SwedenQuick Facts
Overview
ICA Gruppen is Sweden's dominant grocery retailer and one of the Nordic region's largest retail companies. The group traces its roots back to 1917, when Hakon Swenson founded Hakonbolaget in Västerås — a wholesale business built on the idea that independent store owners could pool their purchasing power to compete with large chain enterprises. That cooperative model remains at the heart of ICA today.
The group operates close to 1,300 ICA stores across Sweden through four formats: ICA Nära (convenience), ICA Supermarket (mid-size), ICA Kvantum (large supermarket), and ICA Maxi (hypermarket). Beyond grocery retail, ICA Gruppen owns Apotek Hjärtat (Sweden's largest private pharmacy chain, acquired 2015), ICA Banken (banking and insurance since 2001), and ICA Real Estate (property management).
In 2024, the group generated approximately SEK 157 billion (~$15 billion) in revenue with around 13,000 employees. ICA Gruppen was taken private in 2022 when ICA-handlarnas Förbund and AMF Pensionsförsäkring acquired all shares through their joint venture Murgröna Holding AB.
Stock Listings
ICA Gruppen is no longer publicly traded. The company was listed on Nasdaq Stockholm under the ticker ICA until January 2022. In November 2021, ICA-handlarnas Förbund and AMF Pensionsförsäkring launched a public offer to acquire all outstanding shares through Murgröna Holding AB. The offer was completed and shares were delisted in January 2022.
Previously (2005–2013), the company was listed as Hakon Invest AB before renaming to ICA Gruppen AB in 2013 when Ahold sold its 60% stake.
Ownership
ICA Gruppen AB is wholly owned by Murgröna Holding AB, a joint venture between:
| Shareholder | Approx. Stake | Type |
|---|---|---|
| ICA-handlarnas Förbund | ~87% | Retailers' cooperative (federation of ~1,300 independent ICA retailers) |
| AMF Pensionsförsäkring AB | ~13% | Swedish pension fund (manages SEK 800B+) |
ICA-handlarnas Förbund is a cooperative association of independent ICA retailers. Each ICA store is owned and operated by an individual retailer who is a member of the federation. This unique model — where the store owners collectively own the group — has been the foundation of ICA since 1940.
Brands & Business Divisions
ICA Sweden — Grocery Retail
Private Label Brands
Health & Financial Services
Divested
Ownership Chain
History & Key Milestones
| Year | Event |
|---|---|
| 1917 | Hakon Swenson founds Hakonbolaget in Västerås, enabling independent retailers to coordinate purchasing |
| 1938 | ICA AB formed, uniting four Swedish purchasing centres |
| 1940 | ICA-handlarnas Förbund (Retailers' Federation) established |
| 1964 | Common ICA symbol adopted across all stores |
| 1966 | ICA becomes Sweden's market leader in grocery retail |
| 1972 | Purchasing centres renamed ICA AB; retailers gain board majority |
| 1998 | Merger with Norwegian Hakon Gruppen AS |
| 2000 | Partnership with Royal Ahold (Netherlands) |
| 2001 | ICA Banken launched |
| 2005 | Hakon Invest listed on Stockholm Stock Exchange; acquires Rimi Baltic from Kesko |
| 2013 | Hakon Invest acquires Ahold's 60% stake for $3.1B; renamed ICA Gruppen AB |
| 2015 | Apotek Hjärtat pharmacy chain acquired; ICA Insurance launched |
| 2022 | ICA-handlarnas Förbund and AMF acquire all shares via Murgröna Holding; delisted from Nasdaq Stockholm |
| 2025 | Rimi Baltic divested to Salling Group (Denmark) |
Frequently Asked Questions
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Sources
- ICA Gruppen — Our Business (accessed 10 March 2026)
- ICA Gruppen — Our History (accessed 10 March 2026)
- ICA Gruppen — Strong Finish to 2025 Press Release (accessed 10 March 2026)
- ICA Gruppen — Annual Report 2024 (accessed 10 March 2026)
- ICA-handlarnas Förbund — About ICA Gruppen (accessed 10 March 2026)
- Cision — Nina Jönsson Appointed CEO (accessed 10 March 2026)
- MarketScreener — Murgröna Holding Acquisition (accessed 10 March 2026)
- Wikipedia — ICA Gruppen (accessed 10 March 2026)