Nordic Capital exits EG, reaps 4x money

The acquisition is subject to approval by the competition authorities.

Nordic Capital acquired EG via its Nordic Capital Fund VII in September 2008. Since then, Nordic Capital has focused on offering solutions for select industry verticals, organisational transformation, geographical expansion and IT service market consolidation.

Since 2009, EG has made 14 add-on acquisitions in Denmark, Norway and Sweden.

During Nordic Capital's five year holding period, EG has increased its turnover by close to DKK 500m and its EBITDA by more than DKK 100m.

Axcel is acquiring EG via the Axcel IV fund, launched in May 2010 and closed in July 2011 on DKK 3.6bn. Axcel IV had completed two investments prior to this acquisition.

Company
Headquartered in Herning, Denmark, EG is an IT software and services provider offering industry-specific IT solutions, implementation and consultancy services in the Scandinavian market.

EG has increased its staff from 900 in 2008 to the current 1,260 employees. EG reached a turnover of DKK 1.5bn and normalised EBITDA of DKK 163m in 2012.

People
Lars Terney is chairman of EG and a partner at Nordic Capital. Leif Vestergaard is the CEO of EG.

Advisers
Vendor – Carnegie Bank (Corporate finance); Accura (Legal).

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