Gro acquires majority stake in Danish company Queue-It

The GP acquired around 75% for DKK 100-200m. 

The deal will see previous venture capital investors, which had a 45% stake, exit the business. 

The three co-founders of the company, who previously had the remaining 55% stake in the business, now have an ownership of around 25%. 

The company had been in talks with several potential buyers, but wanted to go ahead with a local Danish PE firm that understood Nordic culture.

The deal is the GP's third investment from its GRO Fund II, which held a final close on €255m in October 2019. The vehicle invests in matured, B2B software-focused growth companies in the Nordic, Benelux and DACH regions with turnover in the range of €10-100m. Following the recent investment, the fund is about 30% deployed. 

Gro's investment will help Queue-It's management to further accelerate the company's product innovation, grow its partner network, enhance sales and marketing efforts.

The GP will also help the company to continue expanding in North America and build greater depth in the European and Asian markets.

Previous funding
Queue-It received €350,000 in funding from Innovation Fund Denmark, which provides capital for the development of the technology industry in Denmark. 

Company
Founded in 2010 and headquartered in Copenhagen, Queue-It is a software-as-a-service that provides a virtual waiting room for online businesses to manage online traffic. This prevents their websites and apps from overloading, which can cause them to crash or slow down. The company employs 85 staff and has additional offices in Minneapolis and Sydney.

According to the company, it has increased its revenues at a compounded annual growth rate of roughly 40% for the last four years.

People
Gro Capital – Lars Dybkjaer (managing partner).
Queue-It – Niels Henrik Sodemann (co-founder, managing director); Camilla Ley Valentin (co-founder, chief communications officer); Martin Pronk (co-founder, chief technology officer). 

Advisers
Queue-It – Hampleton Partners (financial due diligence); Accura (legal).
Gro Capital – Bech Brun (legal).

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