Norvestor buys 60% stake in Wexus

With the fresh capital, the company intends to grow its offerings in Norway, the core market in which it currently operates. It will also consider further expansion opportunities in the Nordic region.

The GP is familiar with the market and has been actively seeking an investment in the modular building industry for its seventh fund, Norvestor partner Tor Erling Gunnerød told unquote".

The Norvestor VII fund closed on its hard-cap of €510m in February 2016. The buyout vehicle invests in small and mid-cap buyouts for Norway- and Sweden-based companies with enterprise values between NOK 150m-1.5bn. It is currently in its investment cycle and less than 50% deployed, according to Gunnerød.

In June, Norvestor acquired Norwegian IT infrastructure company NetNordic, securing approximately 75% of the company's shares, with management and employees holding the remainder.

Company
Founded in 2014, Wexus first started operating with limited trading activity in 2014. It has been fully operational since 2016.

Headquartered in Stavanger, the firm is a supplier of modular buildings that provide accommodation for rigs, as well as canteens, offices, schools, kindergartens and welfare buildings. Its customers include the government, the oil & gas industry, and clients in shipbuilding, infrastructure and utilities. Modules are either sold or provided on long-term rental agreements.

The company operates a production facility in Tallinn, Estonia, and employs 79 staff. It posted pro forma revenues of NOK 70m in 2016.

People
Norvestor Equity – Tor Erling Gunnerød (partner).
Wexus Gruppen – Egil Messmer (CEO).

Advisers
Equity – Arkwright (commercial due diligence).
Company – SpareBank 1 SR Bank Markets (corporate finance); Torstrup (legal).

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• Topics
• Buyouts
• Nordics
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• Norway
• Norvestor