Axel Johnson’s investment company Novax becomes major shareholder in Aqua Dental

Jan 29, 2021

The Axel Johnson Group’s Novax invests in Aqua Dental, thereby becoming a large minority shareholder in the entrepreneurial company. In six years, the Aqua Dental chain has grown from 27 employees to over 400. This investment lays the foundation for a new phase in the company’s growth journey, with an aim to drive the development of increased quality and patient experience in the field of Swedish dental health.

In 2020, Aqua Dental grew faster than the rest of the dental care market, with revenues exceeding SEK 300 million. This is despite 2020 being a year in which one in three dental visits in the country was cancelled. Over the past five years, Aqua Dental has seen by far the fastest growth of all established dental operators in the Swedish market, growth that has been largely organic.

“Aqua Dental is a jewel among Swedish growth companies in the healthcare sector and is a perfect fit for us based on Novax’s focus on healthcare and desire to combine business and community benefits. Aqua Dental’s founder, management team and main owner have demonstrated an amazing ability to grow, attract and develop competent, highly specialised staff, while maintaining a consistent focus on quality of care. We fully share the company’s focus on quality in its dental care offering and patient care. We are convinced that this quality of care combined with a modern and safe approach to dealing with patients is the key to continued growth. A main task going forward is to reach those Swedes who today are least likely to visit dentists regularly, which would have major positive effects on both public health and the economy,” says Josef Bexell, Sector Manager at Novax.

Novax primarily invests in entrepreneurial growth companies in its focus sectors Health & Wellness, Technical Security, Food of the Future and Digital Infrastructure for Retail. Novax’s companies include both market leaders and challengers, the common denominator being their ambition to grow, drive innovation, improve customer experience and at the same time contribute to a better society. In recent years, Novax has increased its focus on preventive and health-promoting services, with an ambition to help more people achieve better health in a resource-efficient way.

“We’ve been courted by investors for a long time, but have been keen to find a partner who can really contribute with knowledge, a long-term approach and common value. Novax has successfully built a number of nationwide chains, often in partnership with founders and entrepreneurs. With Novax and the Axel Johnson Group behind us, we have a long-term growth partner that fully shares our vision, our values and our focus on quality. We’re re-defining Swedish dental care,” says Rikard Virta, co-founder and main owner of Aqua Dental.

Aqua Dental is focused on the Swedish metropolitan areas and currently has a large number of clinics in Stockholm and Gothenburg. At the same time, a number of new major innovation and business development projects are under way.

“Sweden already has a strong position in dental health in an international comparison. We are skilled in research and development, and have lots of talented dentists. At the same time, there are major structural problems in dental care. With our strong, long-term owners behind us, we want to use the wonderful heritage that exists in Sweden and develop dental care that is absolutely world class. One element of this is to make sure that good dental health reaches as many people as possible. In a normal year, only just over half of Swedes seek dental care, and that figure is far too low,” says Henrik Augustsson, CEO of Aqua Dental.

About Aqua Dental: In six years, Aqua Dental has grown from 27 employees to over 400 employees, making it one of the country’s biggest and fastest-growing dental care chains. The company aims to offer Sweden’s best and safest dental care by means of accessibility, passion and quality. Aqua Dental invests heavily in innovation and development, so that as many people as possible benefit from good dental health. They were also the first in Sweden to offer digital dental appointments.

About Novax: Novax is Axel Johnson’s investment company and a long-term and active partner for growth companies. By investing in small and medium-sized companies and supporting and developing them, we build successful enterprises and contribute to Axel Johnson’s future. Novax focuses on four main sectors: Health & Wellness, Technical Security, Food of the Future and Digital Infrastructure for Retail. Novax’s investments include ApoEx, Apohem, Bruce, Datema, Filippa K, Hedvig, Matsmart, Personalkollen, Prolupin, RCO, STC and Voyado.


Josef Bexell, Sector Manager Health and Wellness, Novax
+46 (0)701 09 90 04

Henrik Augustsson, CEO, Aqua Dental
+46 (0)709 85 50 35

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