European PE fund buys majority stake in Aider: Positioning the company for further growth
A fund managed by Castik Capital acquires the majority of the shares in the Norwegian accounting and consulting house Aider. Over 160 Aider employees remain on the shareholder list with a combined stake of 45 percent.
Article taken from Aider.no by Jan Lilleby - read full article here.
A fund managed by Castik Capital acquires the majority of the shares in the Norwegian accounting and consulting house Aider. Over 160 Aider employees remain on the shareholder list with a combined stake of 45 percent.
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A fund managed by Castik Capital acquires the majority of the shares in the Norwegian accounting and consulting house Aider. Over 160 Aider employees remain on the shareholder list with a combined stake of 45 percent.
The two entrepreneurs Andreas Vik and Knut Grotli started Aider together in 2019. Now the Group employs more than 1,100 people, 100 of whom are technologists. The company has grown at rocket speed, is represented throughout Norway and serves more than 9,000 customers.
“The idea was hatched in Knut's basement. We shook hands with each other that we should put people first and that we should be the best at using new technology. Now Aider is one of the nation's premier service provider at the intersection of accounting, consulting and IT. It has been a fantastic period so far, but we are far from finished,” says Andreas Vik, CEO of Aider.
Will contribute to further growth
Since its inception, the company has worked systematically on the consolidation of small and medium-sized players in the industry with more than 50 acquisitions. In the transactions, the sellers have reinvested to join onward as shareholders, and are now still working at the company.
“Aider has proven a significant attraction to talent, customers and future partners. In a short time, they have built a unique company culture, becoming leaders in their niche. We are very excited about the opportunity to enter into a partnership with the Aider team, contributing to the continued growth of the company,” says Simen Opsal, investment partner at Castik.
The deal involves funds managed by Castik Capital, a European investment company headquartered in Luxembourg, becoming the majority owner with a 55 per cent stake. Over 160 Aider employees will remain on the shareholder list following the transaction, with an overall stake of 45 percent. Following the transaction, Vik will continue as General Manager and Knut Grotli will continue as working Chairman of the Board.
Nordic ambitions: — Will continue to challenge
Part of the partnership with Castik implies that Aider will gain significant access to new equity to continue its growth. In addition, the company issued a bond loan of £1.6 billion in August, which Aider plans to retain as long-term financing.
We will continue to challenge. The ambition is to grow further in Norway, and in the long term make Aider a Nordic player. The confidence of the bondholders has been crucial to the growth of the company. With Castik in the team, the company is now very well rigged for more acquisitions, further development of the service offering and increased investment in the development of our people,” says Vik.
The organic growth of the Aider Group in 2023 was more than 20 percent. Turnover ended at NOK 838 million, while operating profit before depreciation and impairment (EBITDA) was NOK 111 million. In 2024, the company aims for a turnover of NOK 1.5 billion.
The parties agree not to disclose the purchase price. In connection with the transaction, Aider has hired Carnegie as financial advisor and Haavind as legal counsel. Castik Capital has been advised by Arntzen de Besche, PwC, William Blair and Bain. Aider will shortly hold a conference call regarding the Company's outstanding bond, where bondholders will receive additional information about the transaction.
Article retrieved 25.10.2024 from https://aider.no/oppkjop-aider-vekst/
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