Acquisitions in Sweden

Wabtec Corporation has completed the acquisition of Dellner Couplers, a Sweden-based global provider of safety-critical train connection systems and services for passenger rail rolling stock. EQT VIII agreed to sell Dellner to Wabtec in a deal valuing Dellner at approximately EUR 890 million, strengthening Wabtec’s Transit portfolio with complementary coupler and gangway technologies and aftermarket capabilities.

Arcesium, a global financial technology provider, acquired Stockholm-based Limina, a portfolio and order management system (P/OMS) provider. The deal combines Limina’s front-office P/OMS with Arcesium’s middle- and back-office and enterprise data management capabilities to deliver a unified front-to-back investment platform for asset managers, hedge funds, and asset owners.

Volvo Construction Equipment (Volvo CE) completed its previously announced acquisition of Swecon after receiving European Commission approval, in a deal valued at an enterprise value of 7 billion SEK. The transaction brings Swecon’s operations in Sweden, Germany, and the Baltics (including Entrack) under Volvo CE ownership, adding a large retail, rental, and aftermarket service footprint and approximately 1,400 employees.

Vossloh AG acquired Nordic Tamping Service AB (NTS), a Borlänge, Sweden-based provider of ballast tamping services for railway tracks. NTS will be integrated into Vossloh’s Lifecycle Solutions business unit, expanding Vossloh’s track maintenance and lifecycle services offering across Scandinavia; financial terms were not disclosed.

Varsity Healthcare Partners (VHP) completed a strategic growth investment in Trialbee, a Sweden-headquartered, technology-enabled provider of patient recruitment services and analytics for clinical trials. Trialbee supports global biopharma sponsors with data-driven targeting and omnichannel recruitment supported by its proprietary Honey SaaS platform, and VHP will partner with management to invest in commercial scale, technology innovation, and global delivery.

Mastercam, a CAD/CAM software provider within Sandvik Group, completed the acquisition of its longtime Swedish channel partner Advanced Mechanical Engineering AB (AME). The deal expands Mastercam’s direct presence and customer support capabilities across Sweden and Norway, with AME to operate as “Mastercam Sverige.” Financial terms were not disclosed.

MetaCompliance, backed by Keensight Capital, acquired Junglemap, a Nordic provider of security and compliance awareness training known for its NanoLearning methodology. The deal expands MetaCompliance’s European footprint and strengthens its human risk management offering by combining Junglemap’s local Nordic presence and AI content capabilities with MetaCompliance’s scalable security awareness platform.

Vision Healthcare, a consumer healthcare platform backed by Avista Healthcare Partners, completed the acquisitions of Svenskt Kosttillskott in Sweden and New Care Supplements BV in the Netherlands. The deals expand Vision’s presence in the Nordics and the Netherlands and add scale across vitamins, minerals, and nutritional supplements via both e-commerce and retail channels. Financial terms were not disclosed.

NanoTemper Technologies acquired Envue Technologies, a Sweden-based company specializing in Nanofluidic Scattering Microscopy (NSM). The deal expands NanoTemper’s biophysical analysis portfolio for early-stage biopharmaceutical research by adding label-free, single-molecule analytical capabilities to support nucleic acid and protein therapeutic discovery.

Ioffice Business Group, a Swedish flexible workspace provider, acquired United Spaces from real estate company Castellum to form Sweden’s largest flexible workspace group. The combined group will manage about 67,500 square meters of flexible office space across Sweden, while Ioffice and United Spaces continue operating under their respective brands with closer collaboration.

Teledyne Technologies Incorporated completed the acquisition of the TransponderTech business from Saab AB. The acquired business, renamed Teledyne FLIR TransponderTech AB and operating as FLIR TransponderTech, expands Teledyne’s maritime communications and navigation portfolio including AIS, VDES, and GNSS technologies. TransponderTech is based outside Linköping, Sweden and will be integrated alongside Teledyne’s Raymarine, FLIR Marine, ChartWorld and Teledyne CARIS brands.

Cerberus Capital Management, L.P. and its affiliates acquired BROCC Finance AB, a technology-driven Swedish banking group focused on consumer finance across the Nordics, following regulatory approval from the Swedish Financial Supervisory Authority. With Cerberus’ backing, BROCC plans to accelerate growth in its core consumer finance business and expand into European non-performing loan (NPL) asset management via a specialized debt restructuring (SDR) model. BROCC intends to acquire NPL portfolios and meet SDR-related prudential regulatory ratios by December 31, 2025.

