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Stirling Square, TA Associates, and Macquarie Capital Complete Acquisition of Byggfakta
Stockholm, 8 May 2024 – A consortium consisting of Stirling Square, TA Associates (“TA”), and Macquarie Capital has completed the acquisition of Byggfakta, a leading information and software provider within the construction industry. The acquisition follows a public offer to the shareholders of Byggfakta, unanimously recommended by the Independent Bid Committee of Byggfakta’s Board of Directors.
Byggfakta is a leading provider of data, insights, and software solutions for the global construction industry, serving over 50,000 customers. The company, headquartered in Ljusdal, Sweden, was founded in 1936 and has more than 2,000 employees spanning more than 20 countries. Byggfakta’s core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering.
Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014. TA acquired a significant minority stake in Byggfakta in September 2020, joining Stirling Square. Since their initial investments, Stirling Square and TA have enabled value creation by supporting Byggfakta’s efforts to improve its commercial and operational capabilities, and in executing on its acquisition strategy to broaden the company’s service offering and expand internationally. Stirling Square and TA have now formed a partnership with Macquarie Capital, to support Byggfakta’s future journey.
Stirling Square, TA, and Macquarie Capital see great opportunities for Byggfakta to become a global champion within the construction technology industry with a central role in the ongoing development of the sector. By facilitating operational and financial resources and leveraging the consortium’s combined track record from similar growth stories, Byggfakta will be positioned to accelerate delivery of continued organic growth and strategic M&A.
Ben Hopper, Managing Director, Stirling Square,commented:
“The return to a private markets environment is an important moment for Byggfakta as we continue supporting the company to achieve its ambition to become a global leader in data and software solutions for the construction industry. We believe this transition from the public markets will enable the company to accelerate its long-term growth potential through further international M&A supported by long-term shareholders providing additional capital and deep domain expertise. We are delighted to be working alongside Dario and the talented team at Byggfakta together with our longstanding partner TA and to welcome an investor we have long admired in Macquarie Capital.”
Naveen Wadhera, Managing Director, TA, comments:
“Since partnering with Byggfakta in 2020, we have witnessed significant progress and are optimistic about the substantial opportunities that lie ahead with the acceleration of the company’s M&A strategy. We look forward to working with the Byggfakta team, Stirling Square and Macquarie in the execution of our new joint strategy.”
Adam Joseph, Head of Private Equity for Macquarie Capital Principal Finance Europe, comments:
“We have been following the development of Byggfakta for some time and are impressed with its achievements to date that have positioned the company as a leader within the construction software and data industry. We are looking forward to joining forces with Stirling Square and TA in supporting Byggfakta’s continued growth journey.”
Dario Aganovic, CEO, Byggfakta:
“Over the years, Byggfakta has successfully established unique database content, market leading software, and strong customer engagement. Looking ahead, we have a clear strategy to become an even stronger global player and a world-leading company in our industry. I am excited to deepen our partnership with Stirling Square and TA and to join forces with Macquarie Capital in the years to come,enabling an acceleration of our strategy.”
On 6 May 2024, the offer was closed with Stirling Square, TA, and Macquarie Capital, through Giant BidCo, controlling 99.8 per cent of the shares in Byggfakta.
About Byggfakta
Byggfakta Group is a global data and software company with roots stretching back to 1936, more than 2,000 employees and operations in 26 countries. The Company offers services that connect the construction sector, thereby increasing total growth and promoting better construction. Its unique data, insights and software solutions help customers to maximise sales, increase efficiency and build more sustainably. The core operations encompass five areas: Project Information, Specification, Market Intelligence, Product Information, and E-tendering. Byggfakta mainly generates subscription revenue, which currently exceeds SEK 2 billion annually. Byggfakta’s goal is to grow organically by 10% per year and to grow an additional 5–15 percent per year through acquisitions. Byggfakta Group has been listed on Nasdaq Stockholm since 2021.
About Stirling Square
Stirling Square is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 8, rue Lou Hemmer, L-1748 Senningerberg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259546.
Stirling Square is a leading pan-European mid-market private equity firm based in London. Stirling Square has extensive experience investing in the Nordics. Its current portfolio includes Infobric, Assist24, Logent and SAR. Founded in 2002, Stirling Square is a partner to leading European mid-market businesses, with over 20-year track record of investing with conviction in market-leading platforms in the EUR 100 million to EUR 500 million enterprise value range. Since inception, Stirling Square has invested in 30+ platform companies and 100+ add-on acquisitions globally, helping to create regional and global champions. The firm has raised four funds and manages over EUR 3 billion on behalf of a global and diverse investor base. The investment team consists of more than 20 investment professionals, who have in aggregate committed 16 per cent of the total capital of the fourth fund ensuring full alignment with the success of its portfolio companies and their management teams. Stirling Square has been the largest shareholder in Byggfakta since 2017, with its relationship to senior management dating back to 2014.
