2021–Present
2021–Present – Refinement
In May 2021, Magnus Söderlind was appointed CEO, tasked with implementing a decentralised, acquisition-driven growth model refined during his fourteen years as Deputy CEO of Lagercrantz Group. The strategic transformation he initiated represents a return to, and evolution of, the foundational principles on which Bergman & Beving was built. Despite a challenging backdrop – the COVID-19 pandemic, supply chain disruptions, geopolitical instability, and a significant downturn in the construction sector, the group has delivered consistent improvement: the EBITA margin has risen from approximately 5 percent to nearly 10 percent, the gross margin has increased from 41 to 47 percent, and P/WC from 22 to 31 percent.
Historical Context
The Bergman & Beving heritage has by now given rise to six separately listed companies: Addtech, Lagercrantz Group, AddLife, Alligo, and Momentum Group – in addition to Bergman & Beving itself. The combined market capitalisation of all companies exceeds SEK 180 billion, all tracing back to the technical trading company founded in Norrköping in 1906. Eleven active listed-company CEOs have been shaped within the B&B sphere, earning Bergman & Beving its reputation as the CEO factory of the stock exchange. The average annual return from the B&B share over the past twenty years exceeds 15 percent (CAGR).
Structural Decision
Acquisition criteria have been codified around clear principles: sustainable EBITA margins above 15 percent, P/WC above 45 percent, leadership fit within decentralised governance, and cycle resilience. The acquisition process is disciplined and systematic: approximately 30 potential candidates are evaluated annually, in-depth review is conducted on eight to ten, and roughly six acquisitions are completed, meaning approximately one in five companies reviewed is ultimately acquired. A fundamental strategic shift was the transition from revenue growth as the primary objective to profit growth and profitability, with the deliberate phasing out of low-margin, high-volume business. The internal Business School was relaunched, incentive systems were redesigned, and the B&B Toolbox was developed to support subsidiaries in accelerating change.
Consequence
The results speak clearly. Since 2021, the group has completed more than 25 acquisitions, expanded into the United Kingdom and new technical niches, and reached 75 percent proprietary products. Structural measures, including the divestment of Skydda’s Nordic operations and the discontinuation of underperforming activities, demonstrate the discipline to act when the 45 percent P/WC threshold is not met. Growth pace varies with market conditions; return discipline does not.
What Endured
What distinguishes Bergman & Beving after 120 years is not the number of companies acquired, nor even the returns generated, but the consistency of the logic that connects 1906 to 2026: technical specialisation, decentralised accountability, and disciplined capital allocation. The heritage has created over SEK 180 billion in combined market value across six listed companies and the model, proven over more than a century of economic cycles, is built for the future.