INVESTCORP ACQUIRES ABAX FROM NORVESTOR EQUITY AS

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Larvik 06.06.17 – Norvestor Equity AS announced today that Investcorp a leading provider and manager of alternative investment products has completed the transaction of ABAX for 1.8 billion NOK (£165mil)

- ABAX’s market position and its terrific growth prospects represent an attractive investment opportunity for Investcorp. As one of Europe’s fastest growing telematics companies, ABAX is well placed to further expand towards the automotive industry. Having made three previous investments in this exciting sector, we bring successful telematics experience and operational know-how and we look forward to partnering with the management team to establish the Company as a leading player in the global market, commented Hazem Ben-Gacem, Head of Corporate Investment in Europe, Investcorp.

Investcorp plans to support ABAX’s international growth both organically and by add-on acquisitions, further expanding its customer base into new geographies as telematics solutions become increasingly relevant in the automotive industry. Operating in a highly fragmented market, ABAX is well positioned to leverage its prominent brand and reputation to continue to deliver a high quality of service to its customers. This will be strengthened further by the additional operational experience Investcorp is able to bring to the Company.

- Our conversations with Investcorp in the lead up to this agreement gave us great confidence that it will  help us take this company forward. Investcorp’s track record in the Nordic region as well as their understanding of broader technology markets will provide us with the ideal support to expand our international reach in the telematics industry. Investcorp’s acquisition of ABAX demonstrates confidence in the growth potential of this company and we look forward to working together to accelerate the Company’s growth in the years to come, added Petter Quinsgaard, CEO, ABAX Group.

ABAX recently reported a 32 percent increase in revenue to NOK 471 million. At the start of 2017, the company had close to 200,000 active subscriptions to its service and 25,500 customers.

- It is fantastic to see how our employees have influenced this company over the years. With enthusiasm, dedication, the right attitudes and working methods they are all a big reason for why a company such as Investcorp now invest in ABAX, its people and the culture we have created, said Bjørn Erik B. Helgeland, COO, ABAX Group. 

ABAX and Norvestor was advised by Moreland Partners (M&A), EY and Thommessen(Law)

-Ends-

For more information

Petter Quinsgaard, CEO, ABAX Group, +47 909 12 277, pq@abax.no

Bjørn Erik Helgeland, COO, ABAX Group, +47 980 71 000, beh@abax.no

About Investcorp

Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious growth strategy to double assets under management (“AUM”) in the medium term. The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in four lines of business: corporate investment, real estate, alternative investment solutions and credit management.

Since its inception in 1982, the Investcorp Group has made over 170 corporate investments in the U.S., Europe and the Middle East and North Africa region, including Turkey, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 400 commercial and residential real estate investments in the US, for in excess of $53 billion in transaction value.

The Investcorp Group employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. It is publicly traded on the Bahrain Bourse (INVCORP). For further information, including our most recent periodic financial statements, which details our assets under management, please visit:  www.investcorp.com.

 

About ABAX

ABAX Group is a Norwegian company within sales and development of telematics solutions for commercial and private vehicles. ABAX is currently the fastest growing telematics company in Europe. Additionally, ABAX provides products for Fleet Management and GPS tracking of equipment. ABAX has more than 350 employees and offices in Norway, Sweden, Denmark, Finland, United Kingdom, the Netherlands, Poland and China. The company headquarters are based in Larvik, Norway. www.abax.no

 

About Norvestor

Norvestor Equity ASis 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 64 investments with 256 follow-on M&A transactions, in addition to executing 43 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, Robust, iSurvey, Future Production, Nomor, PG Flow Solutions, Roadworks, Permascand, 4Service, HydraWell, Eneas, Presserv, Nordic Camping & Resort, READ Cased Hole and IT Gården. Read more at www.norvestor.com