Stirling Square acquires Docu Nordic from Segulah

The financial details of the deal were not disclosed. It is the eighth investment from Stirling Square III fund, and the GP's first investment in Sweden.

The deal brings to an end a three-year holding period for Swedish GP Segulah.

The growth strategy for Docu Nordic was to consolidate the Nordic market, according to Segulah partner Percy Calissendorff.

The GP made eight acquisitions, including a majority stake in Docu Nordic's main Danish competitor, CRM-Byggefakta, in 2014. It also identified operational improvements, reducing churn rate, actively managing subscription prices for larger and smaller customers, and extracting cost synergies through its acquisitions.

The EBITDA margin rose from 19% to 27% during Segulah's ownership, increasing from MSEK 89 to MSEK 136 between 2014 and 2016.

Segulah decided to sell the firm ahead of its initial five-year investment plan, as the growth strategy was accomplished ahead of target.

Stirling Square surpassed its €500m target and reached a €600m final close for its third fund in January 2016. The fund follows the strategy of its predecessor, targeting mid-market companies throughout Europe with enterprise values of between €50-500m.

Previous funding
Swedish GP Segulah acquired Docu Nordic in August 2014 from parent Docu Group in a management buyout.

Company
Docu Group was founded in Switzerland in 2001 through the merger of Swiss firm Docu, German business Baumarktforschung Deutschland and Swedish company Citymark.

The firm provides business intelligence and data analytics services to generate sales leads in the construction, real estate and healthcare markets across the Nordic region.

It generated sales of SEK 400m in 2016 and employs 250 staff with offices in Sweden, Norway, Finland and Denmark.

People
Stirling Square – Stefano Bonfiglio (managing partner).
Docu Nordic – Stefan Lindqvist (CEO).

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• Topics
• Buyouts
• Nordics
• Technology
• Sweden
• Stirling Square Capital Partners
• Segulah