IK carves out PwC Sweden's business services division

The deal was made via the GP's IK VIII fund, with a debt package funded by Nordic banks. The business services division will operate under a new brand following the carve-out. The new brand name has not been announced yet, with the management team currently working on the brand strategy.

IK was attracted to the deal due to the division's base of around 27,000 customers and the close contact it cultivates with the market, IK Investment Partners' Alireza Etemad told Unquote. There is potential for the division to grow its customer base, he added.

The investment team discovered the digital platform of the firm, which helped clinch the deal.

Magnus Eriksson, CEO of business services, joined in 2009 and will continue in his role.

The IK VIII fund held a final close on €1.85bn in November 2016. According to Unquote Data, the fund was 25% deployed as of September 2017.

Company
The business services division of PwC Sweden provides accounting, payroll and related advisory services. It runs 71 offices and employs a staff of around 1,100 employees across Sweden.

The business services division operates separately within PwC, supporting around 27,000 small and medium-sized enterprises. It posted a turnover of SEK 950m in 2017 and has shown annual growth of 8% for the last three years, according to the company.

People
IK Investment Partners – Alireza Etemad (partner).

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• Topics
• Buyouts
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• Support services
• Sweden
• IK Investment Partners
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