Explore Equity acquires Nova Consulting Group

Nova's existing owners and employees will retain a majority ownership.

According to Norwegian business daily Finansavisen, the company had been approached by many potential buyers over the last few years. It reported CEO and co-founder Geir Alland Hove as saying that Explore was different from the others and made the company want to discuss the matter further.

Finansavisen estimated that the price the GP paid for the minority stake reached several million NOK.

The deal is the GP's third investment, and, it said in a statement, is a continuation of its partnership approach, where it invests alongside existing founders, owners and management in niche and growing businesses.

According to the statement, Nova has grown more than 20% yearly since 2014, resulting in revenues of NOK 337m and EBIT of NOK 51m in 2019.

Explore will continue to support the company in the development of its employee model and service offering, across both existing and new business areas.

Company
Founded in 2007 and based in Oslo, Nova helps its clients with digitalisation of business-critical systems. It also provides strategic advice, as well as advice on user experience, system development, and maintenance. It has 200 employees in Norway and Sweden, and generated revenues of NOK 337m in 2019, with EBIT of NOK 51m. 

People
Nova Consulting – Geir Allan Hove (CEO).  
Explore Equity – Simen Vier Simensen (partner).

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• Topics
• Buyouts
• Nordics
• Technology
• Norway
• Small-cap buyout