Nordic Capital Fund VII has announced a definitive agreement to sell the software and services provider EG A/S to Axcel IV. Under Nordic Capital’s ownership, EG has significantly developed its business and footprint by strengthening its operations and actively participating in the consolidation of the market.
During Nordic Capital’s five year ownership period, EG has developed ahead of the initial strategic plan, driven by a clear focus on offering market leading solutions for selected industry verticals, organisational transformation, operational effectiveness, geographical expansion and IT service market consolidation. In addition, since 2009, EG has completed 14 add-on acquisitions in Denmark, Norway and Sweden.
Despite the financial crisis, EG has grown revenue by close to DKK 500m and EBITDA by more than DKK 100m during the Nordic Capital ownership period. In 2012, the company achieved its best-ever result in the group’s 35 years history with revenue of DKK 1.5bn and normalised EBITDA of DKK 163m and the company is poised to make 2013 another record year.
The parties have agreed not to disclose the transaction value. The acquisition is subject to approval by the competition authorities.
Nordic Capital was advised by Carnegie Bank and Accura law firm.
