Norvestor sells Abax to Investcorp after five-year holding

Norvestor acquired a 90% stake in Abax in 2012 using capital from its Novestor VI fund. The vehicle invested in 11 companies, with the sale of Abax marking its third exit.

Financing was provided by Nordea and SEB, the report said. Investcorp and Norvestor declined to comment.

Company
Abax develops products to support businesses and individuals who use a vehicle at work. These products include Triplog, a mileage capture technology and fleet management software. The company reported sales revenue of NOK 472m in 2016 with EBITDA of NOK 68.2m.

Founded it 2003, it currently employs 320 staff in sales, customer care, marketing, support, administration, quality control and development. Its business is primarily focused on the Nordic region, but it is also active in the UK and the rest of Europe. The company has offices in Norway, Sweden, Finland, Denmark, the Netherlands and the UK.

Advisers
Equity – Shearman & Sterling (legal).
Vendor – Mooreland Partners (corporate finance).

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• Topics
• Buyouts
• Exits
• Nordics
• Technology
• Secondary buyout
• Norvestor
• Investcorp