Annual review 2020

Our group companies


The year 2020 saw high investment rates in Novax’ focus areas. While the pandemic affected many portfolio companies, Novax accelerated development of its investments in health, food of the future, technical security and retail infrastructure.

deeper sector focus

After a few watchful months in the transaction market – from March to August – the year ended intensively. During the year, Novax’s sector focus was clarified and deepened.

Health and wellness

Within Health & Wellness, fitness chain STC continued to expand organically and through acquisitions. At year end, an agreement was reached on an investment making Novax a major shareholder in Aqua Dental, Sweden’s fastest growing dental chain. It offers great opportunities for continued growth with a focus on care quality and modernized customer service, in an area suited to Novax’s ambition to combine business and social benefits.  

Future food

In the spring, Novax became the owner of the German company Prolupin, which manufactures protein-based input material for the food industry, but also develops its own plant-based dairy products aimed at consumers, such as ice cream, yoghurt and milk. During the fall, Svensk Baljväxtfärs, a lupine-based veggie mince product, was also launched, which Novax commercializes based on development work done by Axfoundation at the experimental farm Torsåker.

“Growth also continued within technical security, partly through acquisitions within the existing holding RCO, and partly through direct investments from Novax.”

Technical security

Growth also continued within technical security, partly through acquisitions within the existing holding RCO, and partly through direct investments from Novax. During the year, RCO acquired a majority stake in DinBox, Sweden’s largest supplier of property boxes for houses, and EasyAccess, a Norway-based leading supplier of digital and biometric locks for consumers. 

During the fall, Novax invested in the digital key manager Unloc and in Accessy, whose ambition is to create a standard for digital keys and where Novax invests together with a number of Sweden’s largest real estate companies.

After several years of losses, Lagerhaus’ management and Novax, in close cooperation, achieved a successful turnaround of the company. Lagerhaus was sold in October to an owner group led by company CEO Jerker Levin; a great accomplishment for the company, which ended the year strongly in an otherwise very tough retail market.

Novax entered 2021 with a clearer position and in-depth knowledge and presence in all focus sectors.

The facts

Novax is an active and long-term owner partner that invests in small and medium-sized growth companies.

Ownership: 100%


Net sales, MSEK 2020 2019 Holding
Filippa K 534 691 Majority
RCO 311 268 Majority
Datema 160 175 Majority
Academic Work 3,353 4,000 Minority
ApoEx 6,647 5,563 Minority
STC 378 308 Minority
Voyado 160 128 Minority
Apohem 137 39 Minority
Personalkollen 30 n.a. Minority
Leeroy 8 n.a. Minority
Aqua Dental 305 291 Minority
Prolupin 69 61 Minority
Bruce* 40 25 Minority
Matsmart 493 371 Minority
Total 12,624 11,954


*Bruce has a fiscal year Sept.-Aug.