Norvestor acquires Abax
Norvestor Equity has bought Norwegian electronic trip logs provider Abax in a management buyout.
Norvestor will take a 90% stake, leaving 10% with management.
The GP said in a statement it had been following the company for some time prior to investing and was satisfied with its growth potential, particularly on the international market.
Company
Abax provides a monitoring service for company vehicles. The business has around 6,500 customers in Norway and Sweden and employs 85 people. Last year's turnover was NOK 143m. Abax is based in Larvik, Norway, where it was founded in 1998.
People
Are Stenberg is investment director at Norvestor. Bjørn-Erik Helgeland is managing director at Abax and Peter Quinsgaard has been appointed as CEO.
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