Norvestor snaps up NetNordic

Norvestor will own approximately 75% of the company's shares, with management and employees holding the remainder.

The deal will be the eighth by Norvestor's €510m Fund VII, which closed in early 2016. Norvestor partner Christian Sontum told unquote" the firm anticipates a similar number of investments will be needed to fully deploy the fund. The vehicle focuses on small and mid-cap buyouts in Norway and Sweden, with target firms that have an enterprise value between €15-150m.

The company plans to continue its organic growth in the Nordic region in addition to its consolidation strategy, according to Sontum.

Previous funding
Nordic venture investor Agder Energi Venture backed the company in 2007, taking a 55% stake.

Company
Established in 2001 in Oslo, NetNordic is a systems integrator specialised in delivering network, communications, security and cloud services. In 2016, it reported sales revenues of €90m with an EBITDA of €6m. It employs 210 staff across its nine offices in Norway, Sweden, Denmark and Finland.

People
NetNordic – Jarl Øverby (CEO).
Norvestor – Christian Sontum (partner).

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• Topics
• Buyouts
• Nordics
• Technology
• Norvestor
• Norway