Vitruvian Partners has acquired a majority stake in Swedish transport management software company Unifaun Group, formerly known as Memnon Networks, from European private equity firm Bridgepoint Development Capital (BDC).
Unifaun’s management and key employees will remain significant minority shareholders in the new ownership structure. The company is based in Stockholm and Gothenburg, Sweden.
Concurrently with this deal, BDC’s portfolio company Inspired Thinking Group (ITG) acquired London-based Creator, an electronic customer relationship management service.
With a history dating back to the 1990s, Unifaun is a leading provider of transport management software (TMS) solutions in Northern Europe. Unifaun and Memnon Networks, the region’s two industry leaders, merged in 2014. Unifaun’s TM-systems are used in around 80 countries and our turnover in 2014 was ~17M euro.Through its proprietary technology delivered as a fully hosted SaaS platform, the company connects shippers of goods, carriers, and end-customers, enabling the parties to automate the exchange of vital transportation data, an otherwise complex, costly, and often manual exercise. The company serves a customer base of over 100,000 companies. During BDC’s ownership, the company has doubled revenues and expanded its geographical presence.
“Over the last 10 years, the group has grown from 20 employees based in Stockholm to 135 across 9 offices spanning the Nordic region and Poland,” said Unifaun’s CEO Martin Randel. “Over those 10 years the number of customers have grown exponentially. Partnering with Vitruvian Partners is a very exciting next step in the group’s development and will allow us to continue to expand internationally, explore new markets and opportunities, whilst at the same time developing our technology for the benefit of existing and new customers and partners.”
“We’ve had the pleasure to work with a talented and highly motivated team to develop the Company from a relatively small, but highly successful, Swedish company into a diversified Northern European TMS provider of scale. The future prospects are promising, and we look forward to following the developments of the company,” said Johan Dahlfors, partner at BDC.
“Driven by a clear value proposition and relentless focus on leveraging its technology to simplify and automate the shipping process, Unifaun has managed to create a unique market position, as evidenced by its loyal customer base and strong relationships across all stakeholder groups,” said Mike Risman, managing partner at Vitruvian Partners. “Martin and his team have done a tremendous job in developing the Company into the leading Northern European TMS player within a short period of time and we are delighted to partner with them to drive the next phase of the company’s development.”
Vitruvian Partners Vitruvian Partners is a middle-market private equity firm specializing in buyouts and growth capital investments in the UK and Northern Europe. Its experience as principals in the industry dates back to 1990. The firm targets investments of €30 million to €150 million in companies with an enterprise value of typically €50 million to €500 million. Although the firm is not bound by industry sectors, it focuses on Media, IT, Telecoms, Financial Services, Business Services, Healthcare and Leisure. The firm is headquartered in London, with additional offices in Munich, Stockholm and Luxembourg.
Bridgepoint Development Capital is a major international private equity group with over €20 billion of committed funds to date from a world class investor base. BDC focuses on smaller middle-market buy-outs and growth capital investments, typically businesses valued up to €150 million. The firm’s main focus is on acquiring market-leading businesses valued between €200 million and €1 billion where we believe we can create significant value under Bridgepoint ownership. It’s ix principal sectors are business services, consumer, financial services, healthcare, manufacturing & industrials and media & technology. Established over 25 years ago, the firm has completed transactions valued at over €22.5 billion since 2000. BDC has a network of 8 European bases with a local presence in every major European private equity market, and a portfolio office in Shanghai.