Norvestor-backed NetNordic acquires Efftel

Nicole Tovstiga
12 April 2018

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NetNordic, an Oslo-based network, communications, security and cloud services provider backed by Norvestor Equity, has acquired Swedish cloud-based communications service Efftel.

The deal is part of NetNordic's consolidation strategy in the Nordic countries and complements the company's existing service offering.

NetNordic Communications recently hired Joakim Harging as new CEO and has additional ambitions for growth in the Swedish market.

Following the acquisition of Efftel, NetNordic expects to have a technical platform and organisation that will contribute to its growth expectations.

Lower-mid-market private equity house Norvestor Equity is currently investing from its latest buyout vehicle Norvestor VII, which held a final close on its hard-cap of €510m in February 2016, according to Unquote Data. It invests in small and mid-cap buyout rounds, in Norwegian and Swedish companies with enterprise values between NOK 150m-1.5bn.

Previous funding
Agder Energi Venture acquired a 54.6% stake in NetNordic in August 2007.

Norvestor acquired the company in June 2017, and owns approximately 75% of the company's shares, with management and employees holding the remainder. The deal was the eighth by Norvestor's €510m Fund VII, which closed in early 2016. The company planned to continue its organic growth in the Nordic region in addition to its consolidation strategy, according to Unquote Data.

Company
Founded in 2004 and headquartered in Stockholm, Efftel provides electronic communications services to Sweden-based businesses. The company employs a staff of 12 and posted revenues of SEK 20m in 2017.

People
Norvestor Equity – Christian Sontum (partner).
NetNordic Group – Jarl Øverby (CEO).
Efftel – Mats Sandvik (CEO).