History
What we achieved together
What we achieved together
The progress made over the years reflects a clear focus on long-term value creation. Through disciplined execution and well-defined priorities, we have strengthened our position and delivered meaningful results across the business—creating value not only for our stakeholders, but for society at large.
1916
Investor is established by the Wallenberg family in Stockholm
Investor was established by the Wallenberg family in Stockholm in 1916, when new Swedish legislation made it more difficult for banks to own industrial companies on a long-term basis. The shareholdings of Stockholms Enskilda Bank (today SEB) were transferred to Investor, a newly formed industrial holding company.
Investor held its first Annual General Meeting on 16 October 1916, and the portfolio initially consisted mainly of shares in SEB and Atlas Diesel (today Atlas Copco), both transferred from the bank. Investor's share was listed on the Stockholm Stock Exchange in 1917.
Founded during World War I, Investor faced inflation, commodity shortages and seven years without dividends. As conditions improved, Investor built long-term positions in Separator (today Alfa Laval), ASEA, Stora Kopparberg, Kopparberg-Hofors and Wifstavarf. At the time, the Wallenberg sphere reinforced a tradition to push for consolidation and maintain a high level of equity.
1924
Astra and Stora Kopparberg add pharma and forestry to portfolio
In 1924, Jacob Wallenberg, through Stockholms Enskilda Bank, led the financing of a consortium that acquired Astra for SEK 1. The Wallenberg sphere also increased its holdings in ASEA and Stora Kopparberg during this period.
1929
A dispute emerges between Marcus Wallenberg Sr. and Ivar Kreuger
In the beginning of 1929, the Wallenberg sphere owned 36,500 shares in Stora Kopparberg and the Kreuger sphere 39,000 shares.
When Marcus Wallenberg Sr. and Ivar Kreuger discussed the situation, MW Sr. made this statement about the companies: "I regard them as my children and I would be reluctant to see them in another's hands". The situation was solved some years later when they managed to settle their disagreements.
1932
The Kreuger Trust collapses
In 1932, just before the Kreuger Trust collapsed, and the years after it, the Wallenberg sphere increased its holding in SKF, added a minority stake in LM Ericsson and acquired a large interest in STAB (Svenska Tändsticksaktiebolaget) (known as Swedish Match today).
The roller bearing manufacturer SKF was the largest holding in the Investor portfolio at the time. Jacob Wallenberg was elected to SKF's board of directors in 1934, and by the time World War II was over, the sphere's interest constituted 11 percent of SKF's voting rights.
1945
Jacob Wallenberg takes over as Chairman
During the war, in 1943, Marcus Wallenberg Sr. passed away, and Johannes Hellner took over as Chairman of the bank and Investor. In 1945, Jacob Wallenberg took over as Chairman of Investor's board.
1949
Investor elects its first CEO
In 1949, Investor elected its first CEO, Frans G. Liljenroth. Rolf Calissendorff from Stockholms Enskilda Bank became Investor's second CEO the year after, in 1950, when Liljenroth retired.
1956
Investor acquires shares in Electrolux
During Calissendorff's sixth and last year as CEO, in 1956, Investor acquired shares in Electrolux after one of the company's principal founders and owners, Axel Wenner-Gren, contacted Marcus Wallenberg with an offer to buy a dominant stake.
In 1957, when Rolf Calissendorff retired, Walter Wehtje succeeded him as CEO of Investor.
1963
Incentive is formed to support science and technology
Incentive was established to acquire and develop small, technology-oriented businesses, illustrating Marcus Wallenberg's idea to create companies for the promotion of science and technology. Incentive's shares were sold out two hours after the company was introduced on the market. Investor was one of the first to subscribe.
1971
Export-Invest is formed, Carl de Geer becomes CEO
In the beginning of the 1970s, Stockholms Enskilda Bank and Skandinaviska Banken merged. The portfolio management company Export-Invest was formed.
In 1971, Investor also got its fourth CEO, Carl de Geer, who remained CEO for seven years.
1975
The forestry holdings consolidate
The 1970s involved several significant events for Investor. During this era Investor was a major shareholder in a number of forestry companies: Stora Kopparberg, Bergvik & Ala, Papyrus and Kopparfors. Jacob Wallenberg was Chairman of the first two, and Marcus Wallenberg of the latter two.
The first big event was in 1975, when Papyrus bought Kopparfors, and later the same year, Stora Kopparberg acquired Bergvik & Ala.
