FSN's Fellowmind bolts on ProActive

The transaction remains subject to approval from the relevant competition authorities.

The acquisition will be financed with a combination of debt and equity.

Max Sejbæk, founder and CEO of ProActive, will join Fellowmind's executive team as regional director, according to a statement. Preben Damgaard, former chairman of the board at ProActive, will also join Fellowmind's board of directors.

FSN acquired Fellowmind along with two Nordic market peers in November 2019, as reported by Unquote. The GP deployed equity via FSN Capital V, which held a final close on its hard-cap of €1bn in December 2016. The fund commits equity tickets of €30-130m, with a sweet spot of €50-60m.

The new group has a turnover of €175m with the addition of ProActive. The GP is pursuing a buy-and-build strategy seeking IT consultancies in the Microsoft Business Applications and digital workplace software sector.

Unquote sister publication Debtwire reported that sell-side adviser Deloitte was marketing ProActive based on EBITDA of €5m. The report added that the company's 2018 revenues were approximately €30.6m.

Company
ProActive was founded in 1997 and employs 250 staff. Based in Copenhagen, the company provides consultancy, digitalisation projects and installation services for companies using Microsoft Business Applications. Its client base includes Denmark-based private and public organisations, such as retailer Bang & Olufsen and broadcaster TV2, as well as international companies such as Porsche.

People
FSN Capital – Marcus Egelstig (principal).
Fellowmind – Emiel Putman (CEO).
ProActive – Max Sejbæk (founder, CEO); Preben Damgaard (chairman of the board).

Advisers
Vendor – Deloitte (M&A).

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• Topics
• Expansion
• Benelux
• Technology
• Build-up
• Acquisition finance
• Denmark