On 30 November 2011, FSN Capital LP II signed a definite agreement to sell Norlandia Care, a leading provider of healthcare services in the Nordic region, back to the founders, the Adolfsen Group.
Norlandia Care was established in 1997 and formed as a joint venture between Norlandia Hotels & Resorts and Boende Förnyelse och Sverige AB. Today, the Company is a leading supplier in public procurements for healthcare and care services in the Nordic region.
Since the investment by FSN Capital LP II in February 2007, Norlandia Care has increased its revenue by 108%. Despite having made significant investments in the organisation’s structural capital and divested two subsidiaries, the EBITDA of Norlandia Care has during the same period increased by 115%, corresponding to a CAGR of 17%.
“Partnering with FSN Capital has helped to accelerate Norlandia Care’s growth and institutionalise the group for scalability. We are very excited about the opportunity to buy back Norlandia Care”, says Kristian Adolfsen, founder of Norlandia Care.
“During our ownership period, and in close collaboration with management and the founders, Norlandia Care has been developed into a professionally managed group with a clear value proposition and a focused business model. The group has established a strong footprint in the Swedish market as well as a presence in Finland, together providing a solid platform for future growth“, says Henrik Lisæth, Partner at FSN Capital.
The Adolfsen Group has acquired FSN Capital’s share in Norlandia Care as a result of a sales process. FSN Capital has been advised by ABG Sundal Collier, Advokatfirmaet Haavind and PWC.