Axcel acquires AddPro from Adelis

Axcel bought the stakes in the tech company from Adelis, the founders, the management team and key employees. 

Sister publication Mergermarket reported in September 2019 that Adelis had mandated Raymond James to advise on the sale.

The report cited sources as saying that AddPro was being marketed based on EBITDA of around €10m. 

Adelis in June 2017 acquired around 50% of AddPro. Over the three-year holding period, AddPro's revenues have grown from approximately SEK 250m to SEK 800m, with earnings "up well over 100%", according to the exiting GP.

The deal is Axcel's second from its sixth fund, which held a first close on €507m in February 2020 and is aiming to raise €800m. 

The transaction is subject to customary regulatory approvals and is expected to close during Q3 2020.

Previous funding
In 2005, buyout firm Polaris acquired a 70% stake in AddPro. In 2014, German firm Perusa acquired the company from Polaris. At that time, AddPro had 300 staff and expected revenues of SEK 630m. 

In 2015, six months after being acquired by Perusa, AddPro was acquired by its founders and partners in a management buyout. 

In 2017, Adelis acquired a stake of around 50% in AddPro, with the remainder held by the founders and management. 

Company
Founded in 2000 and headquartered in Malmö, AddPro is an IT service offering managed infrastructure, cloud integration and digital workspace systems. The company generates approximately SEK 800m in revenues and employs 350 employees.

AddPro has additional offices in Stockholm, Gothenburg, Helsingborg and Kristianstad.

People
AddPro – Nicklas Persson (CEO).
Adelis Equity Partners – Jacob Frandsen, Joel Russ (partners). 
Axcel – Christian Bamberger Bro (partner).

Advisers
Equity – EY (corporate finance); PwC (corporate finance).

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