Procuritas Capital Investors IV L.P. acquires Sonans AS
Press release, Guernsey/Stockholm
PCI IV acquires Sonans AS, a leading Norwegian supplier of education services, from Arendal Fossekompani, a listed Norwegian Energy and Investment Company. The acquisition will take place through a newly established Norwegian holding company. Closing will follow customary Competition Authority approval.
“We are very excited about this opportunity” said Erik Fougner, Board member of PCI IV. “Under the leadership of the CEO Leif Morten Midtlyng and his team, Sonans has grown to become Norway’s largest provider of educational services to Private Candidates for their Upper Secondary Schools exams. We believe in strong further growth for Sonans within its core activities and in related educational services and are looking forward to supporting Leif Morten and his team in realizing this potential.”
Leif Morten Midtlyng added “The Sonans management team is pleased about the sale to PCI IV. We have had a good dialogue with the new owners during the sales process, and we are eager to focus our energy on our joint growth plans.”
About Sonans A/S
Sonans was founded in 1989 to offer education services to Private Candidates for their Norwegian Upper Secondary Schools exams. These candidates largely consist of students who need to improve their grades or broaden their curriculum in order to enable them to enter the higher education of their choice. Sonans offer both classroom and web based courses. In addition, Sonans also offers regular three year private secondary school courses. The company has schools in 8 Norwegian cities and a turnover in 2010 of ca 200 MNOK.
More information about Sonans can be found on www.sonans.no.
Procuritas Capital Investors IV is a private equity fund focusing on mid-sized companies in the Nordic Region. Sonans is the seventh investment by PCI IV, and its second in Norway. PCI IV is advised by Procuritas AB and Procuritas Partners GmbH. Procuritas is specialized in initiating, structuring, and financing management buyouts. Founded in 1986, the company was the pioneer in introducing the concept of management buyouts in the Nordic region.
More information can be found on www.procuritas.com.
For further information, please contact:
Erik Fougner, Board Member, Procuritas Capital Investors IV GP, tel. +46 702 66 31 11
Hans Wikse, Managing Partner, Procuritas AB, tel. +46 708 61 23 77
Leif Morten Midtlyng, CEO, Sonans AS, tel. +47 901 45 966