
IK, ICG to acquire minority stake in Norwegian firm Formue
IK Investment Partners and Intermediate Capital Group (ICG) have partially acquired Norwegian wealth management company Formuesforvaltning (Formue).
According to Norwegian business daily Dagens Næringsliv, the deal values the company at NOK 3bn (€292m).
The GPs will be equal partners and acquire a total of 48.8% from several private investors, including Petter Neslein, who owned 31% of Formue and exits the business after 18 years.
The buyers are investing from IK Partnership Fund and the ICG Europe Mid-Market Fund.
The management and employees are reinvesting in the company and will, together with founder Ole Jacob Sunde, control over 50%.
The sale process was initiated by the company, which said in a statement that the new ownership structure will safeguard the company's values and vision. Formue managing director Øystein Bø said the deal met the criteria set when the company started the process.
Company
Founded in 2000 and based in Oslo, Formue is a wealth management company with nearly NOK 75bn under management on behalf of families, institutions and organisations.
The company has a local presence in Norway and Sweden, and an additional office in London. It employs 300 staff.
People
Formuesforvaltning – Øystein Bø (managing director); Ole Jacob Sunde (founder); Harald Troye (board chairman).
IK Investment Partners – Magdalena Svensson (partner).
Intermediate Capital Group – Peter Berglund (partner).
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