Valedo III invests in Cordel Norden

After several years of successful partnership, System Konsult AS (”System Konsult”) and Bransjedata AS (”Bransjedata”) are joining forces to create Cordel Norden AS (“Cordel Norden”), a market leading provider of ERP systems for craftsmen in Norway. In connection with this, Valedo Partners III AB (”Valedo”) enters as a new majority shareholder in partnership with the founders, key employees and the board. With Valedo as a new majority shareholder, Cordel Norden will be provided additional resources in terms of capital and expertise to accelerate the long-term growth plan of the company.

System Konsult was founded in 1987 and has as of today several thousand users of its ERP system Cordel as well as market leading knowledge within improving efficiency for craftsmen through software tools. Bransjedata is a leading integrator of ERP software for craftsmen in Norway. Both companies have in recent years shown strong organic growth and currently have a combined turnover of around NOK 70 million.

“We have during a number of years collaborated closely and see a clear rationale of tying the organizations even closer together. As a combined company, we will be able to offer an even stronger value proposition to the customers with our highly tailored ERP solution and solid knowledge of our customers’ requirements”, says Jan Olav Sandnes, CEO, System Konsult and Runar Vinjevoll, CEO, Bransjedata.

The terms and conditions of the transactions are not disclosed.

Cordel Norden is Valedo Partners III AB’s first investment. Valedo III is established with a committed capital of SEK 2 billion and is the successor of Valedo II, which was established in 2011 with a committed capital of SEK 2 billion. Valedo III has the same investment focus and strategy as Valedo II; investing in leading Nordic lower middle market companies where long-term value creation is primarily driven by growth. Valedo contributes with capital, competence, experience and passion to ensure that our companies reach their full potential. Valedo usually invests in cooperation with former owners and always alongside the companies’ management and key employees.

Valedo III is, just like Valedo I and Valedo II, a Swedish private limited liability company (Aktiebolag). Valedo’s shareholders are Valedo’s employees and board of directors, a number of entrepreneurs, charities and endowment funds, pension funds and financial institutions.

For further information on Cordel Norden, please contact:
Gustav Line, VD Cordel Nordel
+47 (95) 26 71 04

For further information on Valedo, please contact Valedo’s media contact:
Hanna Bilir, Brunswick Group
+46 (0)709 16 68 66

About Valedo:
Valedo is an independent Swedish investment group that invests in high-quality small and mid-cap companies in the Nordic region. Valedo focuses on companies with clear growth and development potential where Valedo can actively contribute to and accelerate the companies’ development. Being an active owner and contributor of both capital and industrial experience, Valedo helps to ensure that its companies can achieve their full potential. Valedo has completed 21 platform investments and more than 90 add-on acquisitions. Valedo’s businesses have a combined revenue of SEK ~4500 million with ~3 300 employees in more than 20 countries. Valedo’s exited businesses have on average grown by ~250% during Valedo’s ownership.

1. Valedo Partners Fund I AB, Valedo Partners Fund II AB and Valedo Partners III AB are separate legal entities (limited liability companies) that operate independently from each other.

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