Norvestor invests in active fire protection services provider BST


Norvestor invests in active fire protection services provider BST

Norvestor VIII SCSp (“Norvestor VIII”), has signed an agreement to acquire the majority of the shares in BST Group Nordic AB (“BST” or “the Company”), a leading full-service provider of active fire protection services in Sweden, from IK Partners’ Small Cap II Fund.

BST is a leading Nordic full-service provider of active fire protection services with a market leading position in Sweden. The Company’s mission is to protect people, societies and its vital functions by offering fire engineering and consultancy services, installation of fire protection systems and aftermarket and refurbishment services. In a decentralised way, BST aims to provide profitable growth through organic expansion while developing and acquiring successful companies in its niche managed by local passionate entrepreneurs. The company was founded in 2012 by four industry veterans and has approximately 430 employees at present across a network of branches in Sweden.

“We look forward to working towards our goal of establishing a Nordic leader within active fire protection. In addition to continuing our organic growth journey, consolidation of the Nordic market will remain key to our strategy. I am delighted to see Norvestor joining us as a partner for continued growth. Norvestor adds valuable experience from their extensive experience of building Nordic business service champions, which aligns well with our ambitions for BST” says Peter Bühler, CEO of BST.

“BST fits very well with Norvestor’s experience in backing service companies with strong drive and ambitious growth plans. We are enthusiastic about the prospects of supporting the continued rapid growth of BST. Building on the impressive track record of Peter and the management team, we believe the Company is well positioned to become a Nordic market leading fire protection group. We look forward to supporting BST in the next step of the Company’s geographical expansion journey and are excited about the opportunity to help BST take a leading role in driving further consolidation in the fragmented Nordic active fire protection market. Norvestor is well positioned to leverage its extensive experience from decentralised business models and digitalisation of service businesses to make sure that BST can continue providing its best-in-class services that protect people, societies and its vital functions” says Fredrik Korterud, Partner at Norvestor Advisory.

BST is headquartered in Stockholm, Sweden, with annual pro forma revenues of approximately SEK 900 million.

Following the acquisition from IK Partners, Norvestor will become the largest shareholder in BST, followed by the Company’s management and key employees.

The transaction is expected to close before year-end, subject to customary closing conditions.


For further information:

Fredrik Korterud, Partner, Norvestor Advisory Tel.: +47 402 11 402 Email:

Peter Bühler, CEO, BST Tel. +46 760 01 01 51 Email:

BST is a leading full-service active fire protection services provider in Sweden. BST offers customers a knowledgeable expert in all active fire protection related services. Read more at

Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, Copenhagen and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 77 investments with more than 300 follow-on M&A transactions, in addition to executing 53 exits including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at