Oslo/Haugesund, Monday July 4th, 2016
The Norwegian investment company Credo Partners acquires 60% of the shares in SYSCO. The founders and key employees will keep the remaining 40% of the shares.
SYSCO is a leading supplier of IT services and software to the energy utility sector.
SYSCO has established itself as a leading specialist within IT-solutions for energy utility companies– a customer segment facing significant investments, regulatory change and technological development that will drive the need for
support and upgrade of IT systems. SYSCO has a particular competitive edge
within Oracle technology, which is the technological foundation for a large part of the IT systems in the energy utility sector.
The company already has 70 of 130 power distribution companies as its customers, giving it a strong
platform for further growth. SYSCO was founded in 2004, and had revenues of NOK 162
million and EBITDA of NOK 25 million in 2015.
SYSCO is a highly attractive platform for further growth, within a well -defined niche for IT services and software for the Nordic energy utility sector, says Managing Partner in Credo Partners, Gudmund Killi- We been looking for a partner who can strengthen SYSCO for further growth, and Credo represents the experience and competence we truly
believe will increase our ability to execute on our ambitious goals, says Frank Vikingstad, CEO of SYSCO.
No change for employees
The new ownership in SYSCO will not have any immediate implications for the company’s employees, suppliers or customers. Today’s highly competent management will continue leading the company, and the board of directors will be strengthened by new members from Credo as well as by external industry experts.
About the transaction
Credo Invest Nr 10 AS will own ca. 60% of the shares in SYSCO.
The transaction will be closed by the end of July.
The parties have agreed not to disclose the purchase price for the shares.
About Credo Partners
Credo Partners is a Norwegian investment company, which since 2003 has developed
companies through demanding situations.
Credo is today established as a leading player in Norway for value creation in small and medium sized enterprises.
Credo Partners’ other investments include Labflex, OptimarStette, Made for Movement, Variér, LOG and Kymar,
and former investments include Stokke and ForaForm.