Nordhaven advised Procuritas in creation of new IT services platform in Finland

16 june 2021

Nordhaven advised Procuritas in the simultaneous acquisitions of twelve IT services businesses across Finland. The newly created platform, Frendy, is majority owned by Procuritas while local entrepreneurs retain significant minority ownership in the structure and responsibility over their respective operations.

Frendy will deliver IT services for SME companies in Finland, a target market of more than €1 billion per annum. At inception, the company will have 160 employees in 16 locations across Finland and will be headquartered in Helsinki, with revenues in excess of €33 million.

Nordhaven has been a reliable hands-on partner throughout the complex transaction process leading to creation of Frendy, starting from a thematic sourcing project we did together with the team back in 2020, through relationship building with a large group of entrepreneurs, and finally a transaction phase that successfully led to the acquisition of no less than 12 companies simultaneously. We at Procuritas are truly pleased with the support and seamless co-operation we’ve had with the Nordhaven team” says Jussi Holopainen, Investment Manager at Procuritas.

Frendy is unique deal in Finland by many standards and we are extremely proud of having a part in the story. The high potential, but also high-risk transaction was eventually made possible by the great team spirit and strong mutual trust built between the parties over the many months of hard work” says Juha Raunio, Managing Partner at Nordhaven Finland.

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