We first came across Röko in August 2025 through its connection to Lifco, a Swedish serial acquirer that we have long admired and are shareholders in. Röko’s founder, Fredrik Karlsson, spent 20 years at Lifco before setting up Röko in 2019, bringing his proven playbook for disciplined growth, both organically and through acquisitions. 

Röko operates with a private equity style model, acquiring profitable companies with strong market positions and backing them for long term development. Although they are sector agnostic, they tend to focus on niche industrial and manufacturing businesses. Roko has a market cap of $3bn and runs a lean central team of five from a Stockholm townhouse, supported by a small international presence across Zurich, Oslo, and Copenhagen.

A notable recent development since we last met the company is their leadership transition. In April 2026 Johan Bladh became CEO at the relatively young age of 36, succeeding Karlsson (age 64) who remains actively involved in Röko’s operations and, with his co-founder Tomas Billing, the majority voting shareholder. 

During our meeting, we were impressed by Bladh’s energy, drive, and clear enthusiasm for the business. Bladh came from a private equity company focused on growth-oriented companies but became disillusioned by the short-term horizons and distance from the decision making. His move to Röko reflects his desire for greater impact and long-term ownership. The leadership transition appears well planned, with Karlsson gradually stepping back while retaining influence, particularly on the acquisition front. We felt these internal promotions will bring additional energy to the business. 

Our meeting followed a strong set of Q1 results, with shares up 12% YTD. Revenue grew 9% in the quarter, driven by 6% organic growth, although this was partially offset by a 6% foreign exchange headwind due to SEK strength. After a quieter 2025, during which Röko completed only two acquisitions (albeit they had their own IPO to get through), 2026 has seen acquisition activity accelerate, with three new deals completed in Q1. These include ABP, a UK-based manufacturer of access panels and door canopies; Golfshopen, a Norwegian golf equipment retailer; and Lambda, an Italian producer of lasers for dental and veterinary use. 

Röko’s acquisition strategy remains a core strength. Since IPO the group has completed 40 acquisitions across 10 countries, typically completing deals in around three months. The process emphasises speed, simplicity, and cultural alignment. Current expansion efforts are focused on Europe, while US exposure has reduced to around 5% of sales due to tariff sensitivity. By contrast, Northern Italy, with its large base of founder-owned industrial companies, is viewed as an attractive new geography. Capital discipline remains a priority for the business, with cash preserved for future acquisitions.

Röko is an exciting, early-stage serial acquirer. Compared to peers, it is characterised by a smaller, younger team with good scope for growth. 
 

The above article has been prepared for investment professionals. Any other readers should note this content does not constitute advice or a solicitation to buy, sell, or hold any investment. We strongly recommend speaking to an investment adviser before taking any action based on the information contained in this article.

Please also note that the value of investments and the income you get from them may fall as well as rise, and there is no certainty that you will get back the amount of your original investment. You should also be aware that past performance may not be a reliable guide to future performance.