UK based European mid-market private equity fund, CapVest Equity Partners II (CapVest), has led the acquisition of RenoNorden Holding AS (RenoNorden) from Norvestor V in partnership with incumbent management and Accent Equity 2008, a leading Nordic mid-market private equity fund. The terms of the transaction have not been disclosed.
RenoNorden is the leading provider of household waste collection services to municipalities in Scandinavia. Headquartered in Frogner in Norway, the Company has strong market positions in Norway, Sweden and Denmark employing over 1,000 people in the region and providing collection services to over 3.5 million inhabitants.
Commenting on the acquisition, Kate Briant, Partner at CapVest and incoming Chairman of Reno Norden, says: “RenoNorden represents a perfect fit with our strategy to invest behind exceptional management teams of market-leading businesses in defensive sectors with growth potential. Scandinavia remains one of our core markets with its attractive investment environment and strong underlying macro-economic characteristics. We look forward to collaborating with management and our investment partners, Accent, to accelerate the development of the business”.
“We have over the years developed a positive working relationship with CapVest and are very pleased to join them as a co-investor in this transaction. The management team has delivered a solid track-record in growing the Norwegian business and exporting their operational excellence over to neighbouring geographies, and we intend to support them in strengthening RenoNorden as the undisputed market leader in the Nordics," says Niklas Sloutski, CEO of Accent Equity Partners AB (investment advisor of Accent Equity 2008).
Svein Tore Aurland, Chief Executive Officer of RenoNorden, says: “RenoNorden is today an established player in the Scandinavian household waste collection market, a position we have established together with Norvestor through acquisitions in Denmark and Sweden as well as strong organic growth. With CapVest and Accent joining our team, we are certain that RenoNorden’s continuous ambition to be the best supplier of services within collection and transport of household waste will be further strengthened. Our new owners’ proven operational expertise, combined with their buy-and-build track record, make them ideal partners with which to hasten the development of the business over the coming years – both organically but also with further add-on acquisitions."
Lars Grinde, Managing Partner at Norvestor Equity AS (investment advisor of Norvestor V) and outgoing Chairman of RenoNorden, says: “Norvestor has participated in the development of RenoNorden into the leading provider of household waste collection services in Scandinavia. Under Norvestor’s ownership, RenoNorden has established a market leading position in Denmark, a top three position in Sweden and further strengthened the number one position in Norway. Together with management we have more than tripled RenoNorden’s revenue. We have also helped the company in their management succession and a recapitalisation. We are pleased that CapVest and Accent have seen the opportunity for further growth.”
