Lugard Road invests $73m in Investcorp-backed Ageras

The transaction values the company at around DKK 1.5bn ($244m), according to Borsen.

The company will use the proceeds for pursuing more add-on acquisitions and for expansion into existing growth markets. Gilbert Kamieniecky, managing director and head of Investcorp's private equity technology arm, told Unquote that the immediate focus was on "strengthening [the company's] footprint in the US and Germany".

He added: "The idea is to continue the journey with Lugard as minority shareholders. They're a US-based firm, with expertise in adjacent sectors as well as tech companies, and will help Ageras gain exposure in the US and internationally." 

Investcorp in 2017 acquired a 60% stake in Ageras, alongside the founders Rico Andersen and Martin Hegelund. In June last year, Rabo Frontier Ventures, an investment arm of Rabo Bank, also invested in the company. Following the latest investment, Investcorp will continue to hold a majority stake in the company.

Kamieniecky told Unquote: "Ageras was neutral to the pandemic. They provide accounting and related services, and these services were not affected by the pandemic, which is what we like about it."

Since Investcorp's investment, Ageras has bolted on two companies: Tellow in June 2020 and Billy in August 2019. 

Investcorp will pursue a buy-and-build strategy for Ageras, Kamieniecky told Unquote, and that add-on deals had "actually been easier during the pandemic with many small companies looking for liquidity". The GP carried out between five and seven add-ons during the pandemic for its portfolio companies. 

Company
Founded in 2012 and based in Copenhagen, Ageras is a provider of accountancy software and services to SMEs and accountancy firms. It operates in Denmark, the US, Sweden, Norway, the Netherlands and Germany, and employs 200 staff.

People
Ageras – Rico Andersen (co-founder, CEO).
Investcorp – Gilbert Kamieniecky (managing director).

Advisers
Company – Pareto Securities (placement agent); Proskauer (legal); Joseph Nivaro (legal).

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