About TA Associates
TA is a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg, having its registered office at 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B 259878.
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries—technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. TA acquired a significant minority stake in Byggfakta in September 2020, alongside existing investor Stirling Square.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s balance sheet. Macquarie Capital has deep sector expertise in the aerospace, defense and government services, consumer, gaming and leisure, critical minerals, energy, financial institutions, healthcare, industrials, infrastructure, services, software, technology, telecommunications and media sectors.
Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie’s balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.
Giant BidCo completes the recommended public cash offer to the shareholders of Byggfakta and becomes the owner of 99.0 per cent of the shares in the company
For additional information relating to the offer, including the press release, please visit www.giant-bidco.com
Stirling Square, TA and Macquarie Capital, through Giant BidCo, announce a recommended public cash offer of SEK 46 to the shareholders of Byggfakta
For additional information relating to the offer, including the press release, please visit www.giant-bidco.com.
Byggfakta Group completes the acquisition of BCI Media Group
Byggfakta Group today announces the completion of the acquisition of 100 percent of BCI Media Group, a leading B2Binformation provider for the construction industry in Australia, New Zealand, Asia and the US.
BCI is providing critical intelligence on current and prospective construction projects essential in lead and sales generation for its clients. With the acquisition of BCI, Byggfakta Group further expands its project information business footprint internationally.
BCI had approximately AUD 40 million(corresponding to approximately SEK 256 million) of revenue in the financial year 2020/21 and approximately 730 employees distributed across the regions Australia, US and Asia.
Initial Public Offering of the Byggfakta Group
StirlingSquare Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, is proud to announce that Byggfakta Group Nordic HoldCo AB (publ) (“Byggfakta Group” or the “Company”), a leading market intelligence and sales enablement platform for the European construction industry, was listed on the Nasdaq Stockholm today, marking the next step of a journey which started with Stirling Square Capital Partners in 2017. The offering attracted very strong interest from investors and was multiple times oversubscribed.
Headquartered in Ljusdal (Sweden), Byggfakta Group, is a digital platform providing solutions connecting construction value-chain participants, maximising sales and improving efficiency for its customers. The Company’s core offering lies across four product segments, targeting different stakeholders in the construction value chain, namely (i) Project Information – a business intelligence sales leads platform; (ii) Specification – specification software digitising the specification writing process; (iii) Product Information – an online platform for suppliers to showcase their products online, and providing buyers a comprehensive catalogue of curated construction products; and (iv)e-Tendering – eSourcing and eProcurement software.
The Company was created in 2020 under Stirling Square’s ownership in partnership with TA Associates, a leading global growth private equity firm, following the initial acquisition of DOCU Nordic by Stirling Square’s Third Fund and the subsequent investment by Stirling Square’s Fourth Fund. Byggfakta is the result of the successful combination of DOCU Nordic with Vortal, Olmero, National Building Specification, and Glenigan.
Stefan Lindqvist, CEO for Byggfakta Group, comments:
”Today marks an important day in Byggfakta Group’s history. We are tremendously thankful for all of our employees who have contributed to the expansion of Byggfakta to be come a leader in the construction technology market. We welcome the new shareholders who join us today as we list on Nasdaq Stockholm, a milestone which further improves the conditions for our continued expansion and strengthens Byggfakta Group’s market position.”
Henrik Lif, Investment Committee Member at Stirling SquareCapital Partners and Chairman of the board of Byggfakta Group, comments:
“We are very proud of the past years’ performance, where Stefan and the team have achieved strong growth and built a fantastic company with a leading tech platform to serve the construction industry. The strong interest in the offering from both private and professional investors is a testament to the market’s trust in management and our continued growth strategy. Stirling Square Capital Partners are excited to continue this journey together with the Company and our new shareholders.”
A link to the official IPO press release can be found here: https://byggfaktagroup.com/mfn_news_en/first-day-of-trading-in-byggfakta-groups-shares-on-nasdaq-stockholm/
Introducing the Byggfakta Group
Following the successful acquisition of DOCU Nordic, Vortal and Olmero by Stirling Square’s Fourth Fund in 2020, Stirling Square is pleased to announce the additional acquisitions of National Building Specification (“NBS”) and Glenigan. Together with the previously acquired businesses, the combined platform is now known as the Byggfakta Group.
The recent acquisitions of NBS and Glenigan further enhance the Byggfakta Group’s integrated approach to capturing and publicising valuable information for its clients from the earliest stages of ideation, through to design and specification, tendering and procurement. This ability to maintain customer engagement through the full value chain creates a unique value proposition for customers that is unrivalled globally.
