Active Listed Holdings
Traction is a major owner in a number of smaller and medium-sized listed companies. We invest in companies where we see a significant revaluation potential and where the risks are manageable. Other involvement in listed companies can be in the form of underwriting equity offerings in companies in need of new capital and where we see a potential for good returns. Traction has been an owner in some of the companies listed below before they became publicly listed and we participated actively in their respective processes of going public. Below listed companies refers to companies where Traction has an ownership stake exceeding 10 percent of the votes or where Traction has an active role as represented in the companies’ Board of Directors.
BE Group
BE Group is a leading independent steel distributor that stocks and processes steel, stainless steel, and aluminum for customers primarily within the construction and manufacturing industries. Through the company’s production services, customers can order customized steel components to streamline their production processes. The company’s primary markets are Sweden and Finland. The head office is located in Malmö.
For the full year 2025, net sales amounted to SEK 3,934 million (4,667), with an underlying operating profit of SEK -113 million (51), corresponding to an underlying operating margin of -2.9 percent (1.1).
BE Group has been listed on Nasdaq Stockholm, Small Cap, since November 2006. Traction is represented on the Board of Directors, and its ownership stake in the company amounts to 26.5 percent. Investment year: 2011.
Drillcon
Drillcon is Europe’s largest core drilling company and a major raiseboring contractor. The company’s market consists of customers within the mining and construction industries. Core drilling is used for rock sampling and can also be applied for concrete reinforcement, while raiseboring is a method for drilling shafts in rock, including for ventilation and mine elevators. The services are offered across all geographic markets. Drillcon has been in the industry since 1963 and is headquartered in Örebro.
For the full year 2025, Drillcon’s net sales amounted to SEK 395 million (416), with an adjusted operating profit of SEK 15.2 million (34.0), corresponding to an adjusted operating margin of 3.8 percent (8.2).
Drillcon is listed on Nasdaq Stockholm First North. Traction is represented on the Board of Directors, and its ownership stake in the company amounts to 53.8 percent. Investment year: 2008.
Diales
Diales Plc is a British consulting firm and one of the world’s leading players in dispute resolution, primarily focusing on the construction, infrastructure, and energy sectors under the Diales brand. The company also offers services in traditional technical project management under the brand Driver Project Services. Its geographical presence spans five continents across 15 countries.
During the 2024/25 fiscal year, the company’s net sales amounted to GBP 43 million (43), with an operating profit of GBP 1.3 million (0.9), corresponding to an operating margin of 3.0 percent (2.0).
The company is listed on the AIM market of the London Stock Exchange. Traction’s ownership stake in the company amounts to 27.6 percent. Investment year: 2019.
Hultström Group
Hultström Group is a consulting group specialized in real estate and urban development, with a mission to deliver independent advisory and qualified management. The operations primarily target private and public actors who own, develop, and manage land, real estate, and facilities. The company, which operated under the name Hifab Group until the autumn of 2025, has through its transformation clarified its ambition to be a driving force for development and change in the industry. The Group is based at its head office in Stockholm and conducts operations both nationally in Sweden as well as internationally, including through subsidiaries in Finland.
For the full year 2025, Hultström Group’s net sales amounted to SEK 310 million (328) with an operating profit of SEK 24 million (26), corresponding to an operating margin of 7.6 percent (8.0).
The company is listed on Nasdaq Stockholm First North. Traction is active on the Board of Directors, and its ownership stake in the company amounts to 52.2 percent. Investment year: 2004.
Nilörngruppen
Nilörngruppen was founded in 1977 and is today an international group that creates added value for brands, primarily within the fashion and apparel industry. By offering design, labels, packaging, and accessories, the company helps its customers strengthen their brand profile and competitiveness. With a comprehensive offering that combines design resources with efficient logistics solutions, short and reliable delivery times are guaranteed. The Group is one of Europe’s leading players and delivers over 1.5 billion labels annually. The operations are global with subsidiaries in 16 countries, including Sweden, the United Kingdom, China, the USA, and India. The company has its own production of printed and woven labels in England, Turkey, India, Hong Kong, Portugal, and Bangladesh.
