HIG Europe, the European branch of the international investment fund HIG Capital with offices also in Milan led by Raffaele Legnani, has announced the acquisition of Fågelviksgruppen (“FVG”), a leading taxi service provider in major Swedish and Norwegian cities to its recognized brands and reliable technology. In over 30 years, FVG has established itself as a leader in all segments of the sector and is today the reference supplier for private customers, companies and public bodies. FVG was among the first companies to make use of new technologies such as apps and integrated B2B services. For the current year, revenues of around SEK 5,500m (€590m) are expected.
HIG has invested alongside the FVG management team, who will benefit from HIG's industrial, strategic and financial expertise to support the development plan in the Nordic countries. Thanks also to its international network in Europe, HIG will support FVG in further growth projects, capitalizing on the technological base of the company, leader on the market.
Ole Oftedal, CEO of FVG, said: “I am happy with the partnership with HIG. His long-term vision and support will allow us to further invest in the offer and technology, guaranteeing the best quality in terms of service to our customers and to our partners. We are excited about the next phase of growth and international expansion.”
Carl Harring, Managing Director of HIG Europe, which manages the Nordic business, added: “FVG has developed a strong reputation for service delivery, quality and technological innovation in the Nordic taxi services industry. This has allowed the company to grow rapidly and gain a leadership position. We are happy to be able to support FVG's continued growth with further investments in technology and by leveraging our strong customer relationships.”
FVG, owner of leading brands such as Taxi Kurir, 020, Norges Taxi and Taxi Skåne, is a provider of technology, brand affiliation and services for independent carriers. The company manages allocation and booking services for more than 5.000 taxis throughout Sweden and Norway. Leveraging on its extensive network, FVG offers carriers the maximum exploitation of transport capacity and passengers the best response in terms of times and quality of service.
HIG Capital is a leading global private equity and alternative assets player with more than $17 billion in assets under management.* Headquartered in Miami with offices in Atlanta, Boston, Chicago, Dallas, New York and San Francisco in the United States, and in London, Hamburg, Madrid, Milan, Paris and Rio de Janeiro, HIG specializes in providing capital and finance to small and medium-sized enterprises with a flexible, industrial and value-driven approach:
1. private equity funds invest in management buyouts, recapitalizations and carve-outs of industrial and service companies, both with good profitability and underperforming;
2. Debt funds invest in senior, unit-tranche and junior financial instruments, both on the primary and secondary markets. Through the WhiteHorse family of vehicles, HIG is also a primary CLO manager and operates a publicly traded BDC, WhiteHorse Finance.
3. other funds invest in other types of assets, including real estate and shipping.
Since its founding in 1993, HIG Capital has invested and managed more than 200 companies worldwide. HIG's current portfolio includes more than 80 companies, with combined revenues of more than $30 billion.
