Adelis completes the sale of IT Relation
Adelis Equity Partners Fund I (“Adelis”) has sold its majority stake in IT Relation to
Hg.
Adelis backed the founders of IT Relation in an effort to consolidate the Danish managed IT
services market in 2016. Today, IT Relation is the leading provider in the market with well over
DKK 500 million in revenue and supporting thousands of end users around the world.
“Henrik, Stig, Anders, and the rest of the team at IT Relation did a fantastic job in improving their
services to customers while accelerating growth. Over the last couple of years, they have taken
a strong regional provider and made it in to the undisputed national leader, providing managed
services to small- and medium-sized businesses in Denmark. It has been a great honour and
inspiration for us at Adelis to be part of their success. We believe that they have found a great
partner in Hg, and we wish them the best of luck on their continued journey,” say Joel Russ and
Jacob Frandsen of Adelis.
”Adelis has been an incredible partner for us. They have helped us to grow as an organization
and to build on our successes. Adelis has heavily supported my team across the organization,
and they have been instrumental in helping us with add-on acquisitions, including integration
processes. We are going to miss them but are also looking forward to our future with Hg”, says
Henrik Kastbjerg, CEO of IT Relation.
The parties have agreed not to disclose the purchase price. The transaction is subject to
customary regulatory approvals.