1976
Major mergers reshape retail and shipping holdings
Two major mergers reshaped Investor’s holdings in 1976. NK and Åhléns merged to form NK-Åhléns, at the time Scandinavia’s largest private retail group with 200 stores and 23,000 employees. The company was split up again in 1980.
Investor also controlled 24 percent of the voting rights in Svenska Ostasiatiska Kompaniet and Rederi Motortank. Discussions with Tirfing led to a merger of the three shipping companies in 1978, creating Broströms Rederi AB.
1978
New leadership and a new headquarters
In late 1977, Carl de Geer became seriously ill and passed away in the beginning of 1978. Claes Dahlbäck became CEO; Marcus Wallenberg became Chairman. Investor moved to Arsenalsgatan 8C on Blasieholmen, our headquarters in Stockholm today.
1980
Garphyttan survives a structural industrial crisis
In the beginning of the 1980s, the Wallenberg family and the Wallenberg sphere owned 19 percent of Investor, 19 percent of Providentia and 14 percent of Export-Invest. Investor and Providentia in turn, owned 40 percent and 19 percent respectively, of the Swedish metal manufacturer Garphyttan which was bleeding from a structural crisis. This time Marcus Wallenberg stepped in and started to execute the necessary actions for Garphyttan. A leading Swedish business magazine, Affärsvärlden, wrote about it afterwards: "The fact that Garphyttan survived was solely thanks to the Wallenbergs' ownership philosophy." The patience and the program of cutbacks implemented in 1981 were Garphyttan's rescue.
1982
Peter Wallenberg succeeds Marcus as Chairman
1982 would be the last year of Marcus Wallenberg's 83-year-long life, and one of the things he accomplished that year was the sale of the Diligentia real estate company. A player on the market wanted to sell its stake in SKF, and the buyers were Investor, Providentia and Skånska Cementgjuteriet, but to manage the purchase, Investor was forced to borrow an appreciable amount of money.
Since Investor held approximately 13 percent of the voting rights in Diligentia (Providentia owned 16 percent), Marcus started to look for a buyer for Diligentia, which ended up being the Trygg Hansa insurance company. Investor made SEK 90m on this deal.
When Marcus passed away, Peter Wallenberg succeeded his father as Chairman of Investor in 1982 and was immediately involved in several major deals.
1984
STORA emerges as a global forestry leader
In 1984, Investor and Providentia bought back Volvo's shares in Atlas Copco and Stora Kopparberg. The acquisition was made through Patricia, a company formed especially for the buyback. After that and in the next few years, Stora Kopparberg acquired first Billerud and Papyrus and then Swedish Match and Feldmühle. After these acquisitions, Stora Kopparberg, STORA, became the third largest forestry company in the world.
STORA's offer for Swedish Match was at the time the largest cash deal in history of the Stockholm Stock Exchange. STORA's offer for the entire company was approximately SEK 6 bn.
1986
ASEA and Brown Boveri merge to form ABB
ASEA and Switzerland's Brown Boveri commenced the discussion of creating a global giant. The two merged in 1986 to create ABB. During the 1980s, Electrolux acquired more than 200 companies. The 1990s were a more difficult time for Electrolux because of heavy debt from the acquisitions and from a recession.
The acquisitions made by STORA, the formation of ABB and the multiple acquisitions made by Electrolux called for expansion of Investor's management. Investor and Providentia grew their staff from 15 to around 60, all of whom are employed by Patricia.
The eventful 1980s included many other developments for Investor: start-ups of several companies, and the sale and acquisition of others. One example was the establishment of the stock exchange technologies company OM (OMX today). The new company, whose purpose was to establish a market for trading in standardized options, was a huge success from the start and grew quickly. Today, OMX owns and operates the largest integrated securities marketplace in Northern Europe.
1991
Investor acquires full ownership of Saab-Scania
In 1991, Tetra Pak acquired Alfa Laval for approximately SEK 16bn after more than 40 years of cooperation. Investor acquired all the outstanding shares in Saab-Scania for approximately SEK 21bn and the Investor share rose among the highest of all stocks during the decade - by 1,966 percent, or 20 times.
At that time, Investor's business consisted of two areas, first the portfolio management of the long-term stockholdings in companies such as STORA, ASEA/ABB, Astra, SKF, Ericsson, Atlas Copco and Electrolux; second, the industrial operations of Saab-Scania.