SkySparc, a provider of digital transformation solutions for treasury and finance institutions, acquired Inovotek Solutions, a specialist in transformation services for capital markets and financial institutions. The deal strengthens SkySparc’s delivery capabilities across trading and risk management platforms including Murex, Calypso, and FIS, and expands its program management and AI-enabled automation offering. Financial terms were not disclosed.

Inwave, a Brazilian retail technology company, announced the acquisition of Swedish Gateway, a provider of electronic article surveillance (EAS) solutions for retail chains. The deal strengthens Inwave’s presence in Europe and supports its international growth strategy by integrating Gateway’s EAS capabilities with Inwave’s connectivity, data intelligence, and AIoT platform. Danish fund DSG participated in the acquisition, and Gateway’s local team in Sweden will be retained.

Renta Group Oy (Renta) has acquired Tornby Byggmaskiner Holding AB (TBM), a Swedish general equipment rental company with three depots in the Östergötland region. The deal strengthens Renta’s position in Linköping and expands its depot network to Motala and Mjölby, with TBM expected to benefit from Renta’s broader product range and digital solutions. The acquisition has been completed.

Procuritas, a Nordic-focused private equity firm, acquired a majority stake in Parkman i Sverige AB, a Swedish tech-enabled parking operator providing technical and operational parking management services. Crescent Capital Group’s European Specialty Lending strategy provided unitranche financing to support the acquisition.

SkySparc, a global provider of digital transformation solutions for treasury and finance organizations and developer of the OmniFi platform, secured a majority growth investment from Bregal Milestone. The partnership is intended to accelerate SkySparc’s global expansion and further develop AI-powered capabilities across the CFO’s office, including treasury, risk, compliance, FP&A, and working capital optimization. Financial terms were not disclosed.

ICT Group, a provider of industrial technology solutions, has acquired Swedish consultancy firm M4. The deal expands ICT Group’s Swedish footprint—via its ICT Nordics operations—adding multiple offices across southern and central Sweden and strengthening its consulting, software development, and mechanical engineering capabilities.

Saab acquired Deform AB, a forming and heavy fabrication company based in Degerfors, Sweden, to strengthen security of supply for Sweden’s defence industry. Deform has been a long-standing supplier of specialty parts for Saab’s submarine production (including Blekinge-class submarines) and an important part of Saab Kockums’ supply chain. Deform will retain its name and continue operating in Degerfors under Saab’s ownership.

PHINIA Inc. completed the acquisition of Swedish Electromagnet Invest AB (publ) ("SEM"), a century-old provider of alternative-fuel ignition systems, injector stators, and linear position sensors serving commercial vehicle, industrial, and professional handheld equipment markets. The deal expands PHINIA’s portfolio in natural gas, hydrogen and other alternative-fuel technologies and is intended to strengthen its innovation and growth opportunities in on- and off-highway applications.

Lyten acquired the rights to Northvolt’s Battery Energy Storage System (BESS) product portfolio in Stockholm, Sweden, including Voltpack Mobile Systems (VMS), Voltrack, and future BESS products in development; core members of the engineering team are joining Lyten in Stockholm. The acquired product lines are expected to be manufactured in Gdansk, Poland, and the parties expect to close the transaction in the third quarter of 2025 alongside Lyten’s previously announced acquisition of Northvolt Dwa.

Accel-KKR announced the closing of its acquisition of AARO, a Corporate Performance Management (CPM) software provider. Accel-KKR is combining AARO with its existing financial software businesses Aico and Mercur to form a unified SaaS platform for finance and performance management across EMEA, with Michael Teixeira appointed as Group CEO.

CVC Capital Partners announced that KKR will acquire a significant minority stake in Etraveli Group, a global travel technology firm. Headquartered in Stockholm, Etraveli operates a flight technology platform that provides airline tickets across 75 markets and serves nearly 50 million travelers annually. CVC, which acquired Etraveli from ProSiebenSat.1 in 2017, will remain involved as a joint shareholder alongside KKR.

Eton, a Swedish luxury menswear brand, announced a change of ownership from EQT VII to a consortium of private long-term investors. The new investor group was selected through a process led by Eton’s existing lenders with support from EQT, and includes Mikael Schiller, Caspar Callerström, and Thomas von Koch.

