UAB Selteka acquired by Inission AB

UAB Selteka was acquired by Inission AB, a Swedish Nasdaq First North-listed electronics contract manufacturer headquartered in Karlstad. Inission acquired 100% of Selteka's shares on 1 July 2025 as part of its ongoing international EMS acquisition programme.

Strategic acquirers in the electronics manufacturing services sector typically look for complementary geographic reach, an established customer base in underserved markets, modern production capability, and an experienced management team willing to stay post-completion. Selteka offered all four. Its nearly 70-year history, 280-strong workforce, loyal client relationships across industrial, telecoms, and energy sectors, and established Baltic market presence made it a clear fit for Inission's Northern European expansion strategy.

The Baltic states offer a combination of skilled engineering talent, competitive operating costs, and proximity to Nordic markets that is increasingly attractive to Scandinavian EMS groups seeking to scale without the overheads of Western European production. For Inission — already present in Estonia — the Lithuanian market represented a natural extension of its Nordic-Baltic strategy. EMS market analysts project annual growth of 5–7% across Northern Europe, making this region a priority for consolidation among listed EMS platforms.

Inission's approach to post-acquisition integration is well-established across more than 25 completed deals since its 2015 Nasdaq listing. The group typically retains existing management — as it did with Selteka CEO Arunas Vizgaitis, who remained in post following completion — and preserves local operational identity while connecting acquired businesses to the group's broader customer network, shared resources, and expanded service offering. This model is designed to accelerate organic growth within the acquired business rather than disrupt it.

Inission has used acquisition as the primary driver of international growth since going public in 2015, completing more than 25 transactions across Sweden, Norway, Finland, Estonia, and now Lithuania. These include Triab Electronics (2011), Onrox Group (2016), MLB Electronics in Finland (2022), AXXE AS in Norway (2024), and Selteka (2025). The group's stated medium-term financial goals include revenue growth of over 15% per year, with 5% attributed to acquisitions — signalling that further deals are planned as part of its consolidation of the Northern European EMS market.

Electronics manufacturing founders typically face a set of interconnected challenges when preparing for a sale. These include how to position a business whose value is tied to long-term customer relationships and operational capability, rather than easily comparable multiples; how to manage the business's day-to-day performance during a sale process that may run for 12–24 months; and how to handle the emotional dimensions of an exit from a business built over decades. Choosing an advisor with direct manufacturing sector experience — and one who can also manage the personal complexity of a founder-led exit — is critical.

The pool of credible strategic acquirers for Baltic or Eastern European EMS businesses is concentrated: Nordic EMS platform companies, pan-European electronics groups, and private equity-backed contract manufacturers with a stated growth-through-acquisition mandate. Finding the right fit requires both sector knowledge and active acquirer relationships — not a broad auction. CapEQ's cross-border advisory work in the Baltic and Nordic markets is specifically designed to match EMS founders with acquirers whose operational model, culture, and geographic strategy align with the selling business.

Management continuity is one of the most important value drivers in an EMS acquisition. Acquirers — particularly listed groups with active consolidation strategies — typically want existing management to remain in post, both to protect customer relationships during integration and to maintain operational momentum. In the Selteka transaction, Arunas Vizgaitis remained as CEO following completion. Founders and CEOs considering a sale should understand what role they want to play post-completion, and ensure their advisor negotiates terms that reflect that preference clearly.

A structured cross-border sale process for a manufacturing business typically runs between 9 and 18 months from initial mandate to completion — longer when the transaction involves multiple jurisdictions, complex due diligence on production facilities and IP, or a competitive process with several acquirers. Cross-border complexity, particularly when a UK-based advisor is working with a Lithuanian seller and a Swedish buyer, requires legal, financial, and regulatory coordination across multiple frameworks. Building that timeline into early planning is essential for founders who want to sell on their own terms rather than under time pressure.

The most important preparation steps for a manufacturing founder are: (1) clarifying the strategic rationale an acquirer will see in the business — geography, customer base, technical capability, or management depth; (2) getting financial information into clean, audited, and consistently presented form; (3) documenting key customer contracts and relationships so they survive a change of ownership; and (4) identifying and beginning to reduce any founder-dependency in day-to-day operations. Starting this work 12–18 months before a planned exit gives an advisor the runway to position the business competitively and run a thorough process — rather than reacting to an inbound approach under pressure.