Nordic Capital-backed Cary Group lists successfully on Nasdaq Stockholm | Nordic Capital

Nordic Capital-backed Cary Group lists successfully on Nasdaq Stockholm



Nordic Capital[1] continues its history of building market leading companies, with the successful IPO of Cary Group Holding AB (publ) (“Cary Group”). Cary Group, a leading vehicle glass repair and replacement provider, today announced the outcome of the initial public offering of its shares on Nasdaq Stockholm. The offering attracted very strong interest from large Swedish and international institutional investors as well as the general public in Sweden. The offering was multiple times oversubscribed. Trading on Nasdaq Stockholm commences today, September 23, 2021. The Offering price was set at SEK 70 per share, corresponding to a market value for all outstanding shares of approx. SEK 9.2 billion.

For full information about Cary Group and the offering please see

In 2018, Nordic Capital VIII invested in Cary Group (previously Ryds Bilglas) with the ambition of building a leader in Europe’s sustainable car care market. As a result of significant investment in the organisation, operational excellence, digitalisation and an accelerated M&A agenda to enable domestic and international expansion, Cary Group has expanded outside Sweden to become a market leader in the Nordics with a growing presence in Europe. Cary Group has grown fourfold since Nordic Capital’s acquisition in early 2018. It has increased its number of workshops from 100 in Sweden to over 520 workshops in Scandinavia, UK and Spain, its employees from 350 to 1,400 and its proforma revenues have grown from approx SEK 700 mn in 2017 to SEK 2,140 mn in 2020. With sustainability at the heart of its business strategy, the Company seeks to promote repair over replacement, providing car care services that sustain the life, value and safety features of vehicles at convenient locations across Europe with brands such as Ryds Bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Ralarsa.

Joakim Andreasson, Principal at Nordic Capital Advisors and board member of Cary Group, comments:

“Cary Group has during the Nordic Capital stewardship grown fourfold as a result of successful investments in the organisation and acquisitions. The company has evolved from a leader in Sweden to becoming the leading player in the Nordic region with fast expanding presence in Europe in the leading markets of the UK and Spain and a clear plan for further expansion. We are very proud of the past years’ intensive growth journey, where the team at Cary Group supported by Nordic Capital has built a company that is stronger than ever before. The interest in Cary Group’s listing has demonstrated great trust in the company from both the public and institutions. Nordic Capital looks forward to continuing to be an active owner of Cary Group and welcomes all new shareholders taking part in this exciting growth journey.”

Anders Jensen, CEO of Cary Group, comments:

“This day marks a major milestone in Cary Group's 70-year history. All our employees have contributed to our successful European expansion and the customer offering that constitutes our strong market position. Today, with over 4,000 new shareholders, Cary Group will list on Nasdaq Stockholm, which gives us even better conditions to accelerate our growth and strengthen our market position in Europe.”

Magnus Lindquist, Chairman of Cary Group, comments:

“In recent years, Cary Group has grown into a market leader in the Nordic region and successfully expanded into Europe. Through a successful M&A strategy, combined with a clear focus on customer satisfaction, digitalised processes, and important initiatives for a reduced climate footprint, the Company has created profitable growth over time and established itself as an industry pioneer in sustainable development. Today, the Company accesses the Swedish and international capital markets – which will strengthen the conditions for continued European expansion.”

Nordic Capital has extensive experience in the Industrial and Business Services sector. Since 1991, it has deployed EUR 3.9 bn in 40 Industrial & Business Services platform investments across Northern Europe. It has achieved repeatable success and developed thriving companies as evidenced by the performance of investments such as iLOQ, Consilium Safety Group, Intrum and the most recent investment in Sortera in 2021.

Press contact

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland and Norway. For further information about Nordic Capital, please visit

Important information

This announcement is not an offer to sell or a solicitation of any offer to buy any securities of Cary Group Holding AB (publ) (the “Company”). The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

Any offering of the securities referred to in this announcement is only made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.

In the EEA Member States, with the exception of Sweden, (each such EEA Members State a “Relevant State”), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will only be processed for qualified investors. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it

Copies of this announcement are not being made and may not be distributed or sent into the United States of America, Australia, Canada, New Zealand, Japan, Switzerland or South Africa or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The shares in the Company have not been registered and will not be registered under the United States Securities Act of 1933 as amended or under the securities laws of any state or other jurisdiction in the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except in accordance with an applicable exemption from or through a transaction that is not subject to the registration requirements of the Securities Act and in accordance with the securities laws of the relevant state or other jurisdiction in the United States.

Furthermore, the securities mentioned in this press release have not been registered and will not be registered under any applicable securities law in Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland or South Africa and may, with certain exceptions, not be offered or sold to or within, or on behalf of a person or for the benefit of a person who is registered, resident or located in, these countries. The Company does not intend to make an offer to the public to acquire the securities mentioned in this press release other than in Sweden.

In the United Kingdom, this announcement and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (within the meaning of the United Kingdom version of the EU Prospectus Regulation (2017/1129/EU) which is part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018) who (i) have professional experience in matters relating to investments which fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This announcement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the shares of the Company. Any investment decision to acquire or subscribe for shares in connection with the Offering must be made on the basis of all publicly available information relating to the Company and the Company’s shares.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.

[1] References to “Nordic Capital VIII” in this press release refer to Nordic Capital VIII Alpha, L.P. and Nordic Capital VIII Beta, L.P. (acting through its general partner Nordic Capital VIII Limited). References to “Nordic Capital” in this press release refer to Nordic Capital VIII and / or, depending on the context, all, or some, of its previous or subsequent entities and structures and associated entities. For more information, see “About Nordic Capital”.