For the full year 2025, net sales amounted to SEK 945 million (945) and operating profit to SEK 73.4 million (82.9), corresponding to an operating margin of 7.8 percent (8.8).
Nilörngruppen has been listed on Nasdaq Stockholm, Small Cap, since April 2018. Traction is represented on the Board of Directors, and its ownership stake in the company amounts to 26.3 percent. Investment year: 2005.
Portmeirion
Portmeirion Group Plc is a British company that sells porcelain and homeware. The company owns and markets a number of well-established brands such as Portmeirion, Spode, Royal Worcester, and Pimpernel. In total, Portmeirion Group owns six global brands with sales in over 80 countries. The brands have a combined history of over 750 years. For example, the Spode brand’s Blue Italian collection, launched in 1816, is an iconic British design classic in tableware and plates. The company has two factories in the United Kingdom, and deliveries primarily take place via the company’s distribution centers in the UK and the USA. There is a clear focus on growth in its own e-commerce, D2C for retail customers, and building partnerships with national wholesalers and independent retailers, many of whom are omnichannel players with both physical stores and e-commerce platforms.
For 2024, the company’s net sales amounted to GBP 91.2 million (102.7), with an operating profit of GBP 3.1 million (5.1), corresponding to an operating margin of 3.4 percent (5.0).
Portmeirion Group is listed on the AIM market of the London Stock Exchange. Traction’s ownership stake in the company amounts to 16 percent. Investment year: 2020.
Softronic
Softronic is an IT and management consultancy whose services range from advisory and new development to management and operations. Softronic takes a holistic approach to change, meaning the company can support customers in everything from strategy to structure, including organization, processes, and IT. Customers are primarily medium-sized and large companies as well as organizations in Sweden. Customer relationships are characterized by longevity, and the company’s collaborations often stretch back 10–20 years. One example of Softronic’s offering is the anti-money laundering service CM1, where customers receive assistance in monitoring and identifying transactions that may be associated with criminal activity and terrorism. The service is available 24/7/365 and processes more than 100 million customers per day. CM1 handles all information in accordance with anti-money laundering regulations and GDPR. Softronic was founded in 1984 and is headquartered in Stockholm.
In 2025, net sales amounted to SEK 916 million (842). Operating profit amounted to SEK 83 million (100) and the operating margin was 9.1 percent (11.9).
Softronic is listed on Nasdaq Stockholm, Small Cap. Traction is represented on the Board of Directors, and its ownership stake in the company amounts to 22.0 percent. Investment year: 2001.
Unlisted Holdings
Traction’s unlisted holdings consist of wholly- and majority-owned companies as well as minority-owned companies. In the minority-owned companies we co-operate with entrepreneurs and other active owners. The business concept is to develop successful companies as an active partner. The majority-owned companies are usually turn-around projects, reorganisations, management buy-outs or similar situations. Over the years Traction has participated in bringing several unlisted companies public.
Ankarsrum Kitchen
Ankarsrum Kitchen markets, develops, and sells the kitchen machine Ankarsrum Assistent Original®. The Ankarsrum Assistent Original® is a Swedish classic from 1940. Over the years, the machine has been improved with a more powerful motor and equipped with step-less speed control and overload protection, making it stronger and more reliable. A wide range of accessories are available for the machine, such as a meat grinder, blender, vegetable slicer, pasta rollers, and ice cream maker. The Ankarsrum Assistent Original® is marketed through physical and digital channels globally. The company has strongly established sales in the Nordic home market and export sales via distributors as well as its own subsidiaries in the USA and Germany.
In 2025, the company’s net sales amounted to SEK 316 million with good profitability.
Traction is active on the Board of Directors, and its ownership stake in the company amounts to 100% (through Ankarsrum Industries). Investment year: 2009.
