Funds managed by Goldman Sachs Merchant Banking Division are to acquire a majority of the shares in Advania AB, alongside management, VIA Equity and other reinvesting shareholders.
Key high lights
Advania, with a heritage dating back to its inception in Iceland in 1939, is a leading IT-provider in Northern Europe with operations in Sweden, Iceland, Norway, Denmark and Finland.
The company has delivered in excess of 20% growth each of the last 5 years, fueled by strong talent, long term relationships with customers and ongoing megatrends of digitalization.
Advania’s turnover is today in excess of SEK 5bn.
New owners aim to accelerate Advania’s growth both organically and through acquisitions.
Advania AB (“Advania” or “the company”), a leading full-service IT provider in Northern Europe, today announced that funds managed by Goldman Sachs Merchant Banking Division (“Goldman Sachs”) have reached a definitive agreement to acquire a majority stake in the company alongside management, VIA Equity and other reinvesting shareholders, subject to customary closing conditions and antitrust approvals. Financial details of the transaction were not disclosed.With a heritage dating back to Iceland in 1939, and today headquartered in Stockholm, Advania is a leading full-service IT-provider with a presence in all Nordic countries, delivering mission-critical IT solutions to meet every need. Its unique customer centric operating model has led to best-in-class customer satisfaction and rapid growth.
The transaction demonstrates the leading position that Advania has achieved in its market. With access to the resources, relationships and expertise of Goldman Sachs and VIA Equity, the company is well positioned to further accelerate organic growth and to continue its strong track record of accretive M&A, whilst maintaining the exceptionally strong culture that has been key to delivering first-rate customer satisfaction and to attracting talent.
Advania today has a turnover in excess of SEK 5bn, having delivered in excess of 20% growth each of the last five years. The company has 1 400 employees across 27 locations in five countries.
- Goldman Sachs is a global leader in private equity, with a strong track record of investing in the technology sector and in the Nordics. To partner with them is not only a stamp of approval of what we have achieved so far but also a promise to everyone here at Advania that the journey ahead will be full of excitement and new possibilities. Most important is that we can stay true to our core ambition: to be a real partner to all customers and a great workplace that keeps on attracting the best talent, says Advania’s group CEO Mikael Noaksson
- We are very excited about our partnership with the Advania management team. We have been highly impressed by the strong talent, culture and reputation of Advania, as well as the company’s compelling business model and growth trajectory. Together with management, VIA Equity and other reinvesting shareholders we look forward to accelerating Advania’s growth trajectory both organically and through acquisitions, says Michael Bruun, Partner at Goldman Sachs
Benjamin Kramarz, partner at VIA Equity, which will remain invested in the company following the transaction, added:
- We have been invested with Advania for a little more than two years now. It is an excellent company that we look forward to continue working with. The management team has done an excellent job in creating the leading Nordic IT player, and we are happy to continue the journey with this great team.
Raymond James acted as exclusive financial advisor to Advania. Goldman Sachs Investment Banking Division acted as exclusive financial advisor to Goldman Sachs Merchant Banking Division.
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