Reiten & Co invest in Webstep

The value of the deal has not been disclosed. Reiten & Co acquired the company through a structured auction process arranged by Saga Corporate Finance. Management and employees retain ownership of the remaining 37.5% stake.

The investor was attracted to the deal because it was impressed by the company's position in the market and client relationships. Webstep was also said to have strong historic growth, good cash flow and a good risk-return profile. Reiten will support Webstep's growth strategy, which consists of continued expansion in Norway. Eventually the company is looking to expand into Sweden and possibly Denmark and Finland.

Equity for the transaction was provided by the Reiten & Co Capital Partners VII fund, which raised €256m at final close in October 2007.

Debt
A senior debt package was provided by SR-Bank.

Company
Webstep is based in Bergen and is an IT consultancy firm to medium and large businesses in a broad range of industries. The company was founded in 2000 and employs 220 people across offices in Bergen, Oslo, Stavanger and Trondheim.

In 2010 the company recorded a turnover of NOK 265m and EBITDA of NOK 48.5m.

People
Christian Melby, Fredrik Westerlund and Vidar Lundberg worked on the deal for Reiten & Co.

Advisers
Equity – PwC (Financial & commercial due diligence and tax); Thommessen (Legal).
Vendor – Saga Corporate Finance (Corporate finance).

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