Summa Equity sells Infobric in SBO to Stirling Square

Summa will re-invest alongside Stirling Square and Infobric’s management team, becoming a minority shareholder, according to a statement.

Unquote sister publication Mergermarket reported earlier in June that a sale process run by sellside adviser Raymond James was in the second round.

The sellside’s price expectation in the first round was around the SEK 3bn (EUR 257m) mark, with the company expecting to reach approximately EUR 70m in FY23 revenue and EUR 20m in EBITDA, as reported.

Summa acquired Infobric in 2018, deploying equity via Summa Equity Fund II, which held a final close on SEK 6.5bn (EUR 610m) in February 2019. The fund deploys equity tickets of EUR 10m-EUR 50m in Nordic companies that fit the investment themes set out by its ESG guidelines, namely resource efficiency, changing demographics and tech enabled transformation, according to Unquote Data.

Under the sponsor’s ownership, Infobric pursued geographical growth and expanded its offering, while making several acquisitions across the sector, namely Swedish telematics company TelliQ, Swedish digital solutions supplier AddMobile, construction industry education marketplace Jobsafe, as well as three IT companies: Sweden-based Hyrma and Winhyra, and Norway-based Intershare.

Stirling Square will continue Infobric’s expansion into new markets and will invest in new products and services, including through selective acquisitions to complement organic growth, according to the statement.

Stirling Square has previously invested in global construction technology companies including Byggfakta AS, NBS, Glenigan, Vortal and BCI Central. Its current portfolio companies in the Nordics include Swedish B2C Roadside Assistance (RSA) provider AssistansBolaget, Sweden-based logistics provider Logent, and Norway-based waste management solutions provider SAR.

Stirling Square manages more than EUR 3bn and registered a Luxembourg-based vehicle for its fifth fund, Stirling Square Capital Partners V in April 2022, according to Unquote Data. The fund is expected to follow its predecessor's strategy and invest across European mid-market companies. Stirling Square Capital Partners IV held a final close in June 2020 on EUR 950m, surpassing its EUR 800m target.

Summa has circa EUR 4bn assets under management, according to the statement. The GP held a final close on SEK 23bn (EUR 2.3bn) for its largest European impact fund Summa Equity Fund III in January 2022. It invests in growth companies in the DACH region, Benelux and the US, targeting returns of 2x-3x money and 20-30% IRR, according to Unquote Data. It can write equity tickets of EUR 30m to EUR 200m and is expected to make 10 to 15 buyout deals and 10 to 15 growth deals in total, with around five deals expected per year.

Summa’s investment in Belgian fintech company Intix in March 2022 was its first Fund III deal, as reported. That same month, the GP also acquired smart energy firm Tibber and Danish cybersecurity and analytics company LogPoint. It also invested Netherlands-headquartered auction platform TBAuctions, marking the fourth deal from Summa Equity III, as reported.

Company
Founded in 2024 [check] and headquartered in Sweden, with operations across the Nordics and the UK, Infobric provides end-to-end construction software products supporting the digitalisation of the construction industry. With a suite of SaaS solutions, it enables customers to manage site safety, machinery and equipment, contracts, and workers, and provides resource sharing and workforce optimisation tools. The company has several hundred employees, more than 10,000 customers and 300,000 individual users.

People
Stirling Square − Henrik Lif (partner)
Infobric − Dan Friberg (president and CEO).
Summa Equity −Gisle Glück Evensen (partner).

Advisers
Vendor – Raymond James (corporate finance).

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• Topics
• Buyouts
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• Stirling Square Capital Partners
• Secondary buyout