Nordics cloud and IT services firm Advania has agreed to allow Goldman Sachs to acquire a majority stake in the company - alongside management, VIA Equity and other shareholders - to aid further growth.
With a heritage dating back to Iceland in 1939, and currently headquartered in Stockholm, Sweden, Advania has a presence in all Nordic countries. “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,” said Advania.
Advania has an annual turnover of over SEK 5bn (€500m), having delivered in excess of 20% growth in each of the last five years. The company has 1,400 employees across 27 locations in five countries.
Advania group CEO Mikael Noaksson said: “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.
Michael Bruun, partner at Goldman Sachs, added: “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.”
VIA Equity took a stake in Advania just over two years ago. A year ago, Advania acquired Danish IT managed services company Kompetera, which specialises in IT infrastructure and integration services. Shortly before that, it expanded its Finland presence with the the acquisition of Accountor ICT, the infrastructure and cloud services subsidiary of the Accountor Group.
