5. Feature: Millum - Paving the way for long-term growth
Millum has been a pioneer in procurement solutions for the hotel and restaurant industry since its inception in 2002. With a vision to streamline and digitalize procurement processes and provide customers with better control, the company has grown significantly over the years. Supported by the private equity firm, Main Capital Partners, Millum is well-positioned to strengthen its presence in the Nordic region and explore new markets.
In 2002, three entrepreneurs established Millum, specializing in procurement solutions for the hotel and restaurant industry.
– The hotel and restaurant industry needed specialization; It’s a completely different world to buy fresh fish and vegetables digitally, where prices are updated several times a day, compared to purchasing office supplies like pencils and erasers, CEO of Millum, Bjørn Anskau says.
Millum has consistently maintained communication with major buyers and key suppliers. The strategy is to focus on purchasing organizations and large chains rather than individual restaurants.
– We have deliberately chosen to work with large, structured players. It reduces risk and increases impact, Anskau adds.
More than just a procurement solution
Originally, Millum was purely a procurement solution, but its functionality has significantly evolved over the years.
– We have added inventory management, menu bank, climate calculations, and management tools, among other features. Today, we are much more than a procurement solution. With Millum Insight, we provide advanced business intelligence that helps customers analyze purchasing patterns, optimize costs, and track sustainability efforts. We are a procure-to-pay provider, even though we do not handle the actual invoice approval. We facilitate electronic invoices and match them to orders and goods received, Anskau explains.
The service is regularly used by around 18,000 users, ranging from procurement managers to kitchen managers, restaurant managers, and housekeepers.
– We have become the "backbone" in our customers' procurement processes. They might not think about us every day, but they rely on the system to function, Anskau remarks.
Millum offers tools that allow customers to consider climate impacts in advance, significantly influencing decisions across hundreds of hotels:
– We provide our customers with tools that allow them to consider climate impacts in advance, not just afterwards. For example, a restaurant manager can calculate the CO2 effect of a menu and adjust ingredients to reduce the carbon footprint. If red meat is replaced with chicken, the system immediately shows the change. This has a massive impact when applied across hundreds of hotels, Anskau explains.
“We offer not just a reporting tool, but an operational tool in real-time. That is our competitive advantage”
Growth ambitions and internationalization
Millum started with nine employees and a revenue of six million NOK. Today, the company has 38 employees at Fornebu and is approaching a revenue of 70 million NOK. The goal is to exceed 100 million NOK within the next three years.
– We are already prominent in Norway and have a significant presence in Sweden. Now, we aim to further strengthen our foothold in the Nordic region. With the support of our existing customers, we can enter new markets with much greater impact than if we were starting from scratch, Anskau explains.
The Nordic region is a natural focus area due to its high level of digitization and technological maturity.
– The digitalization in the Nordic countries gives us a significant advantage. In southern European countries, procurement processes are far less digitized. The Nordics are far ahead in this respect, Anskau says.
Bjørn Anskau, Co-founder and CEO of Millum.
A new chapter with PE ownership
In early 2024, Main Capital Partners joined as new shareholders, partnering up with Millum for a new chapter of growth.
– After so many years, it becomes challenging to maintain the same momentum as we had during the startup phase. We recognized that we needed new perspectives to continue developing the company, Anskau remarks.
– We feel that we have gained new strength within the company in many ways. When we decided to bring Main on board as owners, it was because we wanted to take a significant leap and explore other opportunities for further development of the company, he continues.
Senior investment manager at Main Capital Partners, Jonas Bäckman, states that Millum's proven sustainable and profitable growth made the company attractive to them:
– Millum had a scalable solution with proven potential and ambitions for international growth. They were already active in several countries, showing sustainable and profitable growth. We have extensive experience in the procurement market and believe we are the right partner to elevate it further.
– Jonas Bäckman
From the beginning, it was clear that Millum and Main Capital shared a common vision for the company’s future development.
– We quickly found common ground with Bjørn and his team. There was a good fit from the start, and they had a strong management team open to collaboration. We also shared a vision for profitable international scaling, which was crucial, Bäckman adds.
– With new owners came an active board providing strategic insight, setting demands, and offering valuable growth opportunities. Main Capital's analytical approach helps Millum strengthen its position and accelerate growth beyond our own capabilities, Anskau continues.
Since partnering with Main, Millum has gained financial backing and strategic guidance, paving the way for long-term growth.
– Together, we are looking to further improve the financial profile, scale the business, and expand Millum’s international footprint in a profitable way, both organically through direct channels, as well as partnerships and strategic buy-and-build, Bäckman says.
– For us, this is not just about financial muscles, but about access to Main’s broader platform of resources, expertise, and networks that help us take the right steps forward. Anskau concludes.