Trondheim-based investor Viking Growth is establishing a continuation fund of about NOK 1.7 billion for its investment in HR software company Talentech. British firm Hollyport Capital is the lead investor. According to Shifter's account of a Finansavisen report, the fund will partly acquire Viking Growth's existing 50% holding and partly finance further acquisitions and growth.
Verdane owns the other 50% of Talentech and has arranged a comparable fund. The companies intend to retain their equal ownership. The current Talentech business was formed when Viking-owned Grade and Verdane-owned Talentech merged earlier in the year.
Viking Growth says Talentech has more than NOK 700 million in revenue, an EBITDA margin of about 40%, nearly 4,000 customers and 15 acquisitions to date. The investor has not disclosed how much of the NOK 1.7 billion will buy out existing fund investors. A continuation fund changes the investment vehicle while the owners keep their exposure to the company.