Adelis buys Ropo Capital from Sentica

Ropo's management team will remain in their positions and retain a minority stake in the business, while listed investment firm KPY Sijoitus has made an exit.

Adelis drew capital from Adelis Equity Partners II, a €600m fund that invests in Nordic companies with enterprise values between €20-200m.

The GP said it will support Ropo's growth in Finland and internationally, both through organic initiatives and bolt-on acquisitions. 

Sentica hired Danske Bank to sell the asset in October, based on 2017 financials of €9.1m EBITDA from €37m in sales, according to Unquote sister publication Mergermarket. The report added that the company could see a valuation as high as €200m.

The company's revenues increased to €46m in the financial year of 2018 and EBITDA adjusted for non-recurring items increased to €11.9m, Unquote understands. Net sales in October-December increased by 16% and adjusted EBITDA excluding non-recurring expenses increased by 22% compared to previous year.

Previous funding
Sentica acquired Ropo in 2016, drawing capital from Sentica Buyout IV, a 2013-vintage vehicle that wrote equiy cheques in the €7-15m range.

It made one bolt-on under Sentica's ownership, acquiring competitor Enfo Zender.

Company
Ropo was founded in 2008 and is headquartered in Kuopio, Finland. The company provides invoicing software to 8,000 companies in Finland. It currently employs 180 people.

People
Adelis Equity Partners - Rasmus Molander (partner).
Sentica Partners - Pentti Tuunala (chair).
Ropo Capital - Artti Aurasmaa (CEO).

Advisers
Vendor - Danske Bank (corporate finance); Hannes Snellman (legal).

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• Topics
• Exits
• Buyouts
• Nordics
• Technology
• Adelis Equity Partners
• Finland
• Sentica Partners
• Secondary buyout