Mergers and Acquisitions, Mergers and Acquisitions, SI, MSP, Content, Private equity

Advania, Backed by Goldman Sachs, Acquires Microsoft Partner Content+Cloud

Advania, a Nordic MSP giant backed by Goldman Sachs Asset Management, has acquired UK-based cloud specialist and Microsoft partner Content+Cloud Limited (C+C). The seller was mid-market private equity firm ECI Partners, among other shareholders. Financial terms were not disclosed.

This is technology M&A deal number 769 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.

Advania, founded in 2012, operates in 27 locations in Sweden, Iceland, Norway, Finland and Denmark. The newly combined company will have about 3,500 employees and will provide custom-built IT services in both the Nordic region and in the UK. C+C’s current CEO Peter Sweetbaum will continue leading that business.

Advania Acquires Content+Cloud: “A Major Step”

Mikael Noaksson, CEO, Advania
Mikael Noaksson, CEO, Advania

Mikael Noaksson, CEO, Advania, commented:

“Being able to join forces with Peter and his team is an exceptional opportunity for Advania to enhance our customer proposition and to scale our offering outside the Nordics. For Advania the acquisition of C+C is a major step towards becoming a leading Northern European IT services provider with our decentralized model, customer intimacy focus and long-term relationships, says Mikael Noaksson, CEO of Advania.

Peter Sweetbaum, CEO, Content+Cloud, said:

“Over the last five years, Content+Cloud has brought together some of the most exciting businesses within the Microsoft technology ecosystem, making us a leading Microsoft cloud services and digital transformation partner in the UK. Becoming part of the Advania Group, with their well-earned reputation in the Nordics and our mutual focus on customer centricity, presents an incredibly exciting opportunity for the group to build a leading Northern European technology and transformation provider to our clients.”

Michael Bruun, head of the EMEA private equity business at Goldman Sachs Asset Management, commented:

“We are very excited to welcome Content+Cloud into the fast-growing Advania Group and to support the company, together with the GS Value Accelerator, in scaling Advania’s UK operations organically and via M&A. The acquisition of Content+Cloud will enhance the value proposition to the combined business’s client base and represents an important next step towards accelerating Advania’s growth trajectory in Northern Europe.”

Goldman Sachs Bank Europe SE, Sweden Bankfilial and Stephens acted as co-financial advisors to Advania. Arma Partners acted as financial advisor to Content+Cloud. Goldman Sachs Asset Management will continue to be the majority shareholder of the Advania Group.

Goldman Sachs and MSP Investments

Goldman Sachs has experience investing in and around the MSP sector.

For instance, the Goldman Sachs Merchant Banking Division and Everstone Group acquired significant stake in Infostretch, an IT consulting firm, in August 2020. Goldman's other noteworthy IT investments include Acronis, and a restaurant-focused MSP named Restaurant Technologies Inc.