EdgeMode announced it has acquired Sweden-based Synthesis Analytics Production Ltd. (SAPL) for $1.75 million and will rebrand the business as EdgeMode Europe. The transaction gives EdgeMode control of a 95MW power purchase agreement, a long-term lease on an in-development 20MW high-performance computing data center site, and ownership of adjacent land in Marviken, Sweden, supporting its pivot into colocation and HPC hosting.

Adelis Equity Partners, through Adelis Equity Partners Fund III AB, has become the new majority shareholder in Bryntum, a provider of scheduling and Gantt web-components for project management applications. The partnership is intended to support Bryntum’s continued growth, international expansion, and ongoing product development, with founder Mats Bryntse remaining CEO and a significant owner.

Funds managed by Apax Partners (Apax Funds) acquired Norva24 Group AB via a public offer (PTP) that was supported by major shareholders and accepted by approximately 98% of shareholders. Existing owners including Valedo Partners Fund II AB and Nordstjernan divested their ownership stakes as part of the transaction.

Eficode has acquired Solidify, a leading GitHub and Microsoft consultancy in Scandinavia. The deal strengthens Eficode’s GitHub services position in Europe and expands its capabilities across GitHub, Azure DevOps, Azure, and AI-enabled software development services across EMEA.

Allurity, a European provider of cybersecurity services, announced the acquisition of Onevinn, a Swedish intelligent security and managed services company, from Haven Cyber Technologies. The deal is intended to strengthen Allurity’s cybersecurity offering and expand its position as a preferred cybersecurity partner in Europe, leveraging Onevinn’s capabilities and close collaboration with Microsoft.

Scania has agreed to acquire the Industrial Division of Northvolt Systems, including its production capabilities, R&D center, and a team of about 260 employees. The acquired operations include a leased production facility in Gdańsk, Poland, and an R&D center in Tomteboda, Stockholm, Sweden, expanding Scania Power Solutions’ off-road electrification and battery systems offering. The purchase price was not disclosed, and the deal was agreed with a trustee as part of the acquisition process.

Hg increased its ownership in enterprise software provider IFS to become a co-control shareholder alongside EQT, in a transaction valuing IFS at over EUR 15 billion. A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments) also joined as new minority shareholders, while existing minority investor TA Associates remained invested. The incoming investors acquired shares from EQT (via its EQT VIII and EQT IX funds), as well as from TA and other minority investors; closing is expected by end of Q2 2025 subject to regulatory approvals.

Nordstjernan has agreed to sell Nordstjernan Growth AB, an investment vehicle launched in 2021 focused on technology-intensive growth companies. The buyer is a company co-owned by Caspar Callerström and Thomas von Koch, which will take over Nordstjernan Growth’s minority holdings in Mentimeter, Roaring, Insurello, Zimpler, and Oden Technologies.

BUKO Group, backed by funds advised by Equistone, has acquired Sweden-headquartered Road Rental Scandinavia AB to expand its temporary traffic management footprint into Sweden and broader Scandinavia. The acquisition supports BUKO’s strategy to build a leading European position in temporary traffic management following prior expansion into the United Kingdom and Germany.

MG Link AS, backed by Norvestor VIII SCSp as majority owner, signed an agreement to acquire 100% of PCS Modulsystem AB, a Swedish provider of wood-based modular building solutions. The acquisition is intended to create a new stand-alone group focused on delivering modular construction facilities across the Nordic region, with closing expected in late Q1 or early Q2 2025, subject to customary conditions.

IK Partners, through its IK Small Cap III fund and Development Capital pool, signed an agreement to invest in Tecomatic, a Swedish provider of water treatment and erosion control solutions. The investment is being made alongside Tecomatic’s management team, which will reinvest, and the deal is subject to regulatory approval with financial terms undisclosed.

ServiceNow announced it has acquired the Quality 360 solution from Advania to strengthen its manufacturing-focused capabilities. Built natively on the ServiceNow platform, Quality 360 will enhance ServiceNow’s Manufacturing Commercial Operations solution with expanded quality management functionality and AI-driven, data-driven insights for manufacturers.

