Axcel partners with Swedish groundworks contractors Veako and VBA

Axcel has partnered with Veako and VBA, two Swedish infrastructure services companies with strong market positions in western and southern Sweden. The investment is the third from Axcel Elevate I, the firm's lower mid-market fund, which held its final close in November 2025.

Veako, based in Gothenburg, and VBA, based in Malmö, provide groundworks for roads, water and sewage systems, electricity infrastructure, and quays and harbours, mainly for public-sector customers. The founders and management teams will remain in their roles and keep significant ownership stakes.

Mats O. Paulsson joins as Chairman of the Board. He previously held leading positions at Peab and Eleda. Axcel said the companies' complementary regional positions and technical capabilities provide a foundation for continued growth.