FSN makes final exit from Netcompany

The shares would be valued at DKK 685m, based on yesterday’s share price of DKK 220. The sale represents a final exit for FSN, which listed the business on Nasdaq Copenhagen in June 2018.

FSN sold a larger block of 7,150,000 shares in November, when shares were trading at a similar level.

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 448m (€60m) EBITA from DKK 1.9bn (€254m) in sales for the 12 months ending in September 2018.

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

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