Enterprise Investors sells its stake in Nortal
Warsaw/ Tallinn, 20 June 2016 — Enterprise Venture Fund I (EVF), the venture capital fund managed by Enterprise Investors, has sold to the company’s shareholders its 41% stake in Nortal, an international software solutions provider based in Estonia.
- The value of the transaction is EUR 12.3 million, of which EUR 10.4 million will be paid at closing and EUR 1.9 million nine months later;
- Nortal’s founders and employees regained full ownership of the company by buying back Enterprise Investors’ and LHV Pension Funds’ shares, which jointly amount to a 50% stake.
Nortal is an international business consultation and software development solutions provider. EVF acquired its shares in two transactions in July 2010 and May 2012 for a total of EUR 7.5 million, with the aim of fueling the company’s dynamic growth. Today Nortal operates in nearly 20 countries across Europe, Middle East and Africa and employs 530 specialists who carry out mission-critical social projects that have a high impact and are of the highest quality. The company is a valued employer across all home markets. In Estonia, Nortal was awarded the title of the most employee- and family-friendly company three times – in 2008, 2010 and 2014. In 2015 the company recorded approximately EUR 45 million in revenue.
“Nortal is the company of first choice in Estonia, Finland and Oman, where it built a strong position as the expert for government projects. Since our investment the company has not only grown in terms of geography but developed the expertise necessary to carry out sophisticated programmes for the most demanding customers,” said Rafał Bator, partner at Enterprise Investors responsible for the transaction. “We are proud to be part of these developments,” he added.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 136 companies across a range of sectors and exited 113 companies with total gross proceeds of EUR 2.4 billion.
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