Cinven takes majority stake in Ongoing Warehouse

International private equity firm Cinven has agreed to make a significant investment in Ongoing Warehouse, a leading provider of cloud-native WMS solutions. The transaction represents a partnership, as the company's co-founders, Henrik Ekman and Gerhard Guron, along with CEO Fredrik Einarsson, will remain significant shareholders and continue to lead the business. Cinven's investment thesis is built on several key factors. The firm identified Ongoing as operating in a high-growth segment supported by durable, long-term tailwinds, specifically the continued shift from legacy systems to specialized, cloud-based warehouse management solutions. Cinven was also attracted to Ongoing's strong track record of organic growth, which is underpinned by a predictable, recurring revenue model and high customer retention, offering both visibility and downside protection. The software's business-critical nature, being deeply embedded in customers' daily operations, results in high customer satisfaction and loyalty. With Cinven's support, the go-forward strategy includes accelerating growth in the Nordics, pursuing international expansion, and leveraging AI to enhance automation and optimization. This deal marks the third investment from Cinven’s new mid-market strategy, which focuses on areas aligned with the firm's core sector strengths.

The acquisition of Ongoing Warehouse is part of the growth strategy of Cinven, which already has several external growth operations under its belt, notably Artefact in 2025.