"We liked the straight-forward and honest way of giving us his view of our business and its future challenges.”

“… definitely got the right attitude, skill and experience to guide family businesses strategically and ownership-wise.”


"A highly skilled and experienced M&A professional who we give our best recommendations.”

“… always worked towards finding the best solution for us as client, going the extra mile to complete the project.”

“The sales process of […] was guided in a very dedicated and professional way.”

“… supported us with his perfect mix of a down-to-earth approach and common sense, as well as his excellent network and persistence.”



Thinking differently – We create financial value for our clients by providing unbiased Mergers & Acquisitions (M&A) advice. Our strength lies in combining a structured process with a sensitive approach and senior client attention in each individual project.

Unlocking value – Ellestad's M&A services include strategic, financial and tactical advice and the execution of sale and purchase transactions. We work for private and listed corporate clients, private equity firms, entrepreneurs and family-owned companies.

Supporting the client – Our advisory role may include part or all of the following: Project lead & management, tactical process advice, evaluation work, preparation of board presentations and decision material, intermediary to counterparties and negotiation support.






Strategy Advice



Acquisition of listed Water Furnace Renewable Energy, Inc. (USA), provider of climate solutions, for CAD 378 million by NIBE Industrier (SE)

Acquisition of listed Schulthess Group AG (CH), heating/cooling technologies, for CHF  638 million via public tender offer by NIBE Industrier (SE)

Acquisition of Emotron AB (SE), a leading provider of softstarter and AC drive solutions, via unsolicited approach by Polaris Private Equity (DK/SE)



New capital raise for Hövding AB (SE), inventor of the airbag for cyclists, from Indigo Capital (RUS), Industrifonden, LMK Industri (both SE) and others

New capital raise for Codemate A/S (DK), known for its Octoshape VoD and Internet live streaming services, from Nexit Infocom (FIN/USA) and others

New capital raise for Zaplox AB (SE), mobile key provider, from Mankel family office 4M (DE), Industrifonden, LMK Venture (both SE) and others



Exit of LTP Lipid Technologies Provider AB (SE), formulated lipid technology, by Industrifonden (SE) to Royal DSM N.V. (NL) for SEK 235 million

Divestment of MIP Technologies AB (SE), molecularly imprinted polymers, by Catella Healthcare (Inter IKEA) and others (SE) to Biotage AB (SE)

Sale of Tarius (DK), the regulatory life science/medical device information web platform, by Schultz Information (DK)  to Ocean Ventures (USA)



Strategy advice and review of various ownership and corporate options for the multi-generational family owners of Atlet (SE), the warehouse truck group

Strategy advice & negotiation support to the owner of Boxholm Stål AB (SE), the steel distributor, in its divestment to Schmolz + Bickenbach (DE/CH)

Strategic review for Rovsing Dynamics A/S (DK), predictive maintenance SW provider, resulting in contracts with Siemens (DE) and Yokogawa (JP)

Most of Ellestad's M&A assignments remain undisclosed due to agreed confidentiality. Examples of publicly announced transactions in which Ellestad acted as M&A advisor include the acquisition of eWON (BE) by HMS Networks for EUR 30 million and the Climate Control Group (USA) by NIBE Industrier for USD 364 million, both clients of which are Nasdaq Stockholm listed industry/technology companies, and the divestment of Wapro AB on behalf of its founder to Lagercrantz Group (SE).



Ellestad is an independent M&A advisory firm specialising in strategy advice and the execution of cross-border transactions. Originally founded in Malmö in 2005, Sweden and in particular its Southern part with many internationally active and successful companies represent the home base for Ellestad.

Our clients typically pursue international acquisition strategies, require new funding or conduct a strategic review of business development opportunities and/or ownership alternatives for a part or all of their operations. We most often do serve industry and technology related companies and projects - regardless of size.

Depending on the project needs, we together with our client may source in additional partners such as for legal, financial or tax expertise, or as well as extra resource. As a small, owner-led firm, clients value our loyalty and long-term commitment as well as the flexible, cost-efficient and discrete way of working.



Ellestad has no visiting address




For confidential project enquiries and general office contact,

please mail to:


Ellestad supports the following non-profit organisation:

Skåne Stadsmission