Segulah acquires Docu Nordic

Mikkel Stern-Peltz
06 August 2014

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Swedish GP Segulah has acquired Docu Group Sweden AB (Docu Nordic), a database and services provider to the Nordic construction industry, from parent Docu Group in a management buyout.

The acquisition was the 11th investment made through Segulah's SEK5bn Fund IV. The transaction sees the GP and current management wholly acquire the company.

Docu Nordic's parent, Docu Group, is owned by funds managed by GMT Communication Partners. The business has grown through a series of bolt-ons over the past 10 years.

Segulah partner, Percy Calissendorff, told unquote" that part of the GP's attraction to the business was its existing realtionship with the company and CEO, having previously owned Byggfakta, one of the companies bought by GMT as a bolt-on for Docu Group.

Calissendorff referred to the company as a stable business with recurring revenues generated via its subscription-based business model, and attractive growth prospects as motivating factors in the deal.

He said Segulah plans to develop the business in the Nordics through organic growth and some possible add-ons to compliment Docu Nordic with new products and services.

Company
Docu Group was founded in Switzerland in 2001 through the merger of Swiss firm Docu AG, German business Baumarktforschung Deutschland and Swedish company Citymark.

It was bought by GMT Communications Partners in 2004, and grown through a series of acquisitions.

In 2009, Docu Group Sweden added Byggfakta, which had been previously owned by Segulah.

The 320-strong company provides database and services to the Nordic construction industry, including proprietary project and product information. In addition, it also operates Citymark, a tool for commercial property owners to find tenants and SSIL a marketplace for healthcare providers.

Docu Nordic had sales of SEK315m in 2013, and has offices in Sweden, Norway, Finland and Denmark.

People
Chairman of Segulah portfolio company S:t Eriks and Balco, Lennart Kalén, will become the new chairman of Docu Nordic. Segulah partners Percy Calissendorff and Henrik Lif worked on the deal for the GP. Stefan Lindqvist is the CEO of Docu Nordic. Founder and former Bisnode CEO, Lar Save, will be appointed as a non-executive director.