Segulah divests NVBS, marking yet another successful exit for Fund V

Segulah V has entered into a definitive agreement to sell its interest in NVBS Rail Group Holding AB to Ratos.

NVBS is a fast-growing player operating within maintenance, upgrading and construction of critical railway infrastructure. NVBS is niched within railway projects related to groundwork, track, electric, signal and telecom (MBEST) and operates in Sweden and Norway. NVBS has achieved a strong organic growth of 30% CAGR during the period 2019-2021.                

Segulah acquired a majority stake in NVBS in April 2020 and has since together with founders and management developed the company and made significant investments in organisation and offering. These initiatives, combined with solid organic growth and several strategic add-on acquisitions, have resulted in significant growth in revenue as well as in profitability.   

"I am proud of NVBS' strong development over the last years, both in terms of revenue and profitability but also in how we have strengthened the organization. We are thankful for the support we have received from Segulah, and we are now looking forward to continuing our growth journey together with Ratos", says David Skalin, Group CEO, NVBS Rail.

"NVBS operates in a market with strong structural growth driven by underlying needs to maintain and upgrade infrastructure and thus presented a perfect fit with Segulah's investment strategy. Through active ownership we have, together with founders and management, in a short period of time developed a young entrepreneurial business into a scalable platform with impressive growth. NVBS has been a very successful investment for Segulah Fund V", says Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB.      

For further information, please visit or contact:

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB,+46 70 229 11 85, [email protected]

Oskar Oxenstierna, Director, Segulah Advisor AB, +46 73 909 09 47, [email protected]

David Skalin, Group CEO, NVBS Rail, +46 76 316 61 36, [email protected]

Segulah, whose mission statement reads "We invest in the backbone of modern society", is a private equity firm focused on mid-market buyouts in the Nordic region. We solely invest within three verticals - B2B services, light manufacturing, and IT and technology services - areas in which team members have a long-standing and proven track record. Opportunities are targeted in markets benefitting from macro trends which the team has identified as particularly relevant for the Nordic region, including investments in smart urbanisation and infrastructure renewal, the increased modernisation and automation of industries, as well as the improvement of production and service-delivery efficiency via digitalisation. Our business model builds on active ownership where we add capital, industrial competence and strategic focus. Segulah Advisor AB is the exclusive investment advisor to the funds Segulah IV, Segulah V and Segulah VI.

Om Amplio

Established in 2024 by the former Segulah team, Amplio is a Swedish private equity firm specialising in the Nordic lower mid-market with a strong track record and long experience of developing companies in close cooperation with skilled entrepreneurs, business leaders and industrial experts. Amplio has a distinct sector focus on Business Services and IT & Technology Services, combined with strong buy-and-build focus. To ensure long term structural growth we invest, with sustainability in focus, into markets fuelled by three major themes: 'Sustainable Solutions', 'Digital Business Efficiency' and 'Smart Urbanisation'.

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