FSN Capital VI to acquire Volue Infrastructure, a leading provider of niche infrastructure software

Oslo, July 2, 2025

FSN Capital VI* has signed an agreement to acquire Volue Infrastructure, a Norwegian leader in mission-critical niche infrastructure software. This investment will support Volue Infrastructure’s next phase of growth, further strengthening its position as a trusted software provider to key infrastructure sectors.

Volue Infrastructure’s modular, cutting-edge software tools are at the forefront of infrastructure digitalization. Its comprehensive product suite supports planning, operation and administration for both public and private customers. Backed by FSN Capital VI, the company is well-positioned to execute its growth strategy, leveraging FSN Capital’s expertise in B2B software and internationalization.

Headquartered in Trondheim, Volue Infrastructure is being carved out from Volue, a leader in technologies and services that enable the energy transition. Volue Infrastructure operates mainly under the Gemini brand in two business areas: Water & Community and Heavy Construction. Both markets are poised for significant growth, driven by investment in aging infrastructure, regulatory pressures, accelerating digital adoption and ESG awareness.

Frode Solem, Executive Vice President, Infrastructure at Volue, said: “This is a natural next step for us. As an independent company focused on infrastructure technology, we are well positioned to continue delivering value to our customers while exploring new opportunities for growth. I’m proud of what we’ve built at Volue and excited about what comes next for the team and our solutions as we partner with FSN.”

Eirik H. Wabø, Investment Director at FSN Capital Partners (investment advisor to FSN Capital VI) commented: “Volue Infrastructure is an established market leader in providing essential software for the infrastructure sector. We are excited to support their ambitious vision for growth and innovation, building on their strong customer relationships and trusted reputation. We look forward to supporting in accelerating their expansion in Norway and internationally, empowering more communities and industries to benefit from Volue Infrastructure’s outstanding solutions.”

Patrice Jabet, Partner and Technology Sector Lead at FSN Capital Partners, added: “Partnering with Volue Infrastructure to unlock its potential as a standalone business represents an exciting opportunity for FSN Capital VI. We believe the company’s success is rooted in its deep domain expertise and mission-critical solutions, built over decades in close collaboration with customers. FSN Capital VI is well-positioned to support the company’s continued development, drawing on 25 years of experience of the FSN Capital Funds in B2B software, executing carve-outs, and serving infrastructure end-markets.”

The FSN Capital Funds have a strong track record of investing in B2B software, with recent examples including TASKING and Lobster, as well as from partnering with infrastructure-focused businesses such as Saferoad, ViaCon, IMPREG and most recently, UHL Bau.

The parties have agreed not to disclose details of the transaction. The transaction is subject to approval by applicable authorities. Closing is expected later this year.

FSN Capital VI was advised by Wikborg Rein (legal), KPMG (financial, tax and carve-out), EY-Parthenon (commercial and ESG), Code & Co (technology), ABG Sundal Collier (M&A) and Marsh (insurance).

*FSN Capital GP VI Limited, acting for itself and in its capacity as general partner or portfolio manager (as applicable) for and on behalf of each of FSN Capital VI L.P., FSN Capital VI Invest L.P. and FSN Capital VI Lux SCSp.

About Volue Infrastructure
Volue Infrastructure will be divested from Volue, a market leader in technologies and services that power the green transition. Based on 50 years of experience, Volue provides innovative solutions, systems, and insights to industries critical to society. Volue Infrastructure is headquartered in Trondheim, Norway and has more than 100 employees. The company serves two verticals, Water & Communities and Heavy Construction, with a comprehensive software suite providing industry-leading solutions to over 1000 customers.

About FSN Capital
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich.

FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.

Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio while achieving market-leading returns.

Learn more about FSN Capital and our team on our website: www.fsncapital.com

For more information, please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds):

Eirik H. Wabø, Investment Director
eirik.wabo@fsncapital.com

Patrice Jabet, Partner
patrice.jabet@fsncapital.com

Morten Welo, Partner & COO/IR
morten.welo@fsncapital.com