Case: Eurosteel

In 2021, the then-owner, Stena Metall, decided to sell Eurosteel, a company specializing in heavy plate processing. One of the interested buyers was Lazarus.

– From the very first meeting, we got a good feeling about Lazarus. They were down-to-earth, easy to talk to, and understood our industry. We immediately felt that we could work well together, says Jan Fjeldså, who was and still is Eurosteel’s CEO.

At the mid-year point in 2021, Lazarus took over majority ownership. In addition to ensuring the company’s liquidity, the turnaround work that had already begun was immediately intensified. With a clear focus on the profitable core business, the company narrowed its focus to the 50 most important customers out of the previous 400.

– We opted out of smaller customers and concentrated on larger customers in specific industries: heavy vehicles, machinery builders, and energy, with a focus on heavy structures, says Jan Fjeldså.

– It was a fresh start for the entire company when Lazarus took over. We had frequent review meetings where we discussed all changes and initiatives, and we really felt that Lazarus’ team listened to us and provided valuable advice.

As part of the acquisition, Lazarus introduced several new board members. Chairman Per-Erik Lindquist, with a long background in Swedish industry, serves as an important sounding board for CEO Jan Fjeldså. Lazarus’ extensive and diverse network has acted as a door-opener, helping Eurosteel reach new customers.

A major step on Eurosteel’s path to profitability and continued development was the acquisition of the Oskarshamn shipyard in 2023. At the former shipyard, around 15 employees now work primarily on welding and painting products made from plates from the main facility in Nybro. Jan Fjeldså highlights in particular the production of thick steel plate containers used for the dismantling of the decommissioned nuclear reactors Ringhals 1 and 2.

After more than three years with Lazarus as the owner, Eurosteel is making a solid profit, and the company’s management and the Lazarus team are now discussing further potential acquisitions that could contribute to increased growth and profitability.

– What truly stands out as Lazarus’ strength is that they don’t work with quick-fix solutions but rather take a long-term approach and tailor the strategy to each company’s unique needs, says Jan Fjeldså.