Adelis III holds EUR 932m final close

The vehicle closed on 27 October 2021, the GP said in a statement.

Akin Gump Strauss Hauer & Feld, Vinge and Gernandt & Danielsson provided legal advice on the fund, while Park Hill acted as placement agent.

Adelis Equity Partners Fund I closed on SEK 3.7bn (EUR 370m) in 2013, while Adelis Equity Partners Fund II held a final close on EUR 600m in 2017.

The Stockholm-headquartered GP has made 26 platform deals and more than 120 add-ons since its formation in 2012, according to a statement. The firm was launched by former Triton executive Jan Åkesson and Gustav Bard, former chairman for the Nordic region at 3i. Two further former 3i executives, Johan Seger and Steffen Thomsen, subsequently joined the team.

Investors
Adelis has contributed 9% (EUR 77m) of the fund volume, with the remaining EUR 855m contributed by institutional investors including pension funds, foundations and funds-of-funds from Europe and the US. The majority of the fund's capital has been contributed by existing LPs from Adelis II.

LPs in the fund include the Texas County and District Retirement System (TCDRS), which has made a EUR 50m commitment to the vehicle, according to Unquote Data.

Investors in Adelis II include German pension fund Arzteversorgung Westfalen-Lippe, as well as US-based endowments Colorado Health Foundation and the Rockerfeller Foundation.

Investments
Adelis acquires Nordic mid-market companies with revenues of EUR 10m-300m, aiming to partner with owners and management. The firm focuses on three sectors: technology services and software; business services; and health and life sciences.

The GP has traditionally invested in companies with enterprise values of EUR 20m-200m, reserving additional equity in the fund to support add-ons.

Adelis's recent investments include its acquisition of medical research and diagnostics product supplier Nordic BioSite in May 2021.

Of the GP's exits to date, five out of eight deals have been made via a secondary buyout, according to Unquote Data. Most recently, Adelis sold its stake in automation, electrical and sprinkler contracting service Quattro Mikenti Group in June 2021 to emerging manager Klar Partners, which merged the company with existing investment Sandbackens.

People
Adelis Equity Partners – Jan Åkesson (co-managing partner); Adalbjörn Stefansson (head of investor relations).

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