Stena Adactum


Stena Adactum is Stena’s wholly-owned investment company which invests in both listed and unlisted companies with a long-term ownership perspective. Through active ownership and financial strength, Stena Adactum builds strong and profitable companies.

Ballingslöv AB, one of the companies in Ballingslöv International, has about 350 employees and more than 500 vendors at partners in Scandinavia.

Stena Adactum consists of six subsidiaries and two publicly listed associated companies. The subsidiaries’ aggregate revenue amounted to SEK 6.7 billion in 2014.

The sales trend over the last year has been positive and Stena Adactum's portfolio companies continue to grow in emerging markets, particularly in Asia. The focus is primarily on investments in product development, and initiatives in the areas of renewable energy and infrastructure solutions.

Through both organic growth and acquisitions, Stena Adactum's companies are well placed to continue to develop. International expansion is achieved exclusively through the portfolio companies, and with investments in product ­development and efficiency improvements, the companies are well positioned to succeed in the increasingly fierce global competition.

Ballingslöv International

Ballingslöv International is a leading supplier of kitchen, bathroom and storage systems marketed under ten brands in eleven countries.

Growth is very strong in Sweden, the UK and Norway, while the market in Denmark shows low growth.

In the UK, the integration of Manhattan Furniture and Paola Rosa continued in 2014, and the companies are now fully ­integrated. Operations in the UK show an increased order intake.

Kvik continued its expansion in Thailand during the year, and the number of stores is now 16. The Thai market was affected by political unrest during the first six months of the year and this had a somewhat dampening effect on growth.


Envac is a leading global company, supplying automatic waste collection systems for multi-family housing, hospitals and airports, as well as optical sorting systems for household waste. Envac has operations in 21 countries with offices in 38 cities.

The order intake has shown positive growth during the year, particularly in Asia but also in Northern Europe. By contrast, order growth in Southern Europe and South America has been slower. The order book stood at SEK 2.8 billion at the end of 2014, which is an increase from 2013.

In New York, development of the Hudson Yards is in progress, and this is the largest private real estate project in US history. Envac has been contracted for a waste management system that will handle 24 tonnes of waste each day.

The new product Envac Quantum was successfully launched during the year. The new system is more compact, more energy efficient and offers more storage space than the alternatives.

S-Invest (Blomsterlandet)

The S-Invest Group consists of Blomsterlandet, a chain of 51 Swedish garden centers offering a broad range of plants and supplies for the home and garden, and S-Blommor, a retailer with a shop-in-shop flower concept. A new unit was opened in Gothenburg during the year.

Blomsterlandet developed well during the year, largely due to a strong spring in terms of sales, and profitability improved. Blomsterlandet's customer loyalty club, Green Room, continues to grow rapidly and now has over 400,000 members.

Stena Renewable

Stena Renewable has developed from a wind power project business to an established energy company and Sweden’s ­largest wind power producer. Ten new wind turbines with a capacity of 17 MW was built in 2014 and will be commissioned in early 2015. This will bring the number of wind ­turbines to 96, with a combined capacity of 236 MW and a production capacity of 0.7 TWh, which corresponds to consumption of household electricity in the city of Malmö.

Production in 2014 was about 10% lower than in a normal year. Technical availability during the year was high, but light winds during the second and third quarters had an adverse effect on production.

Demand for electricity is characterised by the fact that industry, for structural and cyclical reasons, is showing a decreasing need for electricity. At the same time, household electricity consumption is stable, with the effect of increasingly efficient household electronics being offset by increasing numbers of electrical appliances.

In the longer term, there is large and growing demand for environmentally friendly electricity. However, today's electricity market is characterised by overcapacity, which affects electricity prices and certificates. This means that Stena Renewable is holding back on new investment decisions. With its competitive project portfolio, Stena Renewable is well equipped for the future.

The expansion of wind power has often been of great importance to the local economy. Stena Renewable builds wind power for ownership and strives for long-term relationships with municipalities, local entrepreneurs, associations and the public.

Mediatec Broadcast

Mediatec Broadcast is one of Europe's premier TV production companies for live broadcasts. They broadcast programmes from international entertainment and sporting events worldwide.

Several large contracts were renewed during the year, such as the Swedish ice hockey league and Premier league Swedish football. At the same time, a number of new contracts were awarded, including German basketball, Austrian hockey and Swiss football.

In addition, Mediatec Broadcast's studio broadcast productions have included the Winter Olympics in Sochi and the World Cup in Brazil.

Mediatec Broadcast strengthened its position in motor sport during the year through the acquisition of Finnish Filmworks, a European leader in live motor sport broadcasts.

Mediatec Solutions

Mediatec Solutions provides large screen technology at sporting events and major corporate events. In addition, Mediatec Solutions supplies large LED installations for outdoor advertising and other purposes.

In 2014, the company was responsible for big screens at events such as Håkan Hellström's concert at Ullevi, the Eurovision Song Contest in Copenhagen and at the international launch of the new Volvo XC90.


Gunnebo is an International Group that provides integrated security solutions.

The company has had positive growth in both revenue and earnings in all regions during the year. Efforts to adapt the Group's costs in Europe have continued with positive results. The movement of the Group's center of gravity towards emerging markets continues. Revenue outside Europe increased to 43%. The need for increased security and cash handling in the world works in Gunnebo's favour.


