Triton Partners’s Triton Smaller Mid-Cap Fund I has agreed to sell European consumer data collection platform Nemas Holdco (Norstat) to Swedish private equity firm Nalka Invest, with Danish investment firm Kirk Kapital acting as a large minority shareholder.
Terms and conditions of the transaction have not been disclosed, and closing is subject to customary regulatory approvals.
Triton Partners acquired Norstat in 2019. According to a press release, Triton supported the company in strengthening its commercial capabilities, internationalising its business through acquisitions, improving its operations through process automation and adding new digital products and solutions such as Norstat Express and TestingTime.
Norstat was founded in 1997 and serves around 2,000 market research firms, private and public end-clients, media & advertising agencies, publishers and consultancies across various industries. The company completed seven strategic add-ons in Switzerland, Denmark, the Netherlands, Norway and the UK from 2021 to 2023.
In a press statement, Daniel Björklund, Investment Advisory Professional at Triton, said that his firm had been able to “drive significant growth” at Norstat as well as expand its offering and geographical reach.
Erling Eriksen, CEO of Norstat, added that the company had “sought out new routes and opportunities; undertaken a rapid technological shift, launched several digital products and completed seven successful acquisitions and integrations” during Triton’s ownership.
Norstat and Triton were advised by William Blair.
