Adelis exits its investment in Kanari
Adelis Equity Partners Fund II (“Adelis”) divests its majority stake in Kanari, the Nordic leader in observability solutions to Conscia. Conscia is a leading European IT service provider.
Adelis invested in Kanari in July 2020 with the goal of creating a Nordic leader within observability. Over four years, Kanari has strengthened its offering to encompass a range of observability tools, and further expanded its geographic footprint through the acquisition of Moonskye. Kanari has grown its recurring Managed Service revenue by over 100% over Adelis’ ownership period.
”Michael Breen and the rest of Kanari’s management team have been successful in establishing a leading position in the observability space, not least as the company’s great culture has enabled the development of a highly competent employee base. Kanari is now continuing its growth story as part of Conscia Group, and we are convinced that this will be a success”, say Lene Stern and Lucia Morris of Adelis.
”We want to thank Adelis and our board of directors, including Magnus Sjöqvist and Joakim Ruud, for the great cooperation and exciting journey together. We are looking forward to our continued development and bright future as part of the Conscia family,” says Michael Breen, CEO of Kanari.
The parties have agreed not to disclose the purchase price. The transaction is subject to customary regulatory approvals and is expected to close during Q4 2024.
Adelis was advised by ABG Sundal Collier and Advokatfirmaet Schjødt on the transaction.
For further information:
Lene Stern, Adelis Equity Partners, +46 70 281 34 24, lene.stern@adelisequity.com
Lucia Morris, Adelis Equity Partners, +46 76 103 12 92, lucia.morris@adelisequity.com
About Kanari
Kanari is a leading provider of observability solutions for complex IT infrastructures and has been active in the Nordic SPA (Stability & Performance Analytics) and APM (Application Performance Monitoring) services space for 13 years. With its highly competent employees across Norway, Sweden, Denmark, and Finland, Kanari provides services that help large organizations leverage data to improve IT performance and business outcomes. Kanari serves hundreds of end-customers, and its managed service offering monitors tens of thousands of servers and end-user performance of applications and devices for tens of thousands of employees. For further information, please visit www.kanari.com.
About Adelis Equity Partners
Adelis is a growth partner for well-positioned companies primarily in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 42 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.