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About us

Norvestor Equity AS is a leading private equity firm focusing on lower mid-market control investments in the Nordic region. The team currently advises funds with a committed capital in excess of NOK 11,000 million. 

Current funds

Norvestor Equity currently advises four funds. Norvestor VII, L.P. (2016 vintage), Norvestor VI, L.P. (2012 vintage), Norvestor V, L.P. (2007 vintage) and Norvestor IV, L.P. (2005 vintage).

Investment philosophy

Norvestor focuses on control investment opportunities in growth companies, making platform investments principally in the Norwegian and Swedish lower mid-market, with potential to achieve a leading Nordic or international position


Selected investments

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Selected case studies

“Norvestor has been an important partner for ELIXIA sharing with us their expertise and knowledge. They have given strong support to management in defining and executing the company’s growth strategy”

Ståle Angel, CEO ELIXIA

Case

 

ELIXIA; the largest and most profitable fitness club operator in Norway and Finland offering upscale clubs at affordable prices.

Investment Rationale

  • Resilient, high growth market for fitnes and well being: increasing awareness of exercising as a basis for healthy lifestyle
  • Recurring revenue model based on membership subscriptions
  • Young and under-developed Nordic fitness club market
  • Pre-identified potential for market consolidtaion - fragmented Nordic region with local players and few national operators
  • Company with leading position and increasing profitablity
  • Strong management team and best practice operation

Company development

  • Company developed ahead of plan through continued market growth, an industry leading operational concept and rapid expansion through greenfield openings and acquisitions in Norway, Finland and Sweden
  • Number of clubs more than doubled from 23 to 47 during ownership period
  • EBITDA increased from NOK 59 million in 2005 to NOK 238 million in 2011*
  • ELIXIA was sold to the Swedish private equity fund Altor III L.P. in June 2011

* 2011 forecast


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"With their vision to consolidate the Nordic market and their execution expertise, Norvestor has been a great partner for eTRAVELi"

Ralph Axelsson, CEO eTRAVELi

Case

European Travel Interactive (eTRAVELi); the leading Nordic online travel platform offering flight, hotel and other travel-related services. eTRAVELi was established following the merger of Seat 24 and SRG Online.

Investment Rationale

  • Strong and sustained growth in demand for online travel services driven by increased travel activity and internet proficiency
  • Opportunity to consolidate fast growing Nordic online travel agent market
  • Significant cost synergies possible through consolidation of sales volume on a common technical infrastructure
  • Product development opportunities

Company development

  • Norvestor motivated consolidation and secured buy-in from best suited consolidation platform Seat 24
  • During the ownership period, another three brands, Gotogate, Flybillett.dk and Travelstart were acquired
  • Centralised operations on one technical platform, located in Uppsala, Sweden
  • EBITDA growth from SEK 59m in 2005 to SEK 168m in 2011
  • eTRAVELi was sold to the Swedish private equity fund Segulah IV L.P. in August 2010

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"Identified the potential  to build the company from a strong Norwegian market positon to the leading player in the fragmented Nordic household waste collection market through organic growth and acquisitions in Sweden and Denmark"

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Case

RenoNorden; An operator in the collection segment of the waste management value chain and a market leader in the Nordics within household waste collection.

Investment Rationale

  • Opportunity to build the leading player in the fragmented Nordic household waste collection market through organic growth and acquisitions
  • Non-cyclical market volume independent of economic cycles
  • Stable, growing market due to increasing waste volumes, pre-separation at source of household waste and focus on environmental issues
  • Long term contracts create high visibility of future revenues
  • Scalable business model with potential for financing capex by debt/leasing only

Company development

  • Acquired the Danish household collection business of RenoFlex in 2009 and later Nord-Ren AS in 2011
  • Acquired the business from the bankruptxy estate of Resta Sweden AB in 2010
  • Norvestor executed platform roll-out including cross-border transactions and supported management in the acquisition prosesses in Denmark and Sweden
  • Following the acquisitions and the strong organic growth, the Company became the largest and most profitable Nordic player with a combined market share of approximately 19%
  • EBITDA increasing from NOK 57m in 2007 to NOK 133m in 2010
  • RenoNorden was sold to the private equity funds Capvest Equity Partners II and Accent Equity 2008 in September 2011

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