With significant operations across Scandinavia, the United Kingdom, Iberia, DACH and Central & Eastern Europe, the integrated Byggfakta Group represents a leading construction technology and construction management ecosystem in Europe.
Stirling Square Capital Partners’ Fourth Fund invests in DOCU Nordic in partnership with TA Associates
Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announced an additional investment in portfolio company DOCU Nordic Group Holdings AB (“DOCU Nordic” or the “Company”) in partnership with TA Associates, a leading global growth private equity firm. TA Associates will acquire a significant minority stake in the Company from Stirling Square’s Third Fund alongside Stirling Square’s Fourth Fund, which becomes the majority shareholder in DOCU Nordic.
Headquartered in Ljusdal, Sweden, DOCU Nordic is the leading provider of business intelligence and data analytics services within the construction, real estate and healthcare markets in Scandinavia, Central Europe and Iberia.
During Stirling Square’s Third Fund’s ownership, DOCU Nordic substantially developed its product offerings and capabilities while expanding its geographic reach. The Company recently announced the acquisition of Vortal in Portugal, which will add strategic e-tendering capabilities and a presence in Iberia. The new investment is the latest step in DOCU Nordic’s aim to create the leading construction technology and construction management eco-system in Europe, with significant opportunity for future buy-and-build activity.
Henrik Lif, Partner of Stirling Square, commented: “We believe that DOCU Nordic is an outstanding business that provides business critical and high-value services to a broad customer base. We are delighted to continue our investment journey with the Company in partnership with TA Associates. DOCU Nordic has demonstrated industry leading innovation in the construction, real estate and healthcare sectors. With the recent acquisition of Vortal in Portugal, the Company takes a further step geographically with the leading public e-tendering platform in Southern Europe. We look forward to continuing our work with senior management on organic growth and buy-and-build opportunities across Europe.”
Naveen Wadhera, Managing Director of TA Associates, said: “Given our focus on partnering with market leading, profitable and growing businesses, DOCU Nordic offers a compelling investment opportunity for TA. We see particular opportunity to help accelerate the Company’s growth and to expand both product offerings and geographic reach through accretive acquisitions. We are excited to partner with Stirling Square and DOCU Nordic’s management team to help build additional value for the Company.”
Stefan Lindqvist, CEO of DOCU Nordic, added: “We are delighted to have the opportunity to further build on the past three years of partnership with Stirling Square, and we welcome TA Associates, an experienced global investor in the technology sector, as a new partner. We look forward to working closely with both owners as we open a new chapter in DOCU Nordic’s success story.”
Mr. Henrik Lif, Mr. Ben Hopper and Mr Raphael Mukomilow of Stirling Square and Mr. Naveen Wadhera and Mr. Max Cancre of TA Associates will serve on the DOCU Nordic Board of Directors.
Stirling Square Capital Partners acquires DOCU Nordic
Stirling Square Capital Partners (“Stirling Square”), a leading pan-European mid-market private equity firm, today announces the acquisition of DOCU Nordic Group Holdings AB (“DOCU Nordic” or the “Company”).
DOCU Nordic is the leading provider of business intelligence and data analytics services essential in the generation of sales leads within the construction, real estate and healthcare markets across the Nordic region. Headquartered in Ljusdal, Sweden, the Company maintains market leading positions in Sweden, Denmark, Norway and Finland.
DOCU Nordic’s core business is Project & Product Information services, which provides intelligence for construction market participants and connects materials suppliers and contractors with developers and advisers (such as architects). Together, the Project & Product Information services segment maintains a proprietary centralised database of more than 94,000 construction projects and 16,000 building products, serving a subscriber base of over 22,000 customers across the entire construction value chain. DOCU Nordic additionally offers comparable products in the Commercial Property and Healthcare spaces.
Stefano Bonfiglio, Managing Partner of Stirling Square, commented: “DOCU Nordic is the clear leader in its space, providing valuable transparency in the highly fragmented and complex construction industry. Together with DOCU Nordic’s management team we look forward to evolving the Company to create an eco-system of intelligence among industry participants.”
Henrik Lif of Stirling Square commented: “DOCU Nordic is a terrific business providing mission-critical services to a broad customer base. As we look to the company’s future we see significant opportunity to more deeply integrate with existing customers, expand product offerings in established segments, and develop its footprint beyond the Nordics.”
Stefan Lindqvist, CEO of DOCU Nordic added: “With Stirling Square as new majority owner, we look forward to continuing our efforts to improve and expanding our offering of information services in existing and new markets.”
The transaction represents the eighth platform investment in Stirling Square’s Third Fund, and Stirling Square’s first platform investment in Sweden.
