CapMan sells The North Alliance to Norvestor

Following the acquisition from CapMan and the firm's management, Norvestor will become the majority shareholder in NoA with around 60% of the shares, while the management and employees will hold the remaining stake.

CapMan acquired NoA in 2014 via its Capman Buyout X fund. Under its ownership, the business pursued a growth strategy by establishing offices in Scandinavian capitals and through strategic acquisitions.

GP Bullhound advised North Alliance and its shareholders on the transaction.

Previous funding
CapMan invested in the company in January 2014 and owned a 63% stake in the company following the deal, while the sellers of the seven companies retained stakes in the businesses. The transaction was financed with a senior secured bond, with ABG Sundal Collier acting as sole bookrunner and manager. The network comprised Swedish agencies Åkestam Holst, Great Works, Bold, Promenad and Knock; Danish agency &Co; and Norwegian design and technology company Making Waves.

Company
Founded in 2014 and headquartered in Oslo, NoA is a network of seven communication, design and technology companies. The firm employs a staff of 730 and reported consolidated revenues of NOK 1.041bn in 2017.

The business has grown through a number of acquisitions and consolidations of agencies, and is present in Norway, Sweden, Denmark, Poland and the US. Customers include Ikea, Google, Netflix, SAS, NorgesGruppen, SatsElixia, Danske Bank, Fifa and Storebrand.

People
CapMan – Tobias Karte (investment director).
Norvestor Equity – Henning Vold (partner).
The North Alliance – Thomas Høgebøl (CEO).

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