Polaris sells ProData Consult to Axcel

According to Borsen, Axcel paid nearly DKK 2bn (€269m) for the company, corresponding to an EBITDA multiple of 13.3x based on expected 2021 EBITDA of DKK 150m (€20m), as reported by Unquote sister publication Mergermarket. 

Mergermarket reported in May that Polaris had mandated Danske Bank to run the sale process for ProData. 

Polaris's exit comes after three years of ownership. Since its investment in 2018, the GP said ProData had experienced an average annual growth of 26% and completed three add-on acquisitions in Sweden and Norway. 

Axcel is currently deploying its Axcel VI fund, which is targeting €800m and expects to hold a final close in Q3 2021. The vehicle has made six platform investments so far, including Vetgruppen, which it acquired in June 2021. 

Company
Founded in 2014 and based in Hvidovre, ProData is an IT consultancy with clients in the finance, pharmaceuticals and energy industries, as well as in the public sector. It has operations in Denmark, Sweden, Norway, Poland, the Netherlands and Germany.

People
Polaris – Rune Lillie Gornitzka (partner). 
ProData Consult – Søren Rode (founder, co-owner). 

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• Topics
• Buyouts
• Nordics
• Technology
• Polaris Private Equity
• Axcel
• Secondary buyout