ICG partners with Iver and acquires a significant stake

2 July 2021 /

  • Intermediate Capital Group (ICG) forms partnership with the management group of Iver by acquiring EQTs stake.
  • With ICG as a new owner-partner, Iver shall continue the already begun organic and inorganic growth journey.
  • Iver is a leader in the Nordic region in multi-cloud solutions with a proven ability to realize digital transformation for companies and organizations with high demands on IT infrastructure, regulatory compliance and cyber security.

Iver, a leading provider of multi-cloud solutions in the Nordic region with the ability to realize digital transformation for companies and organizations with high demands on IT infrastructure, regulatory compliance and cyber security, is acquired by Intermediate Capital Group (ICG). EQT Private Equity – Mid Market Europe Fund, are the sellers of Iver. During the formation and ownership of EQT, Iver has strengthened its position in Sweden and Norway significantly and developed into one of the leading players in the market. 

Iver has during the last few years had a strong organic growth and continuously gained market shares. The organic growth has been complemented by an ambitious M&A agenda and whilst under the ownership of EQT, the company has performed ten strategic acquisitions in Sweden and Norway. Currently Iver has a full offering within IT outsourcing with a specific focus on areas with high growth such as digital transformation, multi cloud, cybersecurity and DevOps services. Iver’s multi-cloud offering includes global cloud providers such as Microsoft and Amazon and is further strengthened by the service Compliant Cloud for customers with high demands regarding compliance. Compliant Cloud is developed and sold through the wholly owned subsidiary City Network. 

Carl-Magnus Månsson, CEO at Iver, said, “Modern digital infrastructure is a fundament for accelerating digital innovation and protecting digital values. We are on an exciting journey, the support from EQT has significantly contributed to helping us transform the business and accelerate growth by making substantial investments. We would like to thank the EQT team, as well as the Iver board, for their continued support. ICG has acknowledged our strong position and our strategic direction as a perfect fit to their ambitions of creating a strong Nordic player with European growth ambitions. We look forward to taking the next leap in our development together with our new friends in ICG”.

Peter Berglund at ICG commented, “We have followed Iver’s growth trajectory for some time and are delighted to announce our partnership today. As demonstrated by the company’s growth in market share and undeniable success in its field, we believe there is huge further opportunity for Iver and are excited to support management on this next phase of growth.”

Albert Gustafsson, Partner at EQT, added, ”We are thankful to have worked alongside Iver’s entrepreneurial and visionary management team, who have been key to transforming the Company from an industry challenger into a Nordic managed IT services leader. Iver is uniquely positioned in the Nordic market and is supported by strong structural trends, such as the increasing pace of outsourced IT services and growing demand for IT security. I am confident in the management’s ability to continue on this successful path with Iver’s new owner.”

The transaction is subject to customary conditions and approvals and is expected to close in August 2021. The parties have agreed not to disclose the transaction value.

For further information, contact:
Carl-Magnus Månsson, President & CEO, Iver
Tel: +46 73 668 92 74
Email: carl-magnus.mansson@iver.se

Clare Glynn, ICG 
Tel: +44 (0)20 3545 2000

Jakob Tapper, Information, Iver,
Tel: +46 739 81 63 33
Email: jakob.tapper@iver.se

About Iver
Iver develops, packages, and provides IT services that offer digital competitive advantages and enable innovation. We guide our clients through an ever-changing IT landscape and make it easy for them to adopt new technologies and modern methodologies. Our client base spans every sector, and we provide services for medium- and large-sized companies, organisations, and the public sector. Iver’s registered office is in Stockholm but we operate throughout the Nordic region, where our agenda is one of continued expansion while remaining, at all times, close to our clients. Iver has a turnover of just over SEK 2.5 billion and approximately 1,300 employees who work at one of our 25 offices in Sweden and Norway. We are big, but we are close to our clients, both geographically and at heart. Find out more at iver.se.

About Intermediate Capital Group (ICG)
Intermediate Capital Group is a global alternative asset manager in private debt, credit and equity listed on the London Stock Exchange (LSE: ICP). ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years of history and manages USD 56 billion. We invest in debt, credits and equities, principally in closed-end funds. ICG develop long-term relationships with our business partners to deliver value to shareholders, customers and employees and use our investments for the benefit of the environment and society. We operate across four strategic asset classes: corporate, capital market, real assets and secondary investments. ICG has a long history of investing in Nordic companies, current investments include the market-leading food service provider in Scandinavia, Euro Cater, headquartered in Denmark; Norwegian-based Visma, which provides software and digitization solutions, as well as Formuesforvaltning, which is a leading independent wealth management group headquartered in Oslo, Norway.

This information was published on 2 June 2021, at 10.00 (CET).