Nordic private equity firm Summa Equity has acquired a majority stake in Swedish energy monitoring and control systems maker eGain from investment company Ceder Capital.
Ceder founding partner David Holm Ovrén told unquote" that Ceder, alongside existing investors Tequity and founder Thorbjörn Geiser, will roll over part of their equity in eGain, and remain as minority shareholders following the buyout.
The deal is the second for Summa, a new firm established by former Altor and Nordic Capital executives. According to reports, the GP has not yet raised a fund, but is looking to raise €300m for Nordic buyouts. Earlier this week, Summa acquired Swedish waste management company Sortera in an SBO from Norvestor.
Like the Sortera deal, eGain was sourced through a structured process by the seller. PwC Corporate Finance led eGain's sales process for the vendors.
Ceder took a majority stake in eGain in 2013 alongside Tequity and Gesier.
Founded in 2002, eGain offers cloud-based energy monitoring and control systems aimed at reducing energy consumption in managed residential properties.
Headquartered in Kungsbacka, the company has operations in Finland, Denmark and Poland, as well as other European countries.
Summa Equity – Reynir Indahl (managing partner).
Ceder Capital – David Holm Ovrén (partner).
eGain – Anders Dyhre (CEO); Thorbjörn Geiser (founder, board member).
Vendor – PwC (corporate finance); Setterwalls (legal); Mannheimer Swartling (legal).
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