IK exits Visolit in trade sale

Goldman Sachs Asset Management will continue to be the majority shareholder of the Advania group following the deal. IK will reinvest for a minority stake in the combined entity, via its IK IX fund (the original investment in IK was made via the GP's seventh fund, which has a 2012 vintage). 

The closing of the transaction is expected during the second half of 2021.

The combined group will have a turnover in excess of SEK 9bn (EUR 880m) and approximately 2,550 employees, according to a statement.

IK acquired Norwegian IT services and outsourcing business TeleComputing from family office Ferd Capital in 2016. Exiting investor Ferd said at the time it would realise well in excess of NOK 1bn from its investment, which netted the Norwegian firm "a particularly high IRR". The acquiring GP drew on capital from its IK VII fund, a 2011-vintage EUR 1.4bn vehicle. According to sources talking to Unquote sister publication Debtwire at the time, Nordea led a senior debt financing of around NOK 1.05bn to support the deal.

The company was rebranded to Visolit in early 2019.

Company
Founded in 1997, Visolit is a Norwegian IT services provider in the Nordic region. It reported revenues of around NOK 1.3bn (EUR 124m) in 2019.

People
IK Investment Partners - Alireza Etemad (partner).

Advisers
Company - Raymond James (M&A).
Acquirer - Goldman Sachs (M&A).

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• Topics
• Exits
• Technology
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• IK Investment Partners
• Trade sale