ABAX further strengthens its position in Europe

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The Norwegian company ABAX announces the acquisitions of Accessor Sverige AB and Ctrack Sverige AB. With its latest acquisitions ABAX further strengthens its position as one of the biggest telematics companies in Europe.
ABAX Sweden Acquisition

- We are pleased to announce the acquisitions of Accessor Sweden and Ctrack Sweden. The acquisitions come as a natural step in our growth plans for the company, tells the CEO of ABAX Group, Petter Quinsgaard.

The acquisitions will add approximately 10,000 vehicles under subscription to ABAX Group’s existing base and bring the base to a total of 152,000 vehicles.

- “I have together with my employees taken the companies to a level where they need more resources and a bigger organisation in order for the companies to grow further. I have therefore been looking for the right organisation to replace me. I found that company in ABAX and am certain that they will develop these companies. ABAX are probably the only company in our line of business that consistently presents growth rates above thirty percent and are still able to remain profitable. I am therefore proud to hand over the responsibility of my companies to ABAX Group", says Founder and former owner of Accessor Sverige AB and Ctrack Sverige AB, Niclas Holm.The Norwegian telematics company has since 2014, completed seven acquisitions.

- “The acquisitions of Accessor Sweden and Ctrack Sweden will further strengthen our organisation. and our position as the leading problem solver for everyone using vehicles for work - not only in the Nordics but also in Europe", says COO of ABAX Group, Bjørn Erik Helgeland.

Since ABAX was founded in 2009, they have experienced high growth rates. The Norwegian company reports a growth rate for 2015 of 50 percent, with 40 percent being organic. The reported turnover for 2015 is 359 million NOK with an EBITDA of 50.7 million NOK

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For information and comments

Petter Quinsgaard, CEO, ABAX, +47 909 12 277, pq@abax.noBjørn Erik Helgeland, COO, ABAX, +47 980 71 000, beh@abax.noNiclas Holm, VD Ctrack Sverige AB, VD Accessor AB, +46 0706-74 22 12, niclas.holm@accessor.se

About the companies

ABAX Group is owned by Norvestor Equity AS , and is a large European company within sales and development of telematics solutions for commercial and private vehicles. In addition ABAX provides products for Fleet Management and GPS tracking of equipment. ABAX has 314 employees and offices in Norway, Sweden, Denmark, Finland, United Kingdom, and the Netherlands. The company headquarters are based in Larvik, Norway. www.abax.no

Norvestor Equity AS is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 58 investments with 246 follow-on M&A transactions, in addition to executing 41 exits including 14 IPOs. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in Norway and Sweden, with potential to achieve a leading Nordic or international position either through organic growth, through acquisitions or by expanding into new countries. Funds advised by Norvestor are currently invested in the following portfolio companies; Life Europe, Johnson Metall, Sentech (formerly Advantec Sensing), Apsis, Aptilo, Cegal, Marine Aluminium, Crayon, ABAX, Robust, iSurvey, Future Production, Nomor, PG Flow Solutions, Roadworks, Permascand, Phonero and 4Service. Read more at www.norvestor.com