Main Capital buys majority stake in health software firm Alfa

Main Capital, which had been in talks with Alfa for three months, said a sale process had initially been launched by Alfa, but that it turned into a proprietary deal at the end. 

The GP paid €15-20m for its majority stake, deploying the equity from its sixth fund, Main Capital VI, which held a first close in December 2019 on €535m. The deal is leveraged and is the fourth investment from the fund, which is now 14% deployed.

Charly Zwemstra, managing partner at Main Capital, described the overall process as smooth. The GP said that the final price paid for the acquisition went down as a result of the current situation brought about by the coronavirus pandemic.

Alfa's management will retain a minority stake. 

The acquisition will enable Alfa to expand, develop its product and service offering, and maintain a long-term relationship with its customers. 

Following the transaction, current CEO Stefan Sallerfors will step down from Alfa and Safe Sare and will be replaced by Albert Winter.

The Dutch GP, which focuses on software companies in the Benelux, DACH and Nordic regions, plans to expand the business organically and through acquisitions in Sweden, and then the other Nordic countries. 

Company
Founded in 1988 and headquartered in Malmö, Alfa is a software developer for public and private healthcare providers.

Safe Care was founded in 2006 and is also based in Malmö. The company focuses on documentation processes in the private and municipal health and care sectors. 

Alfa has more than 400 customers throughout Sweden and employs 40 staff. The company has an annual turnover of €7-10m. 

People
Main Capital – Charly Zwemstra (managing partner).
Alfa – Albert Winter (managing director).

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• Topics
• Buyouts
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• Main Capital
• Small-cap buyout
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• coronavirus