Portfolio
Boxer-TV-Access AB
| Investment type | Growth Capital |
|---|---|
| Region | Sweden |
| Status | Former investment |
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Nature of Business
Boxer TV-Access AB is Sweden’s leading digital Pay-TV operator with some 700,000 subscribers in the Swedish digital terrestrial television (DTT) network. Boxer was founded in 1999, has nearly one hundred employees and is currently owned by digital network operator Teracom.
Boxer provides services in both Sweden and Denmark with a view to expanding internationally into other geographies. Boxer’s primary customers are ordinary households who until the DTT digitalisation have watched analogue Free to Air channels.
Investment Overview
Our Nordic team invested for a minority stake in Boxer in 2005. We backed their aggressive expansion strategy in Sweden on the back of the country’s switch from an analogue to digital network, a process which successfully completed at the end of 2007.
We worked in partnership with Teracom, the Swedish government-owned media operator, and Boxer’s management to grow the company into a leading, highly profitable pay television operator against the backdrop of substantial regulatory change to the pay television market.
During our investment period, Boxer significantly strengthened its position in its home market, it almost doubled the number of subscribers from 380,000 in 2004 to around 700,000 and grew pre-tax profits from SEK8 million in 2004 to SEK376 million in 2007. Through our Business Leaders Network we introduced sector specialist Jan Stenberg to the board as Non-executive Director.
In November 2008 we divested our 30% stake in Boxer to majority stockholder Teracom. Boxer remains well positioned for international growth.