contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


roko-acquires-a-majority-of-golfshopen-in-norway

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Röko is a Swedish serial acquirer. The company is an owner and manager of a portfolio of small and medium-sized companies in a variety of industries. The operations are conducted mainly in the Nordic region and large parts of Europe. The vision is to create long-term returns and to drive business development within each acquistion. Röko was founded in 2019 and is headquartered in Stockholm.

Inderes              Röko acquires a majority of ABP Group in the UK - Inderes    Röko AB has acquired 85% of the shares of the Access Building Products Group Limited (“ABP Group”). The remaining 15% will be owned by ABP Group’s Managing Director.ABP Group is the holding ...                             Quite a lot is coming out of the acquisition pipeline now  This time from the UK. Third deal of the year.  ABP Group has consolidated sales of ca GBP 15m, 88 employees and will be consolidated in the B2B business segment in March 2026.

That happened much faster than I had expected! As noted in the press release, Johan was Röko’s first employee, hired by founders Fredrik and Tomas seven years ago. So, he was involved in every acquisition except for the very first one. As I understand it, they wanted to build the Röko team from the ground up by bringing in promising young talent alongside seasoned veterans, so they would have time to grow with the company before having to step into big shoes as successors. Johan actually has quite a substantial stake for a young man  He owns 2.66% of the shares and 10.11% of the votes  This is, of course, a prerequisite in this type of business. I would argue that one of Röko’s competitive advantages in M&A processes is that entrepreneurs considering a sale negotiate directly with Röko’s principal owners. Thus, the principal owners/entrepreneurs from both sides are sitting at the negotiating table, which gives the promises made much more weight. I believe this is particularly important when the promise includes a “forever home” and a decentralized operating model, where the seller knows they can continue to run the business in peace after the deal, just as they always have.

Yesterday, a press release was issued regarding Johan Bladh’s appointment as CEO. The appointment takes effect on April 22nd, the day after the Annual General Meeting. Fredrik will continue working full-time as Deputy CEO, Chairman of the Investment Committee, and with acquisitions.                   Inderes              Johan Bladh appointed new CEO of Röko - Fredrik Karlsson continues at Röko,...    The Board of Röko has decided, in consultation with CEO Fredrik Karlsson, to appoint Johan Bladh as the new CEO. Johan replaces Fredrik Karlsson, who will remain operational in the company, ...                             Born in 1989, Johan was the obvious successor, but such a rapid change was a surprise to me at least. But as I understand it, those veterans consider him very competent, so why not.

Second deal of the year finalized  This time a golf equipment retailer from Norway  Revenue approx. 250 million NOK, or approx. 22.3 million €                   Inderes              Röko acquires a majority of Golfshopen in Norway - Inderes    Röko AB has signed an agreement to acquire 80% of the shares of NH Norsk Handel AS (“Golfshopen”). The remaining 20% will be owned by the Golfshopen management team.Golfshopen is the leading...

Inderes              Röko acquires a majority of Lambda in Italy - Inderes    Röko AB has acquired 85% of the shares of Lambda S.p.A. (“Lambda”). The remaining 15% will be owned by the management team of Lambda.Lambda designs and manufactures erbium and diode lasers for...

