On 9 October 2013, FSN Capital LP II signed an agreement to sell Agito, a leading provider of healthcare staffing services in the Nordic region, back to the Adolfsen Group.
Agito was established in 2001 as a nurse staffing company focused on the Norwegian market. In 2008, the Company completed an acquisition of a Danish provider of physicians on long term contracts. Today, the Company is a leading provider of staffing solutions for physicians and nurses on long-term and short-term contracts to health care institutions in the Nordic region.
Agito was originally acquired as a subsidiary to Norlandia Care but was subsequently demerged. Together with the divestment of Norlandia Care in November 2011, the combined original investment is now fully realised at an ROI of 2.0x and IRR of 15%.
Agito has completed a transformative acquisition in Denmark and undergone extensive restructurings as a consequence of negative structural changes in both the Norwegian and Danish healthcare sectors. The Company has through M&A increased its revenue by 55% and EBITDA by 42%, but the value development was hampered by a substantial debt burden.
“FSN Capital’s active approach to ownership helped ensure Agito’s sustainability through a period of increased political uncertainty and regulations negatively affecting the Norwegian and Danish healthcare industry. We are excited about the Company’s future and are looking forward to supporting the management team in its continued development of Agito”, says Kristian Adolfsen, owner of the Adolfsen Group.
“During our ownership period, and in close collaboration with management, Agito was restructured and institutionalised for scalability. It has been developed into a professionally managed group with a value-added sales approach to staffing in the health care industry. The Company has been a sub-scale investment for FSN Capital and the divestment marks the final realisation of the original Norlandia Care investment”, says Henrik Lisæth, Partner at FSN Capital.
The Adolfsen Group has acquired FSN Capital’s share in Agito as a result of a sales process. FSN Capital has been advised by Ernst & Young and Advokatfirmaet Haavind.