H.I.G. Europe Acquires Fågelviksgruppen, Leading Nordic Taxi Technology and Services Company
LONDON – April 8, 2015 – H.I.G. Europe (“H.I.G.”), the European arm of global private equity firm H.I.G. Capital, announced that it has completed the acquisition of Fågelviksgruppen (“FVG”), a leading Nordic taxi services provider, which through its well-known and trusted brands and technology serves taxi firms in all the major cities in Sweden and Norway. FVG has over 30 years built up a market leading position in all market segments – consumer, corporate and public contracts. It pioneered new technology such as apps and B2B process integration and expects to reach nearly SEK 5.000m turnover in the current financial year.
H.I.G. will partner with the existing management team which will benefit from H.I.G.’s operational, strategic and financial know-how as it continues to expand in the Nordic region. H.I.G. also has an extensive network across Europe which will help support FVG’s plans to further develop and capitalise on its market leading technology base.
Ole Oftedal, CEO of FVG, said: “I am delighted that we have secured a partnership with H.I.G. Their long term vision and support will enable us to invest further in our product offering, technology and ensure the best quality service to our customers and business partners. We are very excited about the next phase of growth and international expansion.”
Carl Harring, Managing Director of H.I.G. Europe, who leads its Nordic activities, added: “FVG has developed a strong reputation for service, quality and technology innovation in the Nordic taxi services sector. This has enabled the company to grow rapidly and achieve a market leading position. We are delighted to partner with FVG and to support continued growth through further investments into technology and building on its strong customer relationships.”
Terms of the transaction were not disclosed.
FVG, the owner of the leading brands, such as TaxiKurir, Taxi 020, Norgestaxi and Taxi Skåne, is a provider of taxi technology, brand affiliation and services to independent transporters. The business provides fare allocation and dispatch services to over 5,000 taxis across Sweden and Norway. Its extensive network offers transporters the highest capacity utilisation and customers the leading response time and quality offering.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with more than $17 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- Other H.I.G. funds invest in various real assets, including real estate and shipping.
Since its founding in 1993, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes more than 80 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.