Sigicom
Sigicom is the leading Nordic supplier of field measurement systems for unmanned monitoring of vibrations, noise, and other environmental disturbances (such as airborne particles). The field measurement systems wirelessly monitor construction and civil engineering projects, mines, quarries, as well as road and rail traffic. Sigicom sells its measurement systems and services on a global market. Exports account for the majority of net sales and continue to increase. Major markets for Sigicom include the USA, the United Kingdom, France, Canada, and the Nordics. The company has developed the market’s most innovative and complete field measurement system, from sensor to web presentation and reporting. For Sigicom’s customers, this means simple installation, automated measurements, and cost-effective monitoring. In addition to web-based application software, Sigicom also offers support, service, and regular calibration. The company has an ambitious growth agenda based on product leadership and internationalization.
In 2025, the company’s net sales amounted to SEK 274 million with good profitability.
Traction is active on the Board of Directors, and its ownership stake in the company amounts to 21%. Investment year: 1997.
Recco Holding
Recco Holding owns RECCO, which is a rescue system used by more than 800 rescue organizations, mountain rescue services, and helicopter companies worldwide to find avalanche victims and missing persons. The system is two-part and consists of RECCO detectors used by professional rescue teams and RECCO reflectors which are integrated into ski equipment such as clothing, helmets, and boots. RECCO is based on radar technology that enables rapid and precise localization of a person wearing a RECCO reflector. The reflectors are completely passive and require neither batteries nor expertise to use. The RECCO system is intended for organized rescue and is not an alternative but a complement to the use of search equipment that enables companion rescue. By enabling faster search efforts, the RECCO system gives skiers and snowboarders caught in an avalanche an additional chance to be rescued in time. The RECCO system is established at all major ski resorts worldwide.
In 2024, net sales amounted to SEK 96 million with good profitability.
Traction’s ownership stake in the company amounts to 49.9 percent. Investment year: 1988.
Medino
Medino is a fast-growing online pharmacy based in the UK. Medino sees opportunities to digitalize and streamline the pharmacy sector with the ambition of taking a leading position in the country. Co-founders are Christian Jakobsson (CEO), Lars Elfversson (Chairman), Henrik Blomkvist, and Viktor Holmberg.
Traction’s ownership stake amounts to approximately 9 percent. Investment year: 2020.
Tengai
Tengai is a newly established company specializing in AI technology within recruitment and candidate assessment. The company offers automated interview software that ensures an unbiased and efficient recruitment process. The founder of Tengai is the recruitment and staffing group Key People/TNG Group, which owns approximately 56 percent of the shares.
Traction’s ownership amounts to approximately 14 percent. Investment year: 2020.
Brillianze
Brillianze Sweden has invented and patented the Transversor technology. A Transversor detects and prevents movement before it causes damage or waste of resources. The first product to use a Transversor is the RolloGuard Instant Fall Protection for walkers. Here the technology acts as fall protection and prevents dangerous movement from occurring, enabling a better walking aid which in turn creates safety. The Transversor technology has the potential to be used in several other applications, such as fishing reels, in order to create a controlled movement that is both safer and more sustainable. The company is led by entrepreneur and major shareholder Patrik Zander. Traction’s ownership share amounts to approximately 14 percent. Investment year: 2021.
Financial investments
Traction’s investments that are not categorized as active holdings are classified as financial investments, for instance in the form of equities, corporate bonds or CDs. The composition of different classes of assets is largely dependent on prevailing market conditions.
The purpose of the financial investments, as opposed to the active holdings, is not to create value through active ownership. The goal is rather to generate a current return through more traditional management, also on the portion of Traction’s capital not engaged in active holdings. The magnitude of the financial investments thus depends on how large a portion of the net asset value is invested in active holdings from time to time. The financial investments are evaluated on an ongoing basis and on average have a shorter investment horizon than active holdings. The size of individual financial investments may vary as especially major equity investments may occur and from time to time constitute complements to the active holdings.
A major portion of the financial investments consist of liquid holdings that can be sold on short notice. This is important in order to retain the flexibility to be able to support on short notice existing active holdings, to invest in new holdings, and to participate in underwriting consortia for new issues.
An equity investment that is initially classified as a financial investment can, over time, develop into an active listed holding. By following companies as a minor owner, we have better opportunities to evaluate business models as well as corporate managements.