Private equity firm Nordic Capital has acquired a majority share in Foxway, a European provider of circular IT services. Financial terms of the agreement were not disclosed.
This is technology M&A deal number 181 that ChannelE2E and MSSP Alert have covered so far in 2023. See more than 2,000 technology M&A deals for 2023, 2022, 2021, and 2020 listed here.
Nordic Capital Takes Majority Stake in Foxway
Nordic Capital, founded in 1989, is headquartered in Stockholm, Sweden. The firm has 267 employees listed on LinkedIn. Nordic Capital has invested close to EUR 22 billion in over 130 investments.
Foxway, founded in 2009, is based in Solna, Sweden. The company has 263 employees listed on LinkedIn. Foxway’s areas of expertise include IT Services and IT Consulting to help customers manager mobile phones, computers, and other tech devices in a way that is both cost-efficient and sustainable.
Nordic Capital, in partnership with Foxway's management and alongside current owners Norvestor, says it will support the company's continued growth, international expansion, and focus on making lasting positive impacts.
In addition to its headquarters in Sweden, Foxway has offices in Europe, and a presence in Asia, and the US. The provides circular IT services in more than 100 countries
Nordic was attracted to Foxway and what it sees as the company’s position to benefit from secular tailwinds of increasing sustainability demands from customers, digitalization trends, and the increasing economies of scale to drive growth and make a lasting positive impact. Several recent high-profile customer partnerships, together with acquisitions including Global Resale Ltd, reinforce Nordic Capital's belief in Foxway's business model and long-term strategy, the company said.
Nordic Capital Invests In Foxway: Leadership Insight
Martin Backman, CEO, Foxway, commented:
"We're pleased to have Nordic Capital as a new partner on our journey. We are immensely proud of the team at Foxway and how we have built a European leader in circular IT. With new valuable international experience and expertise, I'm confident that this will able us to support more clients on a global scale to incorporate a more sustainable profile in their businesses. With our leading in-house refurbishment centers, Foxway is leading the industry into a more sustainable era and enabling the complete eco-system of circular services."
Joakim Andreasson, Managing Director, Nordic Capital Advisors, said:
"We are impressed with the development of Foxway, becoming a leader in its sector with significant opportunities. Nordic Capital has deep experience in the circularity space from similar current investments and will look to leverage its sector knowledge and operational experience to help realise Foxway's full potential as a truly global circular IT lifecycle management company. With a focus on M&A, expansion, and further investments in operational excellence, Foxway will be in a strong position to help accelerate an industry-wide sustainable transformation."
Henning Vold, Partner, Norvestor, added:
"It has been a pleasure working with Martin and team since 2019, driving the shift towards circular and sustainable business models in the IT services space. We welcome Nordic Capital as new majority owner and partner, and believe their strong track-record of partnerships with companies focusing on sustainable growth and international expansion is an optimal fit for the Company. We look forward to continue supporting Foxway in its next growth phase."
