M Refine Group
To us “Refine” means verifying improvements every day, together. In other words, it is the result of our continuous focus on refining, enhancing, and perfecting tasks, processes, organizations, and customer relationships.
We have been performing electrical installations for over 115 years.
Our roots
M Refine Group originates from the entrepreneurial investment company M Industrial Invest AB, established in 2003. Initially focused on the engineering sector – including manufacturing, projects, service, and technical consulting – the business later expanded into other industries. From the very beginning, the strategy centered on acquiring companies in challenging circumstances, with the aim of turning them into sustainable and profitable enterprises.
Since its founding in 2024, M Refine Group has attracted approximately 60 shareholders. The shareholder base is characterized by a broad and complementary competence profile, with a significant proportion consisting of active and engaged members of management, as well as investors with extensive experience in acquisitions, financing, and entrepreneurial investments.
In addition to investments from the majority of the company’s management team, the shareholder base includes a group of long-term private investors. The company’s largest shareholders are, in order of size, M Industrial Invest (majority owner), Storskogen, and Svea Bank, which together control more than 80 percent of the shares and voting rights in the company.
Our Development
01
Valuable Experiences
For more than 20 years and through over 30 completed corporate transactions, we have developed a unique expertise in identifying, acquiring, and improving companies.
Through a methodical process combined with entrepreneurial drive, we have learned to uncover hidden opportunities and unlock value across a wide range of businesses and business models using our proprietary “toolbox.”
02
From Niche to scalability
Over time, the ambition grew to create a more scalable business model. We aimed to build something larger – a company capable of systematically and efficiently acquiring and developing businesses with potential, particularly those sourced from challenging or otherwise unique situations.
03
M Refine Group is born
This ambition gave rise to M Refine Group – a dedicated parent company focused entirely on acquiring, improving, and refining businesses. It serves as a centralized platform where our experience, methodologies, and expertise come together to drive growth.
04
The big breakthrough
On August 14, 2024, we reached a key milestone by completing our first significant acquisition – a corporate group encompassing eight business units across diverse sectors, providing a strong foundation for future expansion. This milestone initiated a more powerful acquisition model, and within the first year, a number of additional businesses were integrated into the group as part of our ongoing growth strategy.
Philosophy and Investment-criteria
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We are sector-independent but invest solely in B2B companies.
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We invest in business models we understand or can quickly grasp.
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We only pursue majority stakes with controlling influence.
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Our priorities are clear: cash flow, margin expansion, and growth – in that order.
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A turnaround for us typically involves 70% business development and 30% cost optimization.
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We invest geographically in new sectors only within the Nordics and Germany; in sectors where we are already active, there are no geographic restrictions.
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We are not actively sourcing deals, but we remain open to healthy add-on acquisitions for our portfolio companies.
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We believe in companies that have slowed down – not lost their core strength.
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We have an eye for businesses with the potential to outperform current results.
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We approach acquired operations with respect for their history, while focusing on delivering real, measurable improvements.