Transaction

Skandinaviska Bensinaktiebolaget din-X sold to a consortium led by Pioneer Capital

Transaction

din-X sold to Pioneer Capital

Sell-side

Undisclosed

Role

Adviser to din-X on its sale to Pioneer Capital

Sector

Business Services
Consumer

Region

Denmark

Clearwater has advised the owners of Skandinaviska Bensinaktiebolaget din-X (din-X), an operator of 181 unmanned petrol stations throughout Sweden, on its sale to a consortium of Norwegian and Swedish investors, with Pioneer Capital as lead minority investor.

The 100% Danish-owned company, din-X, was established in 1961 by the Lysgaard and Jensen families. Today, the company operates a chain of petrol stations consisting of 181 sites operating primarily in the Mid- and Southern part of Sweden. All petrol stations are unmanned, leveraging its agile and fully automated IT infrastructure that streamlines business processes and integrates all systems. In 2020, the company had more than €150m (SEK 1.5bn) in revenue with strong profitability. The sale secures further positive development of the company and a chance to pursue new strategic options.

Pioneer Capital, the lead minority investor, is a Norwegian investment company head quartered in Oslo, Norway. The company was founded in 2010 with a clear purpose of partnering with Nordic growth companies and outstanding entrepreneurs. With a 100% acquisition of din-X, Pioneer Capital will support its continued business plan and development.

Pioneer Capital is backed by the Adolfsen family, the owners of Adolfsen Group, operating within real estate, travel, tourism, care, and recruitment in Sweden and Norway.

din x petrol station

First of all, on behalf of the Lysgaard and Jensen families, we would like to thank Clearwater for negotiating a great transaction. Also, during crucial parts of the process, Clearwater came up with ideas and solutions which later in the process secured us the best possible price and conditions. On a personal note, we have built strong relations to the Clearwater team, which proved to be hands-on and credible. We hope to get a chance to work with Clearwater on another transaction.

Lars Martens Clausen and Svend Erik Nielsen, board members, din-X

In recent years, din-X’ business model of agile and data driven unmanned fuel stations has by far outperformed the general market. The management, backed by a hands-on board of directors, has executed an impressive rollout during difficult market dynamics. We are glad the owners and their advisors trusted our ability to structure an attractive solution for all stakeholders. The Lysgaard and Jensen families founded din-X 60 years ago, so this transaction marks the end of an era. We wish Adolfsen / Pioneer a good journey on the continued roll-out of din-X and look forward to following the journey.

Andreas Lauth, Partner, Clearwater

Advisers

Transactions