FSN Capital buys Netcompany

The Oslo-headquartered GP acquired more than half of Netcompany's share capital from its three founders Claus Jørgensen, André Rogaczewski and Carsten Gomar, who will re-invest in the company alongside FSN and management. The DKK 1.1bn price tag was reported by Danish financial newspaper Børsen.

FSN plans to grow Netcompany organically, as well as with acquisitions, with a view to increasing the company's market share in Denmark and establishing its presence in northern Europe. The GP also said its ownership of the business may ultimately culminate in an IPO.

A financing package was provided by Danske Bank. The deal is subject to regulatory approval.

Previous funding
FSN's investment sees the return of private equity involvement in Netcompany, which had previously been the target of a buyout by Danish GP Axcel.

Following a Handelsbanken-led auction process, Axcel acquired a 60% stake in Netcompany in August 2006.

The GP exited five years later when the founders re-acquired 100% of the business. Axcel had recouped its entire original investment within 18 months of investing in Netcompany through a 2008 refinancing, and exited the company with an IRR of 50%.

Company
Founded in 1999, Netcompany is an IT consultancy headquartered in Copenhagen. The business provides IT services to the public and private sectors in Denmark, and claims to have enjoyed a 20% top- and bottom-line annual growth since its inception.

Netcompany employs 700 people across its offices in Copenhagen, Aarhus, Aalborg, Odense and Warsaw.

People
Partner Thomas Broe-Andersen led the deal for FSN Capital and André Rogaczewski is the CEO of Netcompany.

Advisers
Equity - Deloitte Corporate Finance (Corporate finance); Plesner (Legal); PwC (Financial due diligence); Bulger Partners (Commercial due diligence); Intuitus (IT due diligence).

 

 

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