Norvestor wholly exits Crayon

Norvestor is selling its remaining 16,456,268 shares in Crayon Group at NOK 19 apiece.

The PE-backed firm had announced a NOK 15.50-19 share price range for its IPO on the Oslo stock exchange in October last year, with the shares expected to start trading a month later.

Norvestor announced the completion of the listing through a private placement of shares and a secondary sale of shares in November 2017, for a total of 15,191,990 shares. The offer price at NOK 15.50 per share implied a market capitalisation for Crayon of approximately NOK 1.15bn. 

Carnegie and DNB Markets acted as joint global coordinators and joint bookrunners on the IPO. Danske Bank acted as joint bookrunner and SpareBank 1 Markets acted as joint lead manager.

Following the IPO, the Norvestor VI vehicle remained the largest  shareholder in Crayon with an ownership of around 22%.

Previous funding
CapMan Technology 2007 Fund and InnovationsKapital's fourth fund, InnKap 4, invested in Crayon by acquiring a 20% holding in the company's Norwegian parent Artix AS, with equal holdings after the transaction closed in June 2008.

In January 2012, Norvestor Equity acquired a majority stake in the Norwegian technology consultancy in a take-private transaction that valued the company at €109m. The deal represented a full exit for CapMan and InnovationsKapital.

Company
Established in 2002 and headquartered in Oslo, Crayon provides software licensing and technology consulting services to enterprises. The company has 42 additional offices in Sweden, Denmark, Finland, Iceland, Germany, France, the UK, the Netherlands, Portugal, Malaysia, the UAE, India, Singapore and the US. It employs a staff of around 1,100.

Crayon posted annual revenues of NOK 7.3bn in 2017 with an EBITDA of around NOK 104m.

People
Norvestor Equity – Henning Vold (partner).
Crayon Group – Torgrim Takle (CEO).

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