Herkules sells Admincontrol to Visma

The transaction is the GP's first exit from its Private Equity Fund IV vehicle, after a two-year holding period. The investment yielded an IRR of 61% and a money multiple of 3.2x, according to a statement.

In April 2015, Herkules acquired a majority stake in the software company. Under its ownership, Admincontrol expanded beyond Norway to supply the Nordic region with cloud-based board portal and virtual data room services.

Following the acquisition, the firm acquired its Swedish and Danish agents, as well as investing in local sales and customer support resources.

Visma has been under private equity ownership since 2006, when it was acquired in a NOK 4.32bn take-private by HgCapital 5. In October 2010, KKR acquired a 76.9% stake in the company, reducing HgCapital's stake to 17.7% in a NOK 11bn EV deal.

Four years later, Visma was valued at NOK 21bn when Cinven invested in the company alongside KKR and HgCapital, splitting the ownership stakes at 31.3% each, with management holding the balance.

Earlier this year, KKR agreed to sell its entire stake in the Norwegian enterprise software business to a consortium of investors led by HgCapital, in a deal valuing the business at NOK 45bn. A source close to the situation told unquote" at the time that the deal valued Visma at 22.2x its last-12-month EBITDA.

Cinven also sold 40% of its stake in the business via the transaction, with the consortium of acquirers including Montagu Private Equity, Intermediate Capital Group (ICG) and Singaporean sovereign wealth fund GIC.

Company
Founded in 2005, Admincontrol provides secure information sharing services aimed at business-critical processes, such as board and management work, due diligence, tender processes and projects.

The company posted revenues of NOK 97m for the first half of 2017. During the same period, EBITA stood at NOK 22m.

People
Herkules Capital – Gaute Gillebo (partner).
Admincontrol – Christian Petersen (CEO).

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