Reiten & Co Capital Partners VII L.P. has sold its 32.7% ownership interest in Data Respons ASA, at NOK 26.5 per share, representing a total transaction sum of approximately NOK 426.3m. The transaction was done through an accelerated bookbuilding process yesterday.
Data Respons has over the years strategically positioned itself at the heart of the on-going digitalization trends and developed into a leading European provider of embedded solutions and high-quality R&D services. Every journey has its end, and Reiten & Co would like to thank Mr Kenneth Ragnvaldsen (CEO) and the highly skilled organization for outstanding contribution to value creation.
“We have been invested in Data Respons since 2009 and it has been very rewarding to work with such a competent and professional team. The company has successfully strengthened its position within R&D services, both through accretive acquisitions and organic growth. It is well positioned in the centre of the digitalization and internet-of-things megatrends, with products and services that the customers value highly,” says Narve Reiten, founding partner of Reiten & Co.
“Through our sale of shares we expect the free-float and liquidity in the stock will increase, and that the company will continue to perform strongly,” Mr. Reiten adds.
Mr. Reiten has served as a board member since 2015, and he will continue as a board member. The brokers required Mr. Reiten to invest NOK 10 million in shares with a six-month lock up. He will therefore continue as a shareholder in Data Respons, through his private investment company.