Goldman Sachs, Via Equity buy Swedish IT firm Advania

Eliza Punshi
16 February 2021

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Goldman Sachs Private Equity has signed an agreement to acquire a majority stake in Swedish IT service Advania, alongside its management.Т

Financial terms of the deal were not disclosed. Via Equity, which acquired a minority stake in the company alongside Danish pension fund PFA two years ago, will remain invested in the company. Other shareholders of the company also reinvested.

Mergermarket reported earlier this month that Goldman Sachs was engaged in exclusive acquisition talks with the owners of Advania, preempting the sale of the company.

The new owners will accelerate the company's growth both organically and through acquisitions.

According to a press release, the company had seen a growth of more than 20% in each of the last five years.

Company
Formed via a merger of four companies in 2012, Advania is an IT service with operations in Sweden, Iceland, Norway, Denmark and Finland. The company had a turnover of more than SEK 5bn (€497m) and EBITDA of SEK 550m (€54.7m) in 2020. It employs 1,400 staff and is headquartered in Stockholm.

People
Advania – Mikael Noaksson (group CEO).
Goldman Sachs – Michael Bruun (partner).
Via Equity – Benjamin Kramarz (partner).

Advisers
Company – Raymond James (financial due diligence).
Equity – Goldman Sachs Investment Banking Division (financial due diligence).