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UNQUOTE
  • Portfolio management

Francisco Partners-backed EG acquires Holte

  • Eliza Punshi
  • Eliza Punshi
  • 19 March 2020
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EG, a Danish industry-specific software provider backed by Francisco Partners, has wholly acquired Holte, a Norwegian construction software developer.

EG had been in dialogue with the Nowegian company for more than a year and won a competitive process run by Nordhaven Corporate Finance on behalf of Holte. 

The deal is the first bolt-on acquisition by EG after Francisco Partners acquired a majority stake in the Danish company for DKK 3.7bn from Axcel Management, which had in turn bought the company in 2013 from Nordic Capital for DKK 1.19bn. 

The acquisition is part of EG's strategy to digitise the construction industry in Scandinavia, having also recently acquired Danish construction software company CalWin and Danish IT company Sonlinc under the same consolidation approach. 

Mikkel Bardram, CEO of EG, said of the transaction: "The construction market is quite strong in Scandinavia and we see a lot of benefit in digitising it. There are all these complex processes involved, which, without the right tools and software, can be quite cumbersome to manage. So there is a great demand for these."

Company
Founded in 1987, Holte provides software for the construction industry to manage all steps of a construction process. The company employs 135 people and has offices in Oslo, Trondheim, Tønsberg and Gdansk. It has 8,000 customers and 50,000 users in Norway.

People
EG
– Mikkel Bardram (CEO); Jesper Andersen (executive vice-president).
Holte – Aleksander Bjaaland (CEO); Eilif Holte (founder).

Advisers
Holte
– Nordhaven Corporate Finance (financial due diligence); Advokatfirmaet Thommessen (legal). 
EG – DAHL Law (legal). 

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  • Francisco Partners
  • Buy-and-build
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