Pyrotek Special Effects, a Gladstone Investment Corporation portfolio company, acquired Unique Pyrotechnic, a provider of live special effects solutions across Sweden, Norway, and Denmark. Gladstone Investment provided additional capital to support the acquisition, expanding Pyrotek’s global footprint and capabilities in live entertainment special effects.

Heitman LLC acquired a majority stake in Servistore, the third-largest self-storage operator in Sweden, on behalf of Heitman’s European value strategy. Servistore operates 31 sites (25 operational and 6 due to open) across 14 Swedish cities, totaling over 4,000 units and roughly 330,000 square feet. Heitman plans to scale the platform in Sweden and enhance operations, including revenue management software and expanded ancillary offerings such as insurance sales.

Adventure Box Technology AB completed the acquisition of Lion Gaming Group Inc., a provider of technology platforms for iGaming, following shareholder approval and satisfaction of closing conditions. Adventure Box acquired 100% of Lion’s shares for approximately SEK 467 million, paid via the issuance of consideration shares, resulting in Lion’s former shareholders owning about 94.88% of Adventure Box post-transaction.

Jennmar, a portfolio company of FalconPoint Partners, acquired SSAB’s expandable rock bolt production facility in Virsbo, Sweden. The deal expands Jennmar’s hard rock mining capabilities and establishes a larger European manufacturing presence, with the Virsbo plant to be integrated into Jennmar’s global operations and its 66 employees offered continued employment.

AURELIUS announced it has agreed to acquire Lernia, a Swedish staffing, recruitment, matching, and training agency headquartered in Stockholm. The transaction will expand AURELIUS’ Nordics presence and is expected to close toward the end of the first quarter of 2025, subject to customary regulatory approvals.

KKR and Nordic healthcare investor Impilo completed a joint acquisition of Immedica Pharma, a Stockholm-headquartered rare-disease and specialty-care pharmaceutical company focused on commercializing medicines across Europe and beyond. Impilo, the existing owner since founding the business in 2018, reinvested to become an equal owner alongside KKR, with the transaction supported by a €320m single-asset continuation fund led by Morgan Stanley Private Equity Secondaries and Hayfin.

Crowe Osborne, Frejs Revisorer, RSM Göteborg and Qrev have joined forces to form a Swedish audit and advisory group focused on customers in non-regulated markets, while keeping their local brands and leadership. Adelis Equity Partners will become a minority owner to support strategic investments and growth, including future acquisitions of similar audit firms. The transaction is expected to close in February 2025 subject to customary regulatory approvals.

EasyPark Group completed its strategic acquisition of Flowbird Group, combining their capabilities in digital parking, pay-and-display, and public transport solutions to build a global mobility platform. Cameron Clayton (EasyPark Group CEO) will lead the combined company as CEO, while Flowbird CEO Frédéric Beylier will depart. Vitruvian Partners, Verdane, and Searchlight Capital Partners L.P. will own the joint company; financial terms were not disclosed.

Strategic Value Partners, LLC (SVP) signed an agreement to make a €200 million preferred equity investment in Bjelin Group AB to support its long-term growth plans. The investment will finance Bjelin Group’s planned acquisition of all shares in Välinge's industrial business and fund additional investments in Woodura and veneer production.

Nordifa, a Swedish manufacturer of technical textiles, has acquired Sporda Nonwoven, a Sweden-based producer of thermobonded and needlepunched nonwovens. Sporda had declared bankruptcy on November 18, and the acquisition is intended to keep the business operating and retain employees while continuing to run independently under its current executives.

United Safety & Survivability Corporation (United Safety) acquired Dafo Vehicle AB, a Sweden-based developer and manufacturer of fire suppression systems for rolling stock, commercial vehicles, and other specialized applications. The deal expands United Safety’s product portfolio and European footprint, strengthening its position in environmentally focused mobile and special-hazard fire suppression technologies.

Virtium, a provider of industrial-grade memory and storage solutions, has acquired Embedded Artists AB, a Sweden-headquartered developer of system-on-module (SOM), AI accelerator, and connectivity modules for edge AI and industrial applications. The deal expands Virtium’s offering to include compute, AI accelerators, connectivity modules, and related software solutions for industrial OEMs worldwide. Court Square Partners (Virtium’s sponsor) said the acquisition strengthens Virtium’s position in industrial Edge AI system solutions and supports further expansion in the sector.

