By Dominic Chopping
STOCKHOLM–Swedish private-equity firm Nordic Capital said Monday that it has agreed to buy a majority stake in Sweden-based IT services provider Foxway.
Founded in 2009, Foxway recovers and remarkets IT devices and provides the infrastructure necessary to ensure a sustainable life-cycle. It sources, finances, and refurbishes over 1.5 million devices annually, reporting over 7.6 billion Swedish kronor ($713.3 million) in gross revenue in 2022.
“Foxway is uniquely positioned to benefit from secular tailwinds of increasing sustainability demands from customers, digitalisation trends, and the increasing economies of scale to drive growth and make a lasting positive impact,” Nordic Capital said.
“Several recent high-profile customer partnerships, together with acquisitions completed in Spain, Sweden, Estonia, Norway, Denmark, Germany and the U.K., reinforce Nordic Capital’s belief in Foxway’s business model and long-term strategy.”
Nordic Capital said that with Foxway’s management and alongside current owners Norvestor, it will support continued growth and international expansion.
Financial terms weren’t disclosed.
Completion is expected in the third quarter of 2023 and is subject to regulatory approvals.
Write to Dominic Chopping at [email protected]
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