MERGERMARKET – Brick Technology seeks further acquisitions, raising growth capital – CEO

Wrtitten by Gabriele Rutkauskaite, Mergermarket

Summary

• Recent acquisitions of Pluggo and Volt strengthen European festival charging presence
• Targeting 2-3 acquisitions across Europe in next 12 months
• Profitable with SEK 45m revenue, SEK 3m EBITDA in CY 2024

Brick Technology, a Swedish consumer tech company specialising in rentable power bank solutions, is seeking acquisitions and is raising capital to support its growth, co- founder and CEO Emil Fejne Esselin said.

The company recently acquired Pluggo, a leading provider of mobile charging services

at festivals across the Netherlands and Belgium, to strengthens its leadership in European festival charging. This deal follows the earlier acquisition of a Danish event charging solutions provider, Volt in 2024

Brick Technology is seeking more add-ons of event-focused charging service providers as well as adjacent rentable power solutions businesses across Europe, Esselin said.

Brick Technology is targeting between two to three acquisitions in the next 12 months in Western Europe, targeting Germany, Spain, France and the UK, he said.

Most of the targets have an enterprise value in a range of EUR 1m to EUR 5m but the company is also speaking with larger players, including one that is valued at EUR 10m, the CEO said.

Many smaller companies in the sector struggle to grow beyond a certain point and remain unprofitable, whereas Brick Technology can help them scale through its network, he said adding it is the largest player, in its business, in Europe.

Brick Technology is profitable. It generated SEK 45m (EUR 4.13m) in revenue and SEK 3m (EUR 280,000) EBITDA for the 2024 calendar year, the CEO said. It hopes to earn SEK 58m revenue and EBITDA of between SEK 8m to SEK 10m for this year, he said.

The company is in the process of closing an undisclosed growth capital raise to fund expansion and charging locations rollout, Esselin said. Cash and debt are both used to fund M&A, he said.

It would like to raise additional funds, either from investors or debt providers, should it need to fund larger deals, he said.

Brick Technology does not have any set plans in place for investor exits, but there are already strategic investors that expressed interest in the business and see value in its retail presence in over 3,000 locations, he said.

Working with a PE firm or even undertaking an IPO are also among options down the line, the CEO said.

Chinese Smart Share Global Limited listed on NASDAQ and Switzerland-based Chimpy could be considered peers, he said.

The company is present in 23 countries across Europe, Australia and Canada and works with 100 entrepreneurs via a franchise model based on fixed and variable licensing fees and revenue share, he said. In Sweden and Denmark, the company runs operations itself, the CEO added.

According to the company's research, nine of 10 people get stressed when a phone battery gets low, so bars, restaurants, and shopping malls are increasingly seeking charging solutions, the CEO said.

The company has 15 employees and works with around 100 entrepreneurs via its franchise model, the CEO said.

by Gabriele Rutkauskaite

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