Norvestor acquires Globeteam from Kirk Kapital
Strategic Investments /18.06.2021
Norvestor VIII, a fund managed by the Nordic private equity firm Norvestor, is the new majority shareholder of the IT consultancy firm Globeteam. The fund has acquired the majority position from Kirk Kapital and co-founder Claus Moldow. Both Kirk Kapital and Claus Moldow continue as shareholders with 25 pct. and approximately 10 pct. of the shareholding in the company. The company’s other co-founder, Morten Strunge Nielsen, will also continue as shareholder with approximately 10 pct. as well.
The Investment Director of Norvestor, Kasper Skovgaard Kristensen, explains that Globeteam is an exciting investment for Norvestor. It is the first time the fund invests directly in a Danish company. However, Denmark is not unknown territory for Norvestor, and the fund has several portfolio companies with activities in Denmark amongst others North Alliance Group, First Camp and NetNordic.
“Globeteam has a unique business model and is capable of delivering one of the market’s best IT-services. Furthermore, the company has had an impressive growth and financial development throughout the years. We do not doubt that there still is a lot of growth potential for Globeteam in Denmark. Moreover, a natural next step is an expansion to the Norwegian market, a market that Norvestor knows well. Subsequently, the ambition is to expand to the rest of Scandinavia and thereafter further into Europe”, says Kasper Skovgaard Kristensen and continues:
“We are pleased with the opportunity to enter a partnership with a strong management team, and we look forward to the cooperation with Kirk Kapital whom we see as an attractive partner”.
Claus Moldow, who continues as shareholder and CEO, is pleased with Norvestor as new majority owner.
“We have had an exemplary dialogue with Norvestor who are thoroughly acquainted with Globeteam’s special DNA. We get an investor that has understood every detail of our business. With Norvestor’s strong position in the Nordics we get the best skills to ensure a successful establishment outside the Danish borders. We are really looking forward to it”, says Claus Moldow.
Kim Gulstad, CEO of Kirk Kapital is happy with the new partnership with Norvestor while simultaneously staying as a larger minority shareholder.
“We have been very pleased with our partnership with Globeteam and the collaboration with Claus Moldow. Since our entry into the ownership group the company has increased its base of independent consultants, introduced new business areas, and has helped even more clients with solving complex IT-tasks. All of which we are proud of. We are therefore happy to maintain the position as a larger minority shareholder and simultaneously welcome Norvestor as a new majority shareholder. They have a sturdy foundation to help Globeteam grow further in the North”, says Kim Gulstad.
The transaction is subject to customary regulatory approvals. Neither party wishes to disclose the transacted share price.
Globeteam is a highly specialized consulting firm that helps optimizing IT- and business potentials based on digitalizing, deep technical specialization, and a solid business understanding. Globeteam offers services within Business Consulting, Infrastructure, Development, and cyber- and information security.
Norvestor is a leading private equity-firm with focus on the North. Norvestor has offices in Oslo, Stockholm, Helsinki, Copenhagen, and Luxembourg. The investment team in Norvestor has worked together since 1991, which makes it one of the most experienced private equity teams in the Nordics. The team has completed 75 investments and more than 300 add-on investments, as well as 52 exits including 16 IPOs. The Norvestor funds seek to invest in medium-sized growth companies in the Nordic market that have the potential to accomplish a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and geographical expansion. Learn more at www.norvestor.com.
Morten Huse Eikrem-Jeppesen, PressConnect, mobil +45 53850770