Adelis sells IT Relation to Hg

The deal ends a two-year holding period for Adelis, which established the business in 2016 through the buyouts and merger of three Danish IT outsourcing companies. Adelis had backed the founders of IT Relation in an effort to consolidate the Danish managed IT services market.

With the fresh capital and Hg on board, IT Relation plans on supporting the management team to continue building its business model, providing managed services to small and medium-sized firms in Denmark.

Hg deployed capital from its latest buyout vehicle HgCapital 8, which held a final close on the £2.5bn hard-cap in February 2017. The fund has made three other investments this year so far, including German online car marketplace MeinAuto in January, German car leasing company Mobility Concept in March and business software company The Access Group in April.

Previous funding
Adelis acquired IT Relation, Front-data and DSI-Next in a triple-buyout of Danish IT outsourcing companies in June 2016. Following the merger of the companies, Adelis owned a 55% stake in the new group. Adelis drew equity from its €410m, 2013-vintage Adelis Equity Fund I for the buyout.

Company
Founded in 2003 and headquartered in Herning, IT Relation provides services that allow SMEs to move their infrastructure and operations into the cloud, as well as providing end-user support and consulting. The company employs a staff of 450 and has offices in Herning, Århus, Odense and Copenhagen.

People
Adelis Equity Partners – Joel Russ, Jacob Frandsen (investment team).
Hg – Nick Jordan (partner); Jonas Samlin (principal).
IT Relation – Henrik Kastbjerg (partner).

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• Topics
• Buyouts
• Exits
• Nordics
• Technology
• Denmark
• Adelis Equity Partners
• HgCapital
• Secondary buyout