Norvestor invests in Foxway in partnership with Nordic Capital
Nordic Capital has signed an agreement to acquire a majority share in Foxway from Norvestor VII and other owners. The Company has under Norvestor’s ownership developed into a leading European provider of circular IT services. Nordic Capital will in joint partnership with Foxway’s management and alongside a fund managed by Norvestor, support continued growth, international expansion, and the Company’s focus on making lasting positive impacts. Norvestor VII has been the main owner in Foxway since 2019.
Foxway is a fast-growing European company, based in Sweden, with offices in Europe, and presence in Asia, and the US. By providing circular IT services in more than 100 countries, Foxway has supported its customers to make sustainability an integral part of their businesses. Foxway helps its customers increase efficiency, business success, and reduce their tech footprint by recovering and remarketing IT devices and providing the infrastructure necessary to ensure a sustainable lifecycle. With circularity inherent to the business model, Foxway sources, finances, and refurbishes more than 1.5 million devices annually in the circular flow, avoiding emissions of over 120,000 tons CO2e in 2022.
“It has been a pleasure working with Martin Backman and the Foxway 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 continuing to support Foxway in its next growth phase.” says Henning Vold, Partner at Norvestor Advisory.
Completion of the transaction is expected in Q3 2023 and is subject to customary closing conditions, including relevant regulatory approvals.
For further information:
Lars Grinde, Managing Partner in Norvestor
Telephone: +47 402 11 444
Henning Vold, Partner in Norvestor
Telephone: +47 908 79 581
Foxway is a leading European provider of circular IT services to large organizations, the public sector, and resellers of consumer electronics. With a vision to be the world’s best as-a-service company enabling circular tech, Foxway has supported its customers to make sustainability an integral part of their businesses. Foxway is headquartered in Sweden, with offices in eight European countries, and has a customer base in more than 100 countries worldwide. Foxway was founded in 2009 and has since then experienced rapid annual organic growth, further accelerated by strategic acquisitions of companies in the tech industry. Foxway today employs more than 1,000 people with an annual turnover of over SEK 7.6 bn. For more information, visit: www.foxway.com
Norvestor is a leading private equity company 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 84 investments with >400 add-on acquisitions, in addition to executing 59 exits, including 16 IPOs. The Fund seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion. Read more at www.norvestor.com