Dahlgren Capital Active Equity has completed its first exit, following a successful 18‑month transformation of Lyckegård Group, a leading Nordic provider of professional irrigation solutions and outdoor environments. Active Equity has sold its entire holding of 10,000,000 shares in Lyckegård Group, corresponding to 14.7 percent of the company, to the Nordic investment fund Aeternum Capital. The transaction was carried out at a share price of SEK 3.25, compared with an entry price of SEK 1.50, and marks a key milestone for Active Equity’s “friendly activist” strategy.

Active Equity became the principal owner of Lyckegård Group in January 2025 through a directed share issue at SEK 1.50 per share. At the time, Lyckegård Group generated annual revenues of more than SEK 200 million and held a strong position in professional irrigation and outdoor solutions.

In its role as an active owner, Active Equity has, together with the company’s management and core shareholders, driven an accelerated operational and financial transformation. Key initiatives during the ownership period include the divestment of the legacy Soil & Seed business to sharpen the company’s strategic focus, a successful expansion into Norway through a joint venture with Skaaret Landskap, and the consolidation of Lyckegård’s market‑leading position in Sweden.

The turnaround is clearly reflected in Lyckegård Group’s financial profile. Net debt/EBITA has been reduced from 3.1 to 1.1, and the company has secured a long‑term growth financing agreement with SEB. Looking ahead, Lyckegård is positioned for double‑digit organic growth with gross margins exceeding 40 percent.

“Lyckegård is now a profitable market leader with a very strong balance sheet. The fact that this also becomes Active Equity’s first exit is an important milestone that proves our investment model works in practice,” says Gustaf Karling, Managing Partner at Active Equity.

The buyer of the shareholding is Aeternum Capital, which will become Lyckegård Group’s largest shareholder and support the next phase of the company’s Nordic growth and acquisition strategy.

“Lyckegård is facing a continued consolidation journey that requires a highly capital‑strong owner. It is the right time for us to hand over the baton, and we are convinced that Aeternum is exceptionally well positioned to support the company going forward,” Gustaf Karling adds.

The transaction is fully aligned with Active Equity’s model of investing in undervalued Nordic micro‑cap companies alongside other major shareholders, taking an active ownership role to drive strategic and operational value creation. Over the past two years, Active Equity has become a principal owner in six listed companies, two of which have since been taken private.

Read more on Affärsvärlden in Swedish