additional acquisitions in the Nordic region and Europe were subsequently made that, along with organic growth, resulted in Inwido becoming Europe’s largest window and door manufacturer. The acquired operations were integrated and several strategic initiatives were made, strengthening Inwido’s business model significantly and increasing both efficiency and competitiveness. Ratos has, through long-term industrial ownership and across business cycles, contributed to the industrialisation of an industry that was previously based on small-scale localised businesses.

Key factors in creating added value were, in addition to consolidation and industrialisation, management’s focus on product development and certain product harmonisations, utilisation of local customer preferences as barriers to entry, and productivity development at the local level and through economies of scale.

Inwido was listed on the stock exchange in September 2014 at a share price of SEK 68 per share. Ratos subsequently sold its remaining 31% ownership stake in two rounds. At the time of the second sale, approximately one year after listing, the market value had gone up by 26% since the listed company had met and exceeded the market’s expectations, quarter after quarter.

Altogether, Ratos investment in Inwido generated an average annual return (IRR) of approximately 16% over almost 11 years, with a total profit for Ratos of SEK 3 billion. The investment generated an exit gain of approximately SEK 1.5 billon.