Transaction: Divestments
Date: March 2016
Deal value: Not disclosed
Process: Private auction
Industry: Telecom, Media & Technology (TMT)

See more references for this client type
See more references for this service

FIH Partners advises the founding family on the divestment of 100% of the LESSOR Group, a leading Danish software company specialised within payroll, time & attendance and HR software solutions.

The LESSOR Group was founded in 1972 focusing on payroll solutions for larger enterprises. Since then, the Group has grown to become the 2nd largest provider of payroll software to private companies in Denmark with approx. 850,000 Danish payslips processed every month. Today, the Group is comprised of two brands, LESSOR and Danløn, from where more than 45,000 Danish and approx. 1,500 international customers are served. The Group employs approx. 120 employees from its headquarter in Allerød, Denmark and offices in Vejle, Denmark and Ratingen, Germany.

The acquirer, Axcel, is one of the leading private equity firms in Denmark with over DKK 10bn in raised capital. Axcel is to acquire 100% of the LESSOR Group with a wish to support its continued strong growth ambitions, both in Denmark and internationally.

FIH Partners acted as exclusive financial advisor to the founding family and our role was to act as end-to-end exit advisor including:

  • Assisting the family and full management team in finalising their strategy and forecast to 2020

  • Assisting the company in the preparation of a financial vendor due diligence report and a technology / software vendor due diligence report

  • Arranging a highly competitive structured sales process targeted towards a broad audience of both industrial and financial buyers, including early-look meetings with most obvious potential buyers

  • Negotiating final terms of the transaction in an accelerated bidding process

The parties have agreed not to disclose the value of the investment and the transaction is subject to regulatory approval from the competition authorities.