Ultramare is a manufacturer and developer of climate-smart air filters under its own brand, and with a strong focus on the environment and sustainability. The company was founded already in 1934 which makes them Scandinavia’s oldest air filter manufacturer. Nearly 1 million air filters are produced by the company every year. The company has a turnover of around EUR 8 million with good profitability. Since 2007 Ultramare have operated its production facility in Trollhättan, where the majority of the 47 employees are based. Ultramare also has an office with warehouse in Stockholm, enabling closer contact with customers in central and northern Sweden.

The comapny offers a wide range of modern synthetic filters, including panel, pleat and bag filters, and is one of only four manufacturers in Sweden with a Eurovent certification. In addition, Ultramare offers value-added services in support, delivery, measurements and training, which has made them a valued overall supplier and partner to the customers. The customer portfolio includes large Swedish and international companies, primarily within the service and real estate sector but also within the OEM & industrial sectors.

Ultramare has always been a pioneer within the air filter industry and was very early to reshore the production from Asia back to Sweden, which was not very common at that time. The company has also always been in the forefront trying to mitigate global climate change and reduce emissions of greenhouse gases, and thus the company has always had a strong focus on environment and sustainability.

Ultramare acted proactively amid evolving market dynamics

In recent years, the owner Ove Kärrnäs recognized where the industry was heading. To remain competitive against large multinational competitors and achieve success, he realized that Ultramare would benefit from being part of a larger group where the company could be managed semi-independently while taking advantage of the benefits of being part of a larger organization. For a new owner, it would be the perfect opportunity to enter or expand its presence in the Nordic market, as well as to broaden their product portfolio with high-quality products that are Eurovent certified, which would also open up the market to municipalities and regions.

On the basis of that analysis, IMAP was mandated to run a structured sell-side process. We had great buyer interest from many countries, including both industrial and financial buyers. After a well-run process where Ove together with management listened to the various interested buyers to really understand where Ultramare would fit best, the company was ultimately acquired by Deltrian International from Belgium.

The acquisition is a significant step in Deltrian's growth plans

The buyer, Deltrian International, is specialized in the design and production of air-filtration systems. With more than 50 years of experience, they distribute their air-filters all around the world, through their offices in Belgium, France, the Netherlands, Italy, Slovakia, Lithuania, Norway, Deutschland, Switzerland, Spain, China, USA and an extensive international dealer network. Deltrian is expert in air-quality management for a wide variety of clients: airports, commercial centers, data centers, universities, public buildings, hotels, restaurants, hospitals, etc.

The acquisition is a significant step in their ambition to strengthen their presence in Northern Europe. Already established in Norway and Denmark, Deltrian are now further consolidating their footprint in Sweden, a key market for their continued growth. Ultramare will continue to operate under its own name, maintaining its identity and expertise while benefiting from Deltrian’s global network and knowledge.

Niklas Palm, CEO of Ultramare, shares his perspective on the process:

- This has truly been an interesting process, and for several weeks, it felt like Ultramare and I were at the absolute center of the entire filter world. It has been incredibly rewarding to engage in dialogue with so many significant and interesting players, including investment firms and larger companies within the industry, and to sense that the ideas and visions we have for Ultramare have been well received by them. I am confident that, as part of Deltrian, we will truly be able to realize these ideas!

The process has also given me an insight into the M&A world and the fantastic job that an advisor like IMAP does to ensure that we at Ultramare get the best possible outcome. With Andreas Anderberg at the helm, IMAP created the best conditions I can imagine! They always work in teams, which I see as a great strength. Additionally, their ability to reach out globally through their international colleagues has been a key factor in our process.

IMAP demonstrated incredible engagement and availability throughout the entire process. They were always well-informed and kept us updated on every step forward, which was greatly appreciated by our team involved in the deal, especially since this was our first time going through such a process. It was also reassuring that they managed the crucial due diligence phase at the end of the process.

To highlight some softer values, I want to mention that they were remarkably personable; they included everyone's perspectives and reflections, which I and the rest of the team highly value. In closing, I want to say that IMAP was an outstanding investment for the owner and for us at Ultramare, as they created a structured process that resulted in a very attractive valuation for Ultramare and a solid overall framework that gives us excellent conditions to take the company to the next level.

Andreas Anderberg, Partner IMAP Sweden, commented: 

- This has been the kind of process that M&A advisors dream of, as we are confident that there will be significant interest from numerous buyers. In this case, it involves a client that manufactures high-quality products sold under its own brand. Furthermore, they have their own manufacturing facilities located in Sweden and operate within one of the industries that is expected to grow significantly in the future, since it will be crucial for industries and countries to help achieve their sustainability and environmental goals and meet their ESG commitments.

It turned out that our conviction was indeed very accurate! We experienced strong interest from several parties, all of whom presented exciting plans and strategies for the future, highlighting how Ultramare would play a significant role in these initiatives. From our side, we received great support from Ultramare's CEO, Niklas Palm, who has extensive knowledge of the industry and understands how a buyer can benefit from Ultramare and vice versa. This gave buyers reassurance and increased their interest in the company even further.

Deltrian demonstrated early in the process that they were very interested and explained straight away what an important and interesting piece of the puzzle Ultramare would be in their corporate group. Deltrian is also a family-owned company, and I think that has been an important aspect throughout the process, as they have shown an understanding and respect for the softer values that are important to management and employees alike. I am incredibly excited to follow the joint journey of both companies moving forward!

IMAP Sweden advised the seller Ultramare throughout the process.