Incentive, now an industrial conglomerate, was listed on the Stockholm Stock Exchange following its demerger from ASEA/ABB. In 1992, Investor and Providentia merged and in 1994, Investor acquired Export-Invest.
1994
EQT is founded
In 1994, EQT was formed together with SEB and AEA, and Investor took interests in WM-data.
1995
Saab-Scania is divided into two companies
Saab-Scania was divided into two independent companies, Scania AB and Saab AB, to broaden ownership in the two companies.
With the formation of Novare Kapital, Investor launched its venture capital business and laid the future foundation for its Private Equity Investments business area. This involved gradually increasing exposure to unlisted growth companies in the technology and healthcare sectors in the United States, Northern Europe and Asia.
Operations are gradually becoming more internationally focused. With offices staffed by qualified analysts in Hong Kong, London, New York and Stockholm, Investor can now more effectively follow developments in the world markets. This gives us a better opportunity to enhance our ability as a long-term investor in an international perspective and to identify the growth companies of tomorrow.
1996
Scania is listed in Stockholm and New York
Investor sold 55 percent of its holding in Scania and the company was listed on the Stockholm and New York stock exchanges. In connection with a refinancing of Saab Automobile, an option agreement was reached between Investor and GM to regulate long-term ownership in the company.
1997
A new SEB Group takes shape
Investor's holding in TV4 Sweden was sold to the Finnish newspaper group Aamulehti. Investor participated in the merger between OM and the Stockholm Stock Exchange and in the formation of the new SEB group through the merger between S-E-Banken and Trygg-Hansa.
Percy Barnevik was elected Investor's Chairman.
1998
Saab is listed on the Stockholm Stock Exchange
British Aerospace became part-owner of Saab AB and Saab was listed. Stora Enso was formed through a merger between STORA and Enso. A merger was proposed between Astra and Zeneca.
Marcus ("Husky") Wallenberg was appointed President and CEO of Investor AB.
1999
Astra and Zeneca complete their merger
Investor reached an agreement with Volvo to sell its entire holding in Scania, but the EU's competition authority did not approve the deal. The merger between Astra and Zeneca was completed and Saab AB made a bid for Celsius.
2000
Investor makes several new investments in technology companies
In 2000, the EU Commission blocked Volvo’s bid for Scania, creating uncertainty around the company’s ownership.
To resolve the situation, Investor sold part of its holding to Volkswagen AG, which became Scania’s largest shareholder.
Investor also made several investments in new technology companies, including imGO in China. 3 Scandinavia, co-owned with Hong Kong-based Hutchison Whampoa, was launched after being awarded one of four Swedish 3G licenses.
At the time, unlisted holdings represented 5 percent of Investor’s portfolio.
2001
Reshaping the portfolio
In 2001, Investor increased its ownership in Ericsson and SEB and sold its holdings in Stora Enso, SKF and SAS in a share swap arrangement with the Wallenberg foundations. GM purchased Investor's outstanding convertible debenture loan to Saab Automobile.
2002
Investor strengthens key industrial holdings
Investor increased its ownership in ABB, Electrolux, Ericsson, SEB and WM-data and sold its entire holding in Syngenta. Investor participated in ABB's convertible bond issue and Ericsson's new rights issue, helping these important holdings to recover from their financial troubles at the time.
After Percy Barnevik, Claes Dahlbäck became the new Chairman of Investor AB.
2003
3 Scandinavia launches 3G services
Investor subscribed for its pro-rata share of ABB's new rights issue and sold its entire holding in Volvo. The Investor Growth Capital holding Tessera Technologies was listed on the Nasdaq exchange. 3 Scandinavia started to offer 3G services in Denmark and Sweden, and was awarded a license for the Norwegian mobile market.
2004
3 Scandinavia emerges as a leading operator
Investor sold part of its holding in AstraZeneca and strengthened its position in Scania. 3 Scandinavia established itself as the leading 3G operator in the region with 350,000 subscribers.
2005
Jacob Wallenberg is appointed Chairman
Investor sold part of its holding in ABB, AstraZeneca, Scania and SEB to restore strong financial flexibility.
The Private Equity business area finalized several successful transactions, such as the divestment of Bredbandsbolaget and Tessera.
Jacob Wallenberg became Investor's new Chairman and Börje Ekholm was appointed President and CEO.
