Thursday 1. December 2022
Longship acquires majority in Move
Longship Fund II LP («Longship») has as of the 1st of December 2022 acquired 51% of the shares in Move AS («Move»), joining forces with existing shareholders and management in supporting the company’s continued growth journey.
Move is an IT-infrastructure specialist supplier, providing medium-sized customers in the public and private sectors with end-to-end solutions, consulting, and managed services. The company is a trusted partner for clients with complex IT-environments in demand for leading solutions, competence, and support. Move expects revenue of NOK 560 million for 2022, representing a 67% year-over-year growth. The company employs 105 employees and is headquartered in Oslo.
“Move’s track-record and development is truly impressive. Move has established itself as an IT-infrastructure specialist in the Norwegian market with attractive solutions and service offerings, skilled employees, and leading domain competence. We are looking forward to joining forces with existing shareholders, management, and employees in continuing the development of the company and embark on the growth journey ahead”, says Espen Stenumgård, lead partner for Longships’ investment.
“After decades of solid growth and organizational development, we feel the time is right to welcome a partner that can support the next growth phase of Move. Together with Longship we will have the resources and competence to accelerate the development and establish Move as an IT-infrastructure champion in the Norwegian middle-market” says Roald Sannæs, Chief Executive Officer of Move.
“We have truly got to know the Longship team and their approach to active ownership and are excited to welcome them onboard. We believe that we together can develop Move as a leading IT-infrastructure specialist with an even stronger value proposition for our customers, suppliers, and employees”, says Tom Adolfsen, Chairman of the Board of Move.
Longship was advised by Boston Consulting Group, Wiersholm, and RSM Norge.
For more information, please contact:
Espen Stenumgård, Partner, Longship AS
+47 992 44 678
espen.stenumgard@longship.no
Roald Sannæs, CEO, Move AS
+47 920 40 197
rss@move.no
Tom Adolfsen, Chairman of the Board, Move AS
+47 920 96 000
tom.adolfsen@gmail.com
About Longship:
Longship is a Norwegian private equity investor established by a group of experienced investment professionals in 2015. Longship identifies and invest in companies with significant growth potential in the Norwegian lower mid-market and are applying a transformational growth approach. The investment team currently consists of eleven professionals, making it the leading player in the Norwegian lower mid-market.