Via Venture Partners in Procom MBO

Karin Wasteson
08 November 2013

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Via Venture Partners has invested in Danish wireless communication business Procom alongside the company's management.

Investment company Kirk & Thorsen, which owned 40% prior to the transaction, sold its entire stake. Via Venture now owns 49% of the business, with management holding onto the remainder of the shares.

During the past five years, Procom has relocated to new production and development facilities. The vendor deemed it the right time in Procom's development for a new owner with deeper technological roots in order to grow the company's international sales.

The deal was sourced through proprietary networks; discussions were initiated a year ago.

New owner Via Venture aims to grow the company organically and through strategic acquisitions, so as to triple its current revenues. The software- and telecom-focused investment firm believes that an increased focus on sales activities, together with strategic acquisitions, will enhance growth.

Via Venture has €268m under management. The firm focuses on small to mid-sized companies with revenues between €5-75m in the Nordic region, investing up to €20m per deal. Its portfolio includes software company UVData, computer services business Conscia and internet company Hostnordic.

Previous funding
Procom was owned by its founders until 2008, when current CEO Peter Borregaard became a co-owner. In 2010, investment company Kirk & Thorsen invested in Procom via a secondary transaction.

Company
Founded in 1980 and based in Fredriksund near Copenhagen, Procom is an international supplier of antennas, filters and combiner equipment. Customers include police forces, firefighting brigades, defence forces and clients in the shipping trade, among others.

The company's turnover is expected to reach DKK 120m for 2013.

People
Jakob Rybak-Andersen is a partner at Via Venture. Peter Thorsen is the CEO of Kirk & Thorsen. Peter Borregaard is the CEO of Procom.

Advisers
Vendor – PwC (Corporate finance).
Equity – Kromann (Legal).