Summa and Goldman Sachs invest in EcoOnline

Katharine Hidalgo
26 February 2020

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Summa Equity and Goldman Sachs Merchant Banking Division have invested in occupation safety software company EcoOnline.

The deal could value the company at up to NOK 1bn, according to a report by Finansavisen.

Summa drew equity from its second-generation fund, which closed on SEK 6.5bn in February 2019. Summa Equity Fund II and Goldman Sachs Merchant Banking Division will each acquire a 33% stake in EcoOnline from selling shareholders, which include Summa Equity Fund I and Viking Venture.

Both vendors will remain shareholders in the company and Summa will retain a majority stake across its funds.

Summa partner Christian Melby will retain his position on the board of EcoOnline.

Previous funding
In December 2014, Viking Venture acquired a 64% stake in the company, which recorded NOK 61m in revenues in 2013.

In July 2017, Summa Equity Fund I purchased shares from existing EcoOnline shareholders as well as a rights issue of NOK 22m. Although the price was not formally disclosed, local press sources stated that the company was valued at NOK 355m.

Following the investment, Summa owned 69% of the company, while Viking retained 23% and the firm's management the remaining 8%. Summa Equity Fund I closed on SEK 4.5bn in Feb 2017 and was 100% deployed as of March 2019.

In 2018, EcoOnline entered Ireland and the UK via the acquisition of DCM Compliance, and entered into other occupation safety areas through an acquisition in Finland.

Company
Headquartered in Tønsberg, Norway, with offices in Sweden, Denmark and Finland, EcoOnline produces software intended to help customers optimise safe handling of chemicals and ensure occupational safety. Founded in 2000, the company has a turnover of NOK 225m.

People
Goldman Sachs Merchant Banking Division – Michael Bruun (partner).
Summa Equity – Christian Melby (partner).
Viking Venture – Erik Hagen (managing partner).
EcoOnline – Göran Lindö (CEO).

Advisers
Equity – Marks Baughan Securities (corporate finance).
Vendor – Arma Partners (corporate finance).