2006
Husqvarna becomes a new core investment
Investor and EQT took Gambro private, while Husqvarna was spun out of Electrolux and became a new core investment.
WM-data was sold to U.K.-based LogicaCMG.
MAN made a hostile bid for Scania, which Investor and later Volkswagen rejected.
3 Scandinavia, co-owned with Hong Kong-based Hutchison Whampoa, grew its customer base by 46 percent.
By year-end, unlisted assets represented approximately 16 percent of Investor’s portfolio.
2007
Mölnlycke Health Care joins the portfolio
MAN’s hostile bid for Scania was withdrawn, and an agreement was reached to sell OMX to Borse Dubai.
Mölnlycke Health Care was acquired in partnership with Morgan Stanley Principal Investments.
Gambro was divided into three independent companies, after which Gambro Healthcare was sold.
Investor also increased its holdings in several core investments, while unlisted assets grew to approximately 19 percent of the portfolio.
2008
Divestments of OMX and Scania
Investor divested OMX to Nasdaq/Borse Dubai and Scania to Volkswagen. Both transactions were industrially sound in addition to generating attractive returns.
Selected add-on investments were made in existing holdings and Lindorff was acquired.
Investor ended the year with a strong net cash position.
2009
Sobi is formed
Investor invested in Biovitrum and supported the merger between Biovitrum and Swedish Orphan International (previously owned by Investor Growth Capital).
Investor participated in SEB's and Husqvarna's new issues.
2010
Aleris and Mölnlycke become subsidiaries
Investor added two subsidiaries through the acquisition of healthcare and care services provider Aleris and Morgan Stanley’s shares in Mölnlycke Health Care. Investor acquired additional shares in Saab from BAE Systems, thereby clarifying the ownership structure in the company, and made add-ons in Atlas Copco, Electrolux and Husqvarna. Additional shares were acquired in NASDAQ OMX which became the latest addition to Operating Investments.
I personally believe that we are entering a period of increased competition. Globalization will continue, barriers of entry will fall further, developing countries are entering the world markets and the financial crisis is generating a new rules based environment that makes it even more challenging to be successful. If we are too slow in understanding how rapidly these markets are developing, and if the public is not aware how quickly the shift is occurring, we run the risk not of being bypassed but run over.
2011
A new business structure is presented
Investor updated its strategy, presenting a new business structure - Core Investments and Financial Investments. In addition, Investor Growth Capital was launched as a stand-alone entity of Investor.
A platform for healthy future cash flow generation was created and substantial cost savings were initiated.
The updated business strategy was strongly focused on Core Investments. Investor further strengthened its position in ABB, Atlas Copco, Electrolux, Ericsson, Husqvarna and NASDAQ OMX. CaridianBCT was divested.
2012
Wärtsilä becomes a new core investment
Investor acquired shares in Wärtsilä, in agreement with the main owner Fiskars, which became a new core investment.
Investor further strengthened its positions in ABB and NASDAQ OMX.
The cost reduction program, initiated in 2011, was completed and Investor reached a more sustainable cost level of SEK 90-95m on a quarterly basis.
Investor and EQT entered into an agreement to divest Gambro.
2013
Permobil becomes a wholly-owned subsidiary
Investor acquired the medical technology company Permobil, which became a new wholly-owned subsidiary. Permobil is a global leader in trusted healthcare solutions for power and manual wheelchairs, seating and positioning products, and power assist.
Investor further strengthened its positions in ABB and Ericsson. Mölnlycke Health Care and Aleris were refinanced with all senior debt structures.
Investor and EQT completed the divestiture of Gambro.
2015
A new portfolio structure takes shape
Johan Forssell was appointed President and CEO.
Investor introduced a new portfolio structure consisting of Listed Core Investments, EQT and Patricia Industries. Patricia Industries made its first U.S. investment through the acquisition of BraunAbility.
Investor acquired additional shares in ABB, strengthening our ownership to 10 percent.
Investor committed SEK 3.2bn to EQT VII, EQT’s largest fund to date.
Investor intensified its focus on sustainability.
2016
Laborie is acquired, Investor celebrates 100 years of ownership
Laborie was acquired and became a wholly-owned subsidiary. Laborie designs and commercializes innovative diagnostic and therapeutic capital equipment and disposable products for the urology, gastroenterology, and labor & delivery markets.
Investor celebrated 100 years of being an engaged, long-term and responsible owner of high-quality companies.
