Equip Capital buys Norwegian e-scooter firm Ryde

According to Dagens Naeringsliv, the GP is to buy a 60% stake by acquiring existing and newly issued shares in Ryde. 

Ryde's co-founder, Johan Olovsson, said the deal will facilitate the company's plans to compete with international players.

The Dagens Naeringsliv report also noted that Ryde recorded a 2020 turnover of NOK 45m (€4.4m) and is expected to triple that amount for 2021.

The GP is currently deploying equity from its first fund, which held a final close on NOK 1.9bn (€180m) in December last year. Including Ryde, the vehicle has so far made eight platform investments, with other investments including IT consultancy Miles, IT services provider Funn, and restaurant chain Bastard Burgers. 

Company
Founded in 2019 and based in Oslo, Ryde is an e-scooter rental firm in Norway. The company in 2020 had a turnover of €4.4m and employs fewer than 50 people, according to its LinkedIn page. 

People 
Ryde Technology – Johan Olovsson (co-founder). 
Equip Capital – Sverre Flaskjer (managing partner). 

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• Topics
• Buyouts
• Nordics
• Consumer
• Mid-market buyout
• Norway