TELEMOS CAPITAL takes majority stake in Permian
Context
Alongside Permian's senior management team and current majority shareholder Levantor AS, Telemos Capital signs a binding agreement to acquire a majority stake in the Nordic fund administrator. Announced in July 2024, this definitive transaction orchestrates a strategic ownership transition designed to aggressively accelerate the target's pan-European commercial trajectory. The deal architecture features a substantial financial reinvestment from the incumbent executive leadership and Levantor—a family-owned advisory firm directed by Jørgen Kjærnes and Kine Burøy-Olsen—ensuring strict operational alignment and governance continuity under the newly formed board. This structural recapitalization marks the incoming private equity sponsor’s inaugural direct investment within the Nordic region, directly aligning with its priority mandate to expand within the specialized business services subsector. The core strategic rationale underpinning this institutional capital injection focuses intensely on funding aggressive international expansion, significantly upgrading internal information technology infrastructure, and broadening the comprehensive suite of fund administration solutions offered to clients. By securing this new institutional majority shareholder, the target transitions from a regional specialist into a highly scalable, next-generation pan-European platform capable of navigating complex outsourcing trends. The execution of this cross-border buyout mobilized an extensive network of professional advisory firms to validate the investment thesis. On the sell-side, the target and its historical shareholders mandated ABG Sundal Collier as financial advisor, supported by Wiersholm for legal counsel, McKinsey for strategic commercial insights, and PwC for financial audits. Conversely, on the buy-side, the acquiring fund retained CLP and Linklaters for multijurisdictional legal structuring, while Deloitte and E&Y executed the rigorous financial and tax due diligence protocols. The final completion of the transaction is officially scheduled for later in 2024.
Permian, which reported an EBITDA margin of [members only] in 2023, is valued in this transaction at an EV/EBITDA multiple of Above 20x, a level significantly higher than the average currently observed in the Business Services sector (11.4x).
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Target
Permian operates as a leading service provider dedicated to the alternative investment market. Headquartered in Oslo with a secondary strategic office located in Stockholm, the organization deploys a highly specialized workforce comprising over 100 employees across Norway and Sweden. The financial enterprise delivers a comprehensive suite of business support services tailored specifically for Alternative Investment Fund (AIF) managers, investment firms, holding companies, trusts, and family offices. Its core operational model focuses on navigating the complexities of increased financial regulation and managing the rigorous administrative workflows associated with alternative asset structures. By maintaining a strictly client-centric approach, the firm consistently achieves high satisfaction levels across its demanding blue-chip institutional client base. Under the executive leadership of Chief Executive Officer Marianne Normann, the business supports foreign entities seeking local representation and assists domestic managers by offering robust back-office administration capabilities. Originally established as an internal back-office division, the enterprise has evolved into a standalone, market-leading platform.
Ent. Value
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
4x–10x
EV / EBITDA
Above 20x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Professional Services
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2024 | TELEMOS CAPITAL | HELIOS GLOBAL GROUP | UNITED KINGDOM | Strategy & Management |
| 10/2024 | TOWERBROOK | ECIT | NORWAY | Accounting & Audit |
| 07/2024 | ARDIAN | DIAM | FRANCE | Marketing & Events |
| 04/2024 | ABENEX | EUROPA GROUP | FRANCE | Marketing & Events |
| 03/2024 | PROMAN | ONESTAFF | FRANCE | Temp Work / Staffing |
| 03/2024 | ADIT (AGENCE POUR LA DIFFUSION DE L'INFORMATION TECHNOLOGIQUE) | DEFENSE CONSEIL INTERNATIONAL (DCI) | FRANCE | Consulting & Audit |
| 03/2024 | TRAIL CAPITAL | MARCADÉ | FRANCE | Marketing & Events |
| 03/2024 | HIG CAPITAL | Strada | UNITED STATES | HR & Capital |
| 03/2024 | CINVEN | Alter Domus | LUXEMBOURG | Accounting & Audit |
| 02/2024 | TORGHATTEN AQUA | INAQ | NORWAY | Strategy & Management |
Other operations with TELEMOS CAPITAL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 10/2024 | TELEMOS CAPITAL | HELIOS GLOBAL GROUP | UNITED KINGDOM | Strategy & Management |
REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €100–200M
EBITDA range: €10–30M
EV/Revenue range: 4x - 10x
EV/EBITDA range: Above 20x
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: permian