Affiliates of Viking Global Investors acquired a majority stake in Voyado, a Swedish retail technology platform, for an undisclosed amount. The investment is intended to accelerate Voyado’s product development and support expansion, with a particular focus on growing its presence in the United Kingdom.

Anywhere365 announced the acquisition of Tendfor AB, a provider of advanced cloud communications capabilities for mid-market and large enterprises. The deal terms were not disclosed and the transaction is subject to regulatory approvals. Tendfor’s team, led by founder and CEO Emil Emling, will form a new division within Anywhere365.

Inflexion has invested in Mecenat Group AB, a closed user group consumer loyalty and omni-channel marketplace platform headquartered in Sweden. The investment is the first made from Inflexion's Enterprise Fund VI, and Inflexion plans to support Mecenat's technology, data, and product development while pursuing continued growth including potential future M&A.

Mews, a hospitality technology platform, announced it has acquired Atomize, a Sweden-headquartered revenue management software (RMS) provider for hotels. The acquisition brings Atomize’s real-time dynamic pricing and revenue optimization capabilities into Mews’ hospitality cloud platform to expand offerings for hoteliers globally.

Nurminen Logistics Plc has acquired Swedish railway logistics company Essinge Rail AB. The deal expands Nurminen’s rail logistics network and service offering across Northern Europe, strengthening freight connections between the Nordic countries and Continental Europe, including low-emission rail options such as Less than Container Load services.

A.P. Moller Holding has closed its acquisition of Concentric AB, a leading manufacturer of pumps and related thermal management solutions. The deal brings Concentric into the A.P. Moller Group, with plans to support customers through the energy transition and expand into adjacent markets such as energy storage and data centres.

Malwarebytes announced the acquisition of AzireVPN, a privacy-focused VPN provider, to strengthen its consumer security, privacy, and VPN offerings. Malwarebytes plans to integrate AzireVPN’s VPN technology and intellectual property, including its Blind Operator privacy feature, into the Malwarebytes platform. Financial terms were not disclosed.

Insight Partners acquired a majority stake in Detectify, an attack surface management and application security testing platform powered by a community of ethical hackers. The transaction, finalized in October 2024, provides new funding to accelerate product innovation and support Detectify’s continued growth. Existing investor Balderton remains a minority stakeholder following the deal.

Two Circles, a global sports marketing agency, acquired Spring Media Group to expand its broadcast solutions offering. The deal adds Spring Media’s media rights, live production, and streaming capabilities and is expected to broaden Two Circles’ reach across Europe, including the DACH region. Spring Media CEO Tobias Osmund will join Two Circles as group executive director, with the leadership team continuing in similar roles.

Norvestor IX SCSp ("Norvestor IX") has signed an agreement to acquire a majority of the shares in Wint Group AB, a Swedish provider of automated cloud-based accounting and payroll software for micro and small businesses. The deal is expected to close in Q4 2024, and Norvestor will become Wint’s largest shareholder, followed by management and key employees.

EveryMatrix Software Limited completed its recommended public cash offer to acquire all shares of Fantasma Games AB (publ) at SEK 59 per share. Following tendered shares, shares acquired outside the offer, and an irrevocable sale commitment, EveryMatrix will own 95.19% of Fantasma and expects settlement to begin around 18 October 2024. EveryMatrix also intends to initiate a compulsory buy-out of remaining shares and seek delisting of Fantasma from Nasdaq First North Growth Market.

EQT Infrastructure VI, through its vehicle Otello BidCo AB, has successfully completed a recommended public offer to acquire OX2 AB. Otello BidCo secured 98.81% of OX2’s shares and OX2 has applied for delisting from Nasdaq Stockholm. EQT plans to support OX2’s evolution from a pure renewables developer into an integrated developer and asset owner while retaining the ability to sell projects.

Buyers Edge Platform acquired Swedish restaurant procurement technology company Parsly to expand its technology offerings in Europe. Parsly provides AI-driven insights and automation to help restaurants manage procurement costs, and the deal represents Buyers Edge Platform’s fifth European acquisition in 2024.

EMK Capital acquired a majority stake in Pinerock Group, a Swedish renovation, maintenance, and improvement (RMI) building services provider operating through local brands. EMK Capital intends to support Pinerock’s growth by strengthening its core market segments and expanding geographic coverage in Sweden and internationally through organic initiatives and acquisitions.