I was pondering Röko’s report by the fireplace on Friday evening. As Verneri already wrote, the strengthening of the krona (SEK) didn’t do any favors for the reported figures, as the majority of subsidiaries operate their businesses in other currencies, and thus the impact on Röko’s figures was as much as -6% in the final quarter and -4% for the full year. The krona has continued on the same path so far this year. Short-term noise.  Growth was then a bit lukewarm, as currencies resisted and it wasn’t the busiest year for acquisitions. Profitability was indeed strong and improved even further from peak levels, which nevertheless helped EBITA grow slightly both in the final quarter (+5%) and for the full year (+9%). Since Röko is still at a fairly early stage as a serial acquirer, the impact of even a single acquisition on an individual year’s growth is quite binary. Either the deal is closed or it isn’t  Growth could have thus reached the target level if 1-2 deals in the pipeline had made it to the finish line. The company can’t really comment on this pipeline in more detail, and the processes going on there are often quite intimate, where relationships are sometimes nurtured for years as an entrepreneur slowly decides to give up, at least partially, on their life’s work and beloved “child.” Sometimes, something happens during the process and the deal is canceled entirely or delayed. Blemishes are found in the paintwork during DD (Due Diligence), or a maximum cash offer from some PE bully is taken instead, or something else. Long-term development is then quite sweet when you consider what the years 2022-2025 have been like. During these years, many former favorite stocks and companies perceived as high quality have completely blown up due to economic misery, inflation, interest rates, geopolitics, war, etc. etc. Meanwhile, Röko’s subsidiaries have on average achieved organic growth and slightly improved margins  Simultaneously, the group’s ROCE just keeps ticking upwards and leverage downwards, which admittedly also signals unmade acquisitions. However, at the same time, it tells a story of asset-light subsidiaries churning out abundant cash flow. Gradually, one becomes convinced of the average quality of the acquired businesses—meaning their ability to generate cash flow, defend or improve margins, and at least grow in line with inflation. Those graduation caps or conveyor belt lubricants won’t be immediately disrupted by AI either, as Verneri aptly wrote in one of his messages   The serial acquirer model is beautiful in that these kinds of dull & stable “slugs” wouldn’t go anywhere on their own, but by masterfully reinvesting cash flows, magic happens in the long run.

It doesn’t seem like Röko reports pro forma figures anywhere? The company is starting to reach a size where pro forma calculations no longer have such a significant impact. However, it would still provide a more accurate picture because the balance sheet reflects the debt incurred from acquisitions, but the income statement doesn’t yet show the earnings (especially since acquisitions were made in December).

Röko

Röko AB has signed an agreement to acquire 80% of the shares of NH Norsk Handel AS (“Golfshopen”). The remaining 20% will be owned by the Golfshopen management team.Golfshopen is the leading...

<div class="mfn-preamble"><p><strong>Röko AB has signed an agreement to acquire 80% of the shares of NH Norsk Handel AS (“Golfshopen”). The remaining 20% will be owned by the Golfshopen management team.</strong></p></div><div class="mfn-body"><p>Golfshopen is the leading golf equipment retailer in Norway with four physical stores and a nationwide e-commerce site. Golfshopen has annual sales of NOK 250m, 65 employees and will be consolidated in the B2C business segment in March 2026. The acquisition is not expected to have a significant impact on Röko’s earnings in the current financial year.</p><p>The acquisition of Golfshopen is Röko’s fifth platform acquisition in Norway. Since 2019 Röko have completed more than 30 acquisitions.</p><p>Please visit <a rel="noopener" href="http://www.golfshopen.no/">www.golfshopen.no</a> for more information regarding Golfshopen. If you have any questions, please contact:</p><p>Andreas Larsson, Investor Relations Röko, +46 (0)709 70 75 55, <a rel="noopener" href="mailto:ir@roko.se">ir@roko.se</a></p><p>Röko is a perpetual owner of European small- and medium-sized businesses and today we own 31 companies in a variety of industries across Europe. Our team has more than 100 years of combined experience working with owner-managed businesses across a broad range of industries.</p><p><em>The information was submitted for publication, through the agency of the contact person set out above, on March 6, 2026, at 08.00 (CEST).</em></p></div><div class="mfn-footer mfn-attachment mfn-attachment-general"><p><strong class="mfn-heading-1">Attachments</strong></p><hr><p><a rel="noopener" href="https://storage.mfn.se/156fe1fd-8601-4865-a837-00e5b344c1c7/roko-acquires-a-majority-of-golfshopen-in-norway.pdf" class="mfn-generated mfn-primary">Röko acquires a majority of Golfshopen in Norway</a></p></div>