Midsona is a branded health product company with a strong position in the Nordic countries.

During the year, Midsona successfully continued its efforts to develop strong brands in personal care, realise synergies from acquisitions and implement cost savings, and this contributed positively to the company's results. Towards the end of the year, Norwegian company Soma Nordic AS was acquired, further strengthening Midsona's position in health food.

Necessary, efficient and environmentally friendly

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Vardagsglädje by Mija Kinning

(In Swedish)

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Total revenue in our subsidiaries and associated companies: SEK 13.2 billion. Total number of employees in our subsidiaries and associated companies: 8,788.

Envac Quantum

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A leading manufacturer of kitchen interiors in Scandinavia and the UK.

Revenue: MSEK 3,054
CEO: Anders Wassberg
Number of employees: 1,391
Stena’s holding: 100%

World leader in the development and sale of automated waste collection systems.

Revenue: MSEK 1,003
CEO: Christer Öjdemark
Number of employees: 623
Stena’s holding: 100%

Sweden’s leading garden centers.

Revenue: MSEK 1,473
CEO: Jan Larsson
Number of employees: 595
Stena’s holding: 100%

Develops, owns and operates large wind farms in Sweden.

Revenue: MSEK 369
CEO: Peter Zachrisson
Number of employees: 14
Stena’s holding: 100%

Mediatec Broadcast

A European leader in media technology such as live broadcast TV production.

Revenue: MSEK 476
CEO: Paul Henriksen
Number of employees: 159
Stena’s holding: 63%

Mediatec Solutions

Displays and technological solutions for trade shows and events.

Revenue: MSEK 369
CEO: Kenneth Paterson
Number of employees: 169
Stena’s holding: 63.5%

Associated companies

An international Group that provides integrated security solutions.

Revenue: MSEK 5,557
CEO: Per Borgvall
Number of employees: 5,670
Stena’s holding: 26%

A leader in consumer healthcare in the Nordic region.

Revenue: MSEK 920
CEO: Peter Åsberg
Number of employees: 167
Stena’s holding: 25% (23.5% of capital)

CEO comments

In the next few years, Stena Adactum will be primarily affected by movements of Nordic electricity prices, construction activity globally, consumption trends in the Nordic region and the pace of recovery for the European economy. Stena Adactum is mainly expanding its operations through our portfolio companies, which create growth through business acquisitions, new establishments and stronger customer offerings. All portfolio companies are expected to continue to have very good growth potential. Investments in new operations are regularly evaluated and we have created financial capacity to make further investments. The main focus in recent years has been to expand and strengthen the profitability of existing operations. The aim is to continuously build our financial strength so that we can continue to develop and support the expansion of our operations.

History has shown the importance of being an industrially active, long-term and strong owner. The stability that we are now experiencing creates scope for product development and sound investments. Stena Adactum's main focus is to work on long-term industrial development to build strong companies.

Martin Svalstedt

CEO, Stena Adactum


Necessary, efficient and environmentally friendly

In June 2014, ten new wind turbines were opened in Fredriksdal, south of Nässjö. The commissioning in early 2015 means that Stena Renewable now operates 96 wind turbines – and there are another 180 in the project portfolio.

Peter Zachrisson, CEO of Stena Renewable, is enthusiastic about the future of wind power.

"Wind power is necessary, efficient and environmentally friendly! Sweden and the Nordic countries are on the threshold of a major transition in energy production. Much of the existing production is old and needs to be replaced in the future, and there is no new power generation as cost-effective and environmentally friendly as wind power," says Peter Zachrisson.

"We want to be part of this energy transition. Despite being a young company, we have a broad experience in project development, which allows us to develop cost-effective wind power projects."

The electricity certificate system is a market-based support system aimed at increasing production of renewable electricity in a cost effective way. At present, prices of electricity and electricity certificates are low. This is because new power is being added while old production remains in the system.

"To ensure availability of electricity, the new and environmentally friendly power generation is built first so that the old system can be gradually phased out. At the same time, we are seeing a decline in demand for industrial electricity, which is depressing prices of electricity. Electricity certificate prices are also low, as a result of the strong expansion of wind power in recent years," says Peter.

Stena Renewable is delaying construction of new wind farms until electricity and certificate prices are higher, and this change could happen quickly.

Stena Renewable has invested SEK 3 billion since 2012.

"At the right electricity and certificate prices, we could invest another SEK 6 billion within two years. One of the initiatives under discussion is the construction of 16 new wind turbines in the municipality of Lekeberg, north of Örebro. These could be the first of the new projects."

In a longer perspective, wind power will only be affected by electricity prices – not certificates.

"But the certificates have been effective. Thanks to them, energy companies have invested in wind power thereby increasing electricity production. The increased supply has led to lower electricity prices and the gain has turned out to be higher than the electricity certificate charge households had to pay. For electricity-intensive industries, the situation has been even better as they do not pay for electricity certificates. Investments in electricity certificates have brought increased energy production with a low environmental impact!"

Peter Zachrisson

CEO Stena Renewable

Next in Annual Review 2014