Litorina buys Swedish IT Consultancy Implema

Following the MBO, Implema's founders and employees will retain a significant minority stake in the business, Magnus Ressel, partner at Litorina, told Unquote.

The sponsor deployed equity via Litorina V, which had held its final close at SEK 3bn (EUR 282.6m) in August 2018. The fund invests in Swedish companies with EVs of between SEK 200m-SEK 1bn (EUR 18.8m-EUR 94.2m) with a preference for acquiring majority stakes, according to Unquote Data. This deal marks the tenth investment from the vehicle, according to Ressel.

Under Litorina's ownership, Implema will expand its service offering to strengthen its position in the digital transformation of businesses, according to a press release. Typically, the GP doubles the size of the businesses it invests in, Ressel told Unquote. Historically, Implema has not made any acquisitions but has grown 15% per year since 2019, he said.

Implema's founders mandated HDR Partners to run a sale process, following which Litorina had bilateral discussions with the company, Ressel told Unquote.

The business was searching for the right partner to help it scale and offer expertise and financial resources. In the press release, Jörgen Aronsson, Implema's CEO and founder, said that Litorina's large network of advisors was one of the reasons the GP was selected as a partner. Aronsson will continue as CEO under the new ownership structure, said Ressel.

Lars Wollung will become the new chairman of Implema. He previously spent eight years as CEO of IT consultant company Acando. Formerly, he was chairman of ERP software supplier IFS, according to the press release.

The GP's core sector focus lies in the consumer sector, including premium brands and retail health. The GP also invests in the business services sector, in which its core vertical focus is IT services, said Ressel, adding that the GP plans to continue conducting deals within these sectors.

Company
Founded in 1998 by Aronsson and his three partners, Implema now has 180 employees with a turnover of SEK 300m (EUR 28.3m). Implema provides SAP and Microsoft solutions to Swedish businesses, enabling them to digitise their operations.

People
Litorina – Magnus Ressel (partner).
Implema – Jörgen Aronsson (CEO, founder).

Advisers
Equity (Litorina) – Mannheimer Swartling (legal); PwC (financial due diligence); Bain & Company (consultant).
Vendor (Implema) – HDR Partners (M&A).

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