Norvestor divests Wexus
Norvestor VII, L.P. (“Norvestor”), has signed an agreement to divest Wexus Group AS and its subsidiaries (together “Wexus” or the “Company”), to Algeco Holding B.V. (“Algeco”). Wexus is a fast-growing provider of high-quality modular building solutions in the Nordic region.
Since Norvestor invested in Wexus in September 2017, the company has achieved significant growth. Norvestor has supported the company in building a significant rental portfolio, taken the step into Sweden as well as more than doubled the company’s production capacity with a new production site. During Norvestor’s ownership, Wexus has grown from NOK 70 million in revenue in 2016 to NOK 297 million in 2019, representing an annual growth of 62%.
“Working together with Egil and the management team has been a true blessing and we are very happy with their achievements during our time together. Wexus has grown quickly while remaining profitable over the last few years. In this new setting, the Company will have the opportunity to continue the journey as a significant challenger on the Nordic scene. We wish them all the best in the next phase”, says Tor Erling Gunnerød, Partner in Norvestor.
“We have had a great partnership with Norvestor and they have been a true enabler of the development and growth that we have succeeded with. The Norvestor team has supported us and helped us develop into a more Nordic player. With that said, we are very excited to join forces with Malthus and Algeco and I am confident that we will continue to grow throughout the Nordic region”, says Egil Messmer, CEO of Wexus.
Norvestor was advised by Carnegie, PwC and Schjødt.
The transaction is expected to close in July 2020, subject to approval from the competition authorities.