Board Intelligence, a London-based AI-powered board software and advisory firm, acquired Stockholm-based TeamEngine Group AB, a provider of board software and related governance tools. The combination is intended to accelerate innovation in AI-powered governance offerings (including Board Intelligence’s Lucia product) and expand geographic reach across Europe and other markets. Financial terms were not disclosed.

Overture Promotions, a Chicago-based brand merchandise distributor owned by Westbridge Capital, has acquired Brandon, a European provider of brand merchandise headquartered in Gothenburg, Sweden. Brandon will continue operating under its existing name and management team, while the deal supports formation and growth of the newly created Overture Marketing Group through expansion and acquisitions.

Zellis Group, a portfolio company of Apax Partners-advised funds, signed a definitive agreement to acquire employee benefits administration software provider Benify from Vitruvian Partners. Benify will be combined with Zellis Group’s benefits and employee engagement software business, Benefex, creating a larger global benefits and rewards SaaS platform. Following the transaction, Vitruvian Partners will reinvest as a minority investor in Zellis Group alongside the Apax funds.

Asahi Kasei Corporation completed its recommended public cash offer to acquire Calliditas Therapeutics AB (publ), covering both Swedish-listed shares and U.S.-listed ADSs. Following tendered securities and shares purchased outside the offer, Asahi Kasei expects to own 93.30% of Calliditas upon settlement, and intends to pursue compulsory buy-out of remaining shares and delisting of Calliditas’ shares and ADSs.

CVC funds (CVC Capital Partners Fund IX) agreed to join Odevo’s investor group alongside Swedish investment firm Fidelio and Odevo’s management team. The investment is intended to support Odevo’s international growth and continued innovation in tech-enabled residential property management, with closing expected in Q4 2024 subject to regulatory approvals.

TÜV SÜD has acquired Carspect Group, a provider of vehicle inspection services across Sweden, Estonia, and Latvia. The business was sold by IK Partners’ IK Small Cap II Fund, which had owned Carspect since 2018; financial terms were not disclosed.

Adelis Equity Partners became the new majority shareholder of SeaCross, a Swedish provider of navigation software for high-speed marine operations. SeaCross will join Adelis’ recently established defence technology group, marking the group’s second investment following Bruhn NewTech. The transaction closed in August and financial terms were not disclosed.

Thermo Fisher Scientific Inc. is acquiring Olink Holding AB (publ) via an announced public cash tender offer of USD 26.00 per common share (USD 26.00 per ADS). Summa Equity sold its shares in Olink, a Fund II portfolio investment, as part of the tender offer transaction.

IMV Technologies Group has acquired Medivet Scandinavian AB, a provider of veterinary DR X-ray systems and other veterinary imaging modalities. Medivet, headquartered in Angelholm, Sweden, will join IMV Technologies’ Companion Animal Imaging business to expand its product offering, including Medivet’s MERS Equine X-Ray technologies.

Nordic Capital has agreed to acquire a majority stake in BRP Systems, a Nordic SaaS ERP platform serving gym and fitness operators, from Valedo Partners III AB. The investment will be made in partnership with BRP Systems’ management to support continued product development and targeted European expansion, with the transaction expected to close in Q2 2024 subject to customary conditions.

MaintMaster, a provider of maintenance management (CMMS) solutions, announced the acquisition of OEEsystems, a pioneer in Overall Equipment Effectiveness (OEE) software. The deal combines MaintMaster’s maintenance management platform with OEEsystems’ PerformOEE product to deliver integrated real-time visibility across production and maintenance operations. MaintMaster expects the acquisition to strengthen its European presence and expand in the UK and Ireland.

Telko Oy has agreed to acquire 100% of Swed Handling AB, including its subsidiaries Kebelco AB, Kemiverken AB, Swed Handling Transport AB, and associated company CrossChem Sweden AB. Following closing (subject to competition authority approval, expected in Q3 2024), Kebelco will operate as part of Aspo subsidiary Leipurin Oyj, and Swed Handling’s current owners are expected to continue in their roles.

GRO, a Northern European B2B software-focused private equity firm, agreed to acquire DigitalRoute, a global leader in Usage Data Management (UDM) software. The transaction is intended to accelerate DigitalRoute’s growth and innovation as demand rises for subscription and usage-based business models across industries. GRO is acquiring DigitalRoute from Swedish private equity firm Neqst, subject to customary regulatory approvals.

