Via Equity-backed Adform announces IPO

Adform is currently majority-owned by private investment company GCM Holdings. The next largest shareholder is Via Equity Fond I (a €134m investment vehicle with ATP as the sole LP). Accredonet Holding and founder Stefan Juricic are also listed as selling shareholders.

The company aims to raise DKK 750m through new shares in addition to the potential sale of existing shares.

The fresh capital will be used to strengthen Adform's balance sheet and fund strategic initiatives.

The business reported EBITDA of €6m from €59.5m sales in 2017, but this was down to -€800,000 EBITDA from €47.1m sales in the first nine months of 2018. Adform said this reflected the company's continued investment into its growth and product. Its aspiration is to increase the EBITDA margin to a level around 20% in the medium term.

Via first backed the business in 2010, acquiring a minority stake for an undisclosed valuation. It employed 70 people at the time of Via's investment and has increased its headcount to 886 as of the end of September 2018.

The business was founded in 2002 by Gustav Mellentin, Jakob Toftgaard Bak and Stefan Juricic, and develops software to assist buyers and sellers of digital display advertising. It has a presence in 15 countries in Europe, as well as entry positions in the US, Turkey, Singapore, China, Australia, UAE and India. For the first nine months of 2018, 38% of its revenues was generated in the Nordic region and 62% outside the Nordic region.

ABG Sundal Collier Denmark, Norges Bank and Danske Bank are acting as joint global coordinators and bookrunners in the offering, and Carnegie Investment Bank is acting as a joint bookrunner.

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• Topics
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• Via Venture Partners
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