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Sun June 13 2021

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Takeover for cladding firm

12 Jul 13 Leading cladding manufacturer Steni has been bought out by a Swedish investment fund.

Steni panels
Steni panels

Accent Equity 2012 has acquired, together with Steni's management, 100% of the shares from the company's previous owners.

Steni's current CEO Tom Rønning and the new chairman Olav Kjell Holtan are investing in parallel with the Accent fund.

Steni's turnover in 2013 is expected to amount to approximately £33m. The company employs some 120 people and has subsidiaries in the Nordics, Netherlands and UK (near Wrexham in North Wales).

It produces façade and interior panels from a fibreglass reinforced polymer composite with various surfaces depending on design and appearance.

Since its beginnings in Norway almost 50 years ago, Steni has delivered almost 30 million square metres of façade panels to buildings all over the world.

"Steni is a great company and we have followed its development for a number of years," said Niklas Sloutski, CEO of Accent Equity Partners, advisor to Accent Equity 2012. "Steni's façade panels are unique when it comes to durability, environmental friendliness and possibilities for the design of the panels. The company is well positioned for further growth on both existing and new markets. The goal is to see Steni products being used by more architects, constructors and DIY homebuilders."

"We are very pleased with the opportunities our new owners are facilitating," added Tom Rønning, CEO of Steni. "We will now get the power to further focus on our core markets and at the same time invest more in the development of current and future products."

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