Adelis exits its investment in AddPro
Adelis Equity Partners Fund I (“Adelis”) has sold its majority stake in AddPro AB to Axcel.
Adelis invested in AddPro in June 2017 with the goal of creating a leader in application, cloud computing and managed services. Over three years, AddPro has grown revenues from approximately SEK 250 million to SEK 800 million and earnings are up well over 100%. AddPro has also expanded its geographic footprint significantly under Adelis’ ownership through the
acquisition of ITF.
”AddPro’s great culture has allowed it to be a winner in an attractive market. Nicklas Persson and the rest of the AddPro team were great to work with and we were really glad to be part of the combination of AddPro and ITF, which has created a lot of value for the combined customer bases,” says Jacob Frandsen and Joel Russ at Adelis.
”We want to thank Adelis and our board of directors, including Magnus Sjöqvist and Lars Monrad-Gylling, for the great cooperation and exciting journey together. We are looking forward to our continued development and bright future,” says Nicklas Persson; CEO of AddPro.
The parties have agreed not to disclose the purchase price. The transaction is subject to customary regulatory approvals and is expected to close during Q3 2020.