Nordlo sets its sights on Germany - owners top up cash with EUR 140 million

In six years, Swedish IT group Nordlo has doubled its turnover and number of employees in Sweden and Norway, both organically and through acquisitions. Growth is now set to accelerate further, with the owners injecting EUR 140 million, equivalent to just over SEK 1.5 billion, into a new fund to invest in Germany and northern Europe. 

– Nordlo's goal is now to grow with larger acquisitions and establish a presence in more European countries. ‘Both large and small companies are looking for a close IT partner with whom they can grow, says Fredrik Almén, CEO of Nordlo.

The investment company FSN Capital Partners formed the Nordlo Group in 2018 and is now injecting EUR 140 million into a new investment fund, with the aim of Nordlo repeating its success in Sweden and Norway in other markets.

– With additional capital, we can acquire even larger players in the Nordic region but also in other markets. Right now, we're taking a close look at Germany, with an IT market that has similarities to Sweden's and whose customer needs match Nordlo's business model. We see great potential for Nordlo.

Nordlo's key to unlocking markets is to combine the muscle of a large IT group with proximity to customers. The result can be seen in the company's strong growth since its inception in 2018 and favourable ratings in annual customer surveys. So far, Sweden and Norway have been the focus markets, with 15 acquisitions completed to date. 

– It is clear that the IT industry is growing with new technologies and solutions, which means that both complexity and demand will continue to increase. Many people are looking for an IT partner who can guide them in the right direction, and the same applies in several countries in northern Europe, such as Germany, says Fredrik Almén, CEO of Nordlo.

Patrice Jabet, partner at FSN Capital Partners, agrees:

– Trends such as increased digitalisation of core business, the emergence of cloud services and increased security requirements mean that Nordlo has very attractive market conditions in the European IT services market.

The IT company Nordlo was formed in 2018 through a merger of Zetup, Office IT-Partner, Dicom and Norwegian IT total. Nordlo is today one of the Nordic region's leading players in cloud and infrastructure and has a turnover of SEK 2.1 billion with approximately 900 employees.

About FSN Capital Partners

FSN Capital Partners is a leading Northern European private equity firm. In 2018, FSN acquired the companies that laid the foundation for Nordlo. Since then, Nordlo has acquired 15 companies in Sweden and Norway. Today, FSN owns around 84 per cent of Nordlo, with the rest consisting of shareholders, entrepreneurs and Nordlo employees.