“Askalon's acquisition of HVT is an example of how our profitable subsidiaries can use acquisitions as a tool to strengthen their offerings or expand their geographical presence. When Momentum Group acquired Askalon in the summer of 2023, we hardly had any operations in valves. Today, it is our second largest product area and we see continued strong growth in the segment,” says Martin Gyllix, Head of Flow Technology at Momentum Group.

“HVT has a long history of successful valve service for industrial customers in northern Sweden. Through the acquisition, we increase our presence in the region and improve our service offering with their technical machinery for, among other things, ball valve grinding machines. With HVT's expertise and established customer relationships, we see opportunities to develop our joint offering and continue to grow together,” says Mats Warnqvist, MD of Askalon.

HVT, founded in 2001, is a specialist in valve service for primarily industrial customers in paper & pulp, metal & mining, and power production in northern Sweden. The company offers mechanical service and testing of valves in its own workshop and at the customer's site. The business is conducted from Själevad, Örnsköldsvik, and the company has a turnover of approximately SEK 20 million with 10 employees.

“We chose to sell to Momentum Group because they share our values of quality and reliability. It was important for us to find a partner who not only understands our industry, but also has the capacity to further develop our business. We look forward to developing the company further together and taking advantage of the collective expertise to be able to offer even better solutions to our customers,” says Marcus Hörling, MD and co-owner of HVT.

Closing is expected to take place in the first quarter of 2025 following approval from the Swedish Inspectorate for Strategic Products. The acquisition is expected to have a marginal positive impact on Momentum Group's earnings per share during the current financial year.