Adelis exits its investment in AddPro
Adelis Equity Partners Fund I (“Adelis”) has sold its majority stake in AddPro AB to Axcel.
Adelis invested in AddPro in June 2017 with the goal of creating a leader in application, cloud computing and managed services. Over three years, AddPro has grown revenues from approximately SEK 250 million to SEK 800 million and earnings are up well over 100%. AddPro has also expanded its geographic footprint significantly under Adelis’ ownership through the acquisition of ITF.
”AddPro’s great culture has allowed it to be a winner in an attractive market. Nicklas Persson and the rest of the AddPro team were great to work with and we were really glad to be part of the combination of AddPro and ITF, which has created a lot of value for the combined customer bases,” says Jacob Frandsen and Joel Russ at Adelis.
”We want to thank Adelis and our board of directors, including Magnus Sjöqvist and Lars Monrad-Gylling, for the great cooperation and exciting journey together. We are looking forward to our continued development and bright future,” says Nicklas Persson; CEO of AddPro.
The parties have agreed not to disclose the purchase price. The transaction is subject to customary regulatory approvals and is expected to close during Q3 2020.
For further information:
Joel Russ, Adelis Equity Partners, +46 73-543 30 68, joel.russ@adelisequity.com
Jacob Frandsen, Adelis Equity Partners, +46 73 072 44 46, jacob.frandsen@adelisequity.com
AddPro
AddPro provides application and cloud services and was founded in 2000. The company has had strong development and has expanded significantly, today with operations in Malmö, Stockholm, Gothenburg, Helsingborg and Kristianstad. AddPro is one of the leading providers of application and cloud integration services in Sweden. The Company had revenues of approximately SEK 800 million, with good profitability, and approximately 350 employees. For more information please visit www.addpro.se.
Adelis Equity Partners
Adelis is an active partner in creating value at mid-sized Nordic companies. Adelis was founded with the goal of building the leading middle market private equity firm in the Nordics. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, acquiring 21 companies and making more than 70 add-on acquisitions. Adelis now manages approximately €1 billion in capital. For more information please visit www.adelisequity.com.