Norvestor VII divests United Camping, Veni Energy, Sperre Compressors and NetNordic to a newly established continuation fund managed by Norvestor


Led by Ardian; supported by anchor commitments from Eurazeo, Northleaf and Five Arrows Secondary Opportunities as co-underwriters

Norvestor VII, L.P. and Norvestor VII OS, L.P (together “Norvestor VII”) announced today the successful closing of the divestment of a portfolio of four Norvestor VII assets (together “the Portfolio Companies”) to a newly formed fund vehicle (“SPV II” or “Norvestor SPV II”), Norvestor’s second continuation fund. This transaction will allow Norvestor, alongside the Portfolio Companies’ management teams, to continue to support the businesses over their next ownership cycle, while providing optionality to existing Norvestor VII investors.

The assets in SPV II are:

  • United Camping Holding AB (“First Camp”), the leading Nordic camp site owner and operator, with 61 destinations across Sweden, Denmark and Norway and is the #1 consolidator in the fragmented Swedish and Danish camping market. First Camp is set to continue its growth and international expansion through its deep M&A pipeline, capacity expansions and operational improvements.
  • Veni Energy Holding AB (“Veni”), the leading Nordic provider of B2B energy sourcing and services to SMEs (small-to-medium enterprises). VENI is set to continue its strong organic growth trajectory in energy sourcing services and expand its geographical footprint through accretive M&A.
  • Sperre Compressors Holdings AS (“Sperre”), a leading supplier of mission-critical compressed air solutions to the global maritime and power plant industries. Sperre is set to continue to grow its installed base and provide digitalised system solutions supporting shipowners in their shift to emission free fuels.
  • NetNordic Holding AS (“NetNordic”), a leading Nordic systems integrator and service provider with capabilities across network, cyber security and collaboration. The company serves a large and well diversified base of business customers. NetNordic is set to continue its growth through expansion in customer base across all Nordic countries, leadership within fast growing market sub-segments, improved operational efficiencies and robust M&A pipeline.

SPV II closed on approximately €730 million of new capital commitments to fund the purchase of the Portfolio Companies from Norvestor VII and additional minority investors. Ardian acted as the lead investor, supported by anchor commitments from Eurazeo, Northleaf and Five Arrows Secondary Opportunities as co-underwriters, alongside a number of other investors.

Up to €150 million of the new commitments will be available as follow-on capital to support the continued growth of the Portfolio Companies. Existing Norvestor VII investors were given the option to reinvest the transaction proceeds of their existing investment or receive full or partial liquidity.

Lars Grinde, Managing Partner at Norvestor, commented; “We are very pleased with the outcome of the transaction, which helps meet the objectives of both our investors and portfolio companies. The new vehicle is supported by a high-quality investor base and enables us to support the long-term growth trajectories of these four exceptional portfolio companies, while at the same time providing our Fund VII investors with the optionality of obtaining liquidity at attractive returns or continue to take advantage of the significant value creation opportunities.”

“We are very excited to have additional time and capital to build value with these four high-quality portfolio companies”, added Fredrik Gyllenhammar Raaum, Partner at Norvestor. “We look forward to extending our partnerships with these management teams and are grateful to Ardian, Eurazeo, Northleaf, Five Arrows and all the other investors who supported this effort.”

Evercore, Kirkland & Ellis and BAHR advised Norvestor on the creation and closing of Norvestor SPV II and sale of the Portfolio Companies.

For further information:

Lars Grinde, Managing Partner in Norvestor Telephone: +47 402 11 444 Email:

Fredrik Gyllenhammar Raaum, Partner in Norvestor Telephone: +47 93 03 28 46 Email:

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 82 investments with more than 350 follow-on M&A transactions, in addition to executing 58 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