Volaris Group has acquired Icore Solutions, a Sweden-based SaaS data integration platform that helps companies integrate bundled digital services and structure and analyze data. Icore will operate as a separate company within Volaris, retaining its name and brand, while leveraging Volaris’ resources and network to support long-term growth.

Blue Wolf Capital Partners has finalized the acquisition of seven European pharmaceutical manufacturing and development facilities from Recipharm, which will form the cornerstone of a new independent CDMO platform focused on oral solid, semi-solid, and liquid dosage forms. In addition, Blue Wolf has agreed (subject to regulatory clearances) to acquire Synerlab, a Strasbourg, France-based CDMO with six facilities in France and Spain, with the combined platform expected to be headquartered in the United Kingdom. Financial terms were not disclosed, and the Synerlab transaction is expected to close in Q4 2024 following regulatory approvals.

Triton announced its intention to combine its portfolio companies Assemblin and Caverion into a newly formed entity, Assemblin Caverion Group, creating a leading Northern European technical service and installation group. The combined group will operate across ten countries and is expected to close in April after receiving necessary regulatory approvals, with the new group incorporated in Sweden.

Oatey Co. announced that its affiliate has acquired Aktibolaget Durgo, a Stockholm, Sweden-based developer and manufacturer of air admittance valves and other pressure regulating valves. The acquisition expands Oatey’s footprint in European and Asian plumbing markets and adds Durgo’s manufacturing capabilities to Oatey’s organization.

Renta Group Oy has agreed to acquire Näs Rondellen AB, a Swedish general equipment rental company serving the greater Gothenburg area and providing traffic safety solutions. The deal strengthens Renta’s regional presence and capabilities in infrastructure customer segments and traffic safety, and is expected to close in March 2024.

Flexera completed the acquisition of Snow Software, combining the companies’ capabilities in hybrid IT asset management (ITAM), SaaS management and FinOps. The combined business aims to provide customers greater visibility into hybrid IT environments to optimize technology spend and mitigate risk across cloud, SaaS, on-premises and AI-related technologies.

PSG Equity (PSG) announced a strategic growth investment of more than €100 million in Visit Group, acquiring a majority stake. PSG is purchasing shares from Standout Capital and other minority shareholders, while Visit Group’s founder and management team will remain significant owners. The investment is intended to support Visit Group’s next phase of organic and inorganic growth in hospitality and travel software across the Nordics and broader Europe.

GBA Group acquired Key2Compliance AB, a Stockholm-based consultancy and training provider serving medical device, in vitro diagnostics (IVD), and pharmaceutical companies. The deal expands GBA Group’s consulting and training services portfolio, strengthening its position as a comprehensive international service provider in the sector.

EQT has agreed to acquire Mabtech AB, a Swedish biotechnology/life sciences tools company specializing in immune monitoring assays (including ELISpot/FluoroSpot) and antibody-based kits and readers. The company is being purchased from existing shareholders IK Partners’ IK Small Cap II Fund and Mérieux Equity Partners’ Mérieux Participations 3, with closing expected in Q1 2024 subject to customary legal and regulatory approvals; financial terms were not disclosed.

A consortium comprised of Stirling Square, TA Associates and Macquarie Capital, acting through Giant Sweden Bidco AB (Giant BidCo), completed a recommended public cash offer to acquire Byggfakta Group Nordic HoldCo AB (publ). The offer price was SEK 46 per share, valuing Byggfakta at approximately SEK 10.1 billion, and closed on 6 May 2024 with the consortium controlling 99.8% of the shares, taking the company private from Nasdaq Stockholm.

EQT Private Equity, through its EQT X fund, agreed to invest in Nordic software companies HVD Group (Hantverksdata) and Next (Next One Technology). The deal aims to combine complementary cloud-based platforms serving tradespeople and construction contractors, strengthening the product offering across the sector. Both transactions are expected to close in February 2024.

Aneo Renewables Holding AS and St1 Sverige AB, together with HitecVision, plan to consolidate their Biokraft International AB holdings into a newly formed vehicle, 1Vision Biogas AB, which will control ~55% of Biokraft after regulatory approvals. Crossing the mandatory bid threshold, 1Vision Biogas intends to make a mandatory cash offer for the remaining Biokraft shares at SEK 20.65 per share, subject to competition and FDI clearances expected in Q1 2024.

