Stockholm-based investment firm Segulah Advisor AB agreed to buy Swedish industrial-refrigeration products supplier Francks Kylindustri AB for an undisclosed sum.

Francks CEO Per Hannius and the company's founding family will sell the firm to Segulah. Hannius will continue to hold a stake in the company, along with Francks chairman Göran Franck.

The transaction marks the eighth investment of Segulah V LP, a fund managed by the private markets investor, which targets majority or control investments in businesses earning up to 2 billion Swedish kronor.

As of Jan. 10, US$1 is equivalent to about 8.89 Swedish kronor.