FSN sells €215m block of Netcompany shares

The shares would be valued at DKK 1.6bn (€215m) based on a share price of DKK 223 (€30) per share.

FSN has reduced its stake to 6.23% of the total share capital (3,113,381 shares), five months after it listed the company on Nasdaq Copenhagen and retained a 26.5% stake.

The GP made the divestment from FSN Capital IV, a €600m vehicle that held a final close in November 2013 and was fully allocated by the middle of 2017.

Previous funding
Axcel acquired a 60% stake in Netcompany in September 2006. The remaining 40% of the shares were held by the company's three founders and a number of senior executives.

After a holding period of five years, Axcel sold its stake in the firm to its management team in January 2011.

FSN Capital acquired the business in a deal equating to an enterprise value of DKK 2.3bn – just under 11x EBITDA – in December 2015. The Oslo-headquartered GP acquired more than half of Netcompany's share capital from its three founders, Claus Jørgensen, André Rogaczewski and Carsten Gomar, who reinvested in the company alongside FSN and management.

The company was listed on Nasdaq Copenhagen at DKK 155 per share, equating to a market cap of DKK 7.75bn (€1bn).

Company
Founded in 1999, Netcompany is an IT consultancy headquartered in Copenhagen. The business provides IT services to the public and private sectors in Denmark. Netcompany employs a staff of 1,700 across its nine offices in five countries. It generated a DKK 369m (€49.5m) EBITA from DKK 1.4bn (€187.7m) in sales in 2017.

People
FSN Capital – Thomas Broe-Andersen (partner).
Netcompany – André Rogaczewski (CEO).

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