Incitia sell T-VIPS stake in merger with Nevion

Following the merger, the trade name of the new company will be Nevion. Its total 2012 renvenues are expected to be NOK 330m. The merger consists of cash and shares transactions. Incitia achieved a 2.25x multiple on the exit. Nevion has been a portfolio company of Herkules since January 2008.

In February 2005, Incitia and Northzone Ventures invested €3.35m in the company. In March 2007, the investors committed another €1.85m to the business. Northzone continues to hold a stake in the company.

Company
T-VIPS is a Norwegian professional video transport company, offering IP-based video transport and digital terrestrial TV solutions. Headquartered in Oslo, the company operates another office in New Jersey.

People
Partner Erik Sandersen led both the investment and exit for Incitia. Geir Bryn-Jensen is CEO of Nevion. Johnny Dolvik held the position as CEO of T-VIPS and will serve in the senior management team of the new company.

Advisers
Vendor – Pagemill Partners (Corporate finance); Thommessen (Legal); PricewaterhouseCoopers (Financial due diligence).

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