
Verdane, Canica acquire Porterbuddy
Private equity firms Verdane and Canica have acquired a majority stake in Norwegian logistics platform Porterbuddy.
Financial terms were not disclosed. According to local press reports, the investment values the company at NOK 200m (€18.7m), with the company having seen a sixfold increase in its turnover this year, compared to NOK 7.9m in 2019.
Verdane is currently deploying from the SEK 3bn Verdane Edda fund, which held a final close in March 2018 and has made at least 11 platform investments so far, according to Unquote Data. As of May this year, the vehicle was 50% deployed, but has since made more investments.
The deal comes a year after Porterbuddy received financing from Canica, Varner and Verdane portfolio company Farmasiet.no. According to Dagens Naeringsliv, the investment amounted to around NOK 40m (€4m) for a total stake of 25-30%, at the time giving the company a valuation of around NOK 120m.
Porterbuddy will leverage the two GPs' experience in retail and e-commerce sectors. The company is already used by several Verdane and Canica portfolio companies, including Blush.no, Komplett.no, Jernia and Farmasiet.no.
The company's CEO, Henrik Gerner-Mathisen, said in a statement that Porterbuddy will be able to scale faster following the deal.
Company
Founded in 2017 and based in Oslo, Porterbuddy is a provider of last-mile home delivery services. The company employs around 30 staff and in 2019 generated a revenues of NOK 7.9m, with operating profit of NOK -9.1m. It has reportedly seen a sixfold increase in revenues in 2020.
People
Porterbuddy – Henrik Gerner-Mathisen (CEO).
Verdane – Bjarne Kveim Lie (managing partner).
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