Rantalainen expands its Nordic platform through combination with the Business Services part of BDO in Norway
RAN Group Oy (“Rantalainen”) takes a transformative step by joining forces with Business Services part of BDO in Norway. The transaction marks a significant milestone in Rantalainen’s strategy to build a leading pan-Nordic platform for financial administration and payroll services.
Rantalainen, majority-owned jointly by Norvestor VIII SCSp and Norvestor IX SCSp since 2023, has agreed to acquire BDO’s Business Services, which is being carved out into a newly established entity. This follows Rantalainen’s expansion to the Norwegian market in 2024 through the acquisition of Value Group. With the addition of Business Services - one of the largest providers of accounting, payroll and related technology services providers in Norway - Rantalainen significantly strengthens its presence in the market.
Business Services will operate as an independent platform within Rantalainen, ensuring continuity for clients and employees. The existing management team, led by Karl-Ludvig Mauland, will continue to lead the business, with a continued and enhanced strategic focus on digitalization, automation, and advisory services. With approximately 600 employees and an annual revenue exceeding NOK 1 billion, Business Services adds a strong presence in the enterprise and mid-market segments, complementing Rantalainen’s SME focus. The combined group will serve a broad spectrum of clients across the Nordics, with more than 2,700 professionals in over 100 locations and pro forma revenues above EUR 310 million.
“Supporting Rantalainen’s continued growth and Nordic expansion is at the core of Norvestor’s investment strategy. The acquisition of Business Services is a transformative step that strengthens Rantalainen’s position as a market leader and creates a compelling platform for further consolidation and innovation in the sector. We are confident that the shared vision, strong cultural alignment and complementary capabilities of the combined group will drive significant value for customers, employees and other stakeholders ,” says Marika af Enehjelm, Chair of the Board of Rantalainen and Partner at Norvestor Advisory.
“This marks an exciting new chapter for Business Services. Joining Rantalainen, backed by Norvestor as a strong and supportive owner, provides us with the stability and resources we need to continue delivering high-quality services to our clients while enhancing career opportunities and professional development for our team. While our focus remains on our core operations, we are also excited about the new opportunities this brings for us. We look forward to building the future together with a partner who shares our values and long-term vision” says Karl-Ludvig Mauland, incoming head of Business Services.
“Welcoming Business Services is a major step in our Nordic growth journey. By onboarding Business Services into the group, we significantly strengthen our presence in Norway and broaden our capabilities to serve both SMEs and large enterprises across the region. The combined expertise and complementary strengths of Business Services and Value Group will enable us to accelerate innovation, deliver more value to our customers and create exciting opportunities for our employees in Norway and beyond" says Jukka Rosenberg, CEO of Rantalainen.
The transaction is expected to close during Q4 2025, following the completion of a carve-out from BDO AS and subject to customary closing conditions.
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For further information and inquiries:
Jukka Rosenberg, CEO, Rantalainen Group
Telephone: +358 50 311 2194
Email: jukka.rosenberg@rantalainen.fi
Marika af Enehjelm, Partner, Norvestor
Telephone: +358 40 553 6934
Email: marika.af.enehjelm@norvestor.com
Karl Ludvig Mauland, incoming head of Business Services
Telephone: +47 902 40 488
Email: karl-ludvig.mauland@bdo.no
RAN Group is the leading Nordic accounting group. RAN Group consists of Rantalainen in Finland, Value Group in Norway, Ålands Företagsbyrå in Åland and Klara Consulting and Win Win Ekonomi in Sweden. The Group employs over 2,000 financial and payroll management professionals at a total of more than 100 locations in Finland, Sweden and Norway. The Group's turnover is about EUR 220 million (pro forma 06/2025). The Group is owned by the Nordic private equity company Norvestor, the Group management and key employees. More information at www.rantalainen.fi/en
BDO is an international advisory and audit firm with strong presence in Norwegian society and business. In 2024, BDO generated revenues of NOK 3.3 billion and operates from 50 offices across the country. Globally, BDO is present in 164 countries and employs more than 111,000 professionals. Business Services delivers solutions within accounting, payroll, finance operations, digitalization, and business support. The unit supports everything from small local companies to large international players through a global network. Business Services comprises approximately 600 employees, is present at 30 locations nationwide, and generates revenues of around NOK 1 billion.
Norvestor Advisory is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 98 investments with >600 add-on acquisitions, in addition to executing 66 exits, including 16 IPOs. The Norvestor Funds seek 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