2018
Epiroc is spun off from Atlas Copco
Many of Investor's companies and Investor itself took significant steps for long-term value creation.
Epiroc became Investor's 12th listed company following its spin-off from Atlas Copco. ABB announced the divestiture of Power Grids. Investor made additional investments in Ericsson, Electrolux and Saab, and Patricia Industries acquired two new subsidiaries: Piab (Sweden) and Sarnova (U.S.).
MSCI upgraded Investor's ESG rating to A (BBB).
2019
EQT is listed on Nasdaq Stockholm
Investor invested in ABB and Electrolux announced its intention to spin off Professional as a separate company.
Patricia Industries' major subsidiaries reported good sales and profit growth. Aleris is divested.
EQT was successfully listed on Nasdaq Stockholm, with Investor remaining as the lead owner.
As part of its stepped-up efforts within sustainability, and to further future-proof its companies, Investor identified three focus areas: Business Ethics & Governance, Climate & Resource Efficiency and Diversity & Inclusion, and set long-term sustainability targets for its companies and itself.
2020
Electrolux Professional becomes our 13th listed company
The year was dominated by the covid-19 pandemic. Our companies were quick to adapt by taking action to safeguard employees, support customers, lower costs and secure liquidity.
Within Listed Companies, we invested SEK 3.4bn in ABB, Ericsson and Electrolux Professional, which became our 13th listed company. Patricia Industries acquired Advanced Instruments, the global leader in osmolality testing.
We continued to drive our sustainability agenda, launching focus areas and targets to further future-proof our companies.
2021
Sharper climate ambitions
Continued to be dominated by the covid-19 pandemic.
In mid-April, Patricia Industries divested Grand Group and the Grand Hôtel property, as the hotel segment did not fit with our investment priorities.
Investor sharpened its climate targets further and joined the UNFCCC’s Race to Zero campaign ahead of COP26 through the Exponential Roadmap Initiative.
During the fall, Atlas Antibodies, previously part of Financial Investments, was presented as a major subsidiary. Atlas Antibodies is a global developer of advanced reagents for biomedical research.
2022
Resilience in a challenging world
A challenging year for the global economy, with sharply rising inflation, interest rates and energy prices, continued disruptions in supply chains and the lingering pandemic. Above all, the year will be remembered for the unprovoked Russian invasion of Ukraine.
Against this background, Investor and our companies showed strong resilience. Activities within our companies remained high. ABB spun off Accelleron, several of the Patricia Industries subsidiaries, including Advanced Instruments, BraunAbility, Permobil and Piab, completed add-on acquisitions, and EQT AB merged with Baring Private Equity Asia.
Our efforts within sustainability continued.
During the year, Investor AB became the most widely owned share on Nasdaq Stockholm.
2023
Building for long-term growth
Despite a challenging environment, Investor and its companies took several important strategic steps.
We participated in Sobi’s rights issue to support the acquisition of CTI Biopharma and divested our holding in Accelleron. Patricia Industries completed several add-on acquisitions, including Laborie’s acquisition of Urotronic and its Optilume™ BPH product. EQT successfully raised capital for EQT X, while our companies continued advancing innovation, acquisitions and sustainability initiatives.
2024
Christian Cederholm becomes CEO
A strong year for Investor, marked by several important strategic developments.
AstraZeneca advanced investments in cancer and rare disease treatments, Ericsson launched a network-API joint venture with leading telecom operators, and we increased our holding in Ericsson. Patricia Industries completed add-on acquisitions totaling SEK 8.1bn, while EQT raised capital for several new funds.
During the year, Christian Cederholm was appointed CEO of Investor, succeeding Johan Forssell.
Our companies also reached the target of reducing scope 1 and 2 emissions by 70 percent compared with 2016.
2025
A world of sudden turns
Adjusted net asset value and total shareholder return again outperformed the Swedish stock market and exceeded our return requirement.
We increased our holdings in Ericsson and Atlas Copco, while AstraZeneca announced major investments in the US and China. Patricia Industries continued to grow, with Advanced Instruments completing its largest-ever add-on acquisition, Nova Biomedical (USD 2.2bn).
EQT performed well, and we raised our climate ambition from a 70% to an 80% emissions reduction by 2030 versus 2016.
The future
Looking ahead, we draw on our heritage to shape the future. Through continued focus, renewal, and forward thinking, we aim to create lasting value and drive meaningful progress in a changing world.