Clearwater advises Procuritas on acquisition 12 IT services companies

Transaction

Procuritas acquired new IT services platform in Finland

Buy-side

Undisclosed

Role

Adviser to Procuritas on the acquisition of Frendy

Sector

Business Services
Tech & Tech Services

Region

Finland

We have advised Swedish Private Equity firm Procuritas on the acquisition of 12 IT services businesses that together form a new company called Frendy.

The newly created platform, Frendy, is majority owned by Procuritas while local entrepreneurs retain significant minority ownership in the structure and responsibility over their respective operations. Frendy will deliver IT services for SME companies in Finland, a target market of more than €1bn annually. At inception, the company will have 160 employees in 16 locations across Finland and will be headquartered in Helsinki, with pro forma revenues of over €33m.

Clearwater has been a reliable hands-on partner throughout the complex transaction process leading to the creation of Frendy, starting from a thematic sourcing project we did together with the team back in 2020, through relationship building with a large group of entrepreneurs, and finally a transaction phase that successfully led to the acquisition of no less than 12 companies simultaneously. We at Procuritas are truly pleased with the support and seamless cooperation we’ve had with the Clearwater Finland team.
Jussi Holopainen, Investment Manager at Procuritas

Frendy is a unique deal in Finland by many standards and we are extremely proud of having a part in the story. The high potential, but also high-risk transaction was eventually made possible by the great team spirit and strong mutual trust built between the parties over the many months of hard work.
Juha Raunio, Managing Partner, Clearwater Finland