Thoma Bravo completed a growth investment in Hypergene, a Swedish SaaS provider of planning and performance management software, acquiring a majority stake in the company. The stake was acquired from Monterro and other minority shareholders, while Hypergene’s management team and founder will remain shareholders and continue to run the business to support product development and a European growth strategy.

Bain Capital Private Equity agreed to acquire a controlling stake in Eleda, a Stockholm-headquartered Swedish infrastructure projects and services firm, from Altor. Altor will retain a minority stake, and Eleda’s founders and management team will substantially reinvest to support the company’s next phase of expansion, subject to regulatory approvals.

Antin Infrastructure Partners, through an affiliate of its Flagship Fund V, agreed to acquire Consilium Safety Group, a provider of fire, flame and gas detection safety infrastructure and related maintenance services. The business is being acquired from private equity seller Nordic Capital, subject to regulatory approvals. Consilium Safety is headquartered in Gothenburg, Sweden and operates globally across marine, transport, energy, and building end markets.

Norway-based Oda has agreed to merge with Sweden-based Mathem, combining the two leading Nordic online grocery retailers into a single group with over five billion NOK in combined revenue. The merged business will leverage Oda’s in-house logistics platform alongside Mathem’s Swedish market position to drive efficiencies, improve customer offering, and strengthen competitiveness across the Nordics.

Bentley Endovascular Group AB has brought in Keensight Capital (lead investor), A.P. Moller Holding, and Bonit Capital as new minority investors to support its growth plans, including U.S. market expansion and preparation for a future IPO. The founders and management will retain control and continue to hold a majority of the capital and voting rights. Financial terms were not disclosed.

IK Partners’ IK VIII Fund has agreed to sell Aspia AB, a technology-enabled accounting, payroll, tax and advisory services provider, to international investment firm Vitruvian Partners. Financial terms were not disclosed, and completion is subject to regulatory approvals. Under Vitruvian’s ownership, Aspia intends to continue expanding across markets and further invest in its digital platforms.

Teleflex Incorporated completed its acquisition of Palette Life Sciences AB for $600 million in upfront cash, with up to $50 million additional consideration tied to commercial milestones. The deal expands Teleflex’s Interventional Urology portfolio by adding Barrigel and other NASHA-based tissue bulking agents including Deflux and Solesta.

Renta Group Oy has agreed to acquire Gustafssons Uthyrning AB, a Swedish general equipment rental company with three depots in Oskarshamn, Västervik, and Vimmerby. The deal supports Renta’s strategy to strengthen its position in eastern Sweden and expand its nationwide depot network, with closing expected in October.

The Specialist Group (TSG) acquired the technical staffing business unit of Sweden-based Umia Innovation, with the acquired entity rebranded as “Altio” under TSG’s STAR label. The deal expands TSG’s presence in the Nordics—particularly Sweden—and adds approximately 100 technical specialists focused on energy-transition projects such as wind power, battery storage, hydrogen, and carbon storage.

Maria Nila, a Swedish sustainable professional hair care brand, announced a partnership with L Catterton to accelerate growth and international expansion. L Catterton’s Europe fund acquired a significant minority stake in Maria Nila, with CEO Marcus Wikström continuing to lead the company.

Rantalainen Group, majority-owned by funds managed by Norvestor, acquired Klara Consulting Holding AB, an accounting, payroll and HR services provider in Sweden. The deal expands Rantalainen’s Swedish footprint and is described as its largest acquisition to date. Sellers included Ceder Capital and approximately fifty key employees, who will remain minority shareholders in the combined group; the transaction closed on 1 September 2023.

Biamp announced it will acquire Evoko, a Stockholm, Sweden-based manufacturer known for room booking and desk scheduling systems. The deal expands Biamp’s collaboration and workplace management offerings by adding Evoko’s scheduling products and device connectivity capabilities. Evoko will join Biamp as a new product family, with business functions gradually integrated into a single Biamp business.

atNorth acquired Gompute, a provider of high-performance computing (HPC) and data center services, to expand its Nordic footprint and strengthen its full-stack HPC and AI offering. The deal adds Gompute’s Gothenburg, Sweden data center (with up to 10MW capacity potential) to atNorth’s portfolio and combines Gompute’s HPC technology and engineering team with atNorth’s HPC-as-a-service and colocation platform.