Someone who knows what it feels like to be bought out is Anders Claesson, Managing Director of Sittab, which was acquired in 2013. He was one of three owners, and at first he did not want to sell at all. Sittab was doing well, achieving success and profitability with its ergonomics products for construction machines. Anders Claesson felt there were good reasons to continue on his own. But after a few meetings, he chose to rethink.
“When we were being bought out by Addtech, they treated us in a very correct manner,” says Anders Claesson. “There was a genuine interest in getting to know us at Sittab properly. They wanted to know who our key individuals were and answered our employees’ questions regarding what the acquisition would entail. It was almost as if their DNA held how they should respond.” Addtech also applies a “cluster approach” to its acquisitions.
When a new subsidiary enters the Addtech family, it is placed alongside similar or complementary companies in shared business units within a business area. This allows the companies to quickly immerse themselves in an environment where they can grow alongside like-minded companies.
For the sellers of Sittab, the extent to which the buyer’s culture matched theirs was ultimately a decisive factor.
“In the end, my partners and I reached our decision when we realised what an amazing ‘family’ we would be joining, with all of its market-leading subsidiaries and skilled employees,” Anders Claesson continues. “Following the acquisition, all of my expectations were met and Sittab is even stronger today than I could have dreamt.”