Our Companies

Current companies

Project Fitness

In august 2022, 5 individual fitness center chains teamed up with Credo to create a #2 player in the Norwegian market. The entities hold leading positions in their local markets and a common focus on inclusion and relevance for clients of all ages and physiques.


The platform aims to grow rapidly going forwards by consolidating like-minded high quality companies in the space and develop the group into a leading Nordic health promoting institution.


Contact person: Victor Evensen

Investment year: 2022

Revenues 2021: NOK 250m

iStock-1293503146.jpg
inredo.png

Project Inredo

We have joined forces with the founders of 6 of Norway’s leading players within the installation and production of interior partitioning systems and ceiling solutions, with the aim of creating a new national champion. 


We are coming together to create the leading and most innovative player in the industry, to the benefit of our suppliers, customers, and employees. After several years of strong performance, we see both the need for, and an opportunity to, increase collaboration within and lead the consolidation of a fragmented industry. The constitution of a group facilitates the sharing of best practices to ensure better operations and thereby increase our capability to deliver on the joint expectations of our customers and suppliers. 

Contact person: Victor Evensen

Investment year: 2022

Revenues 2021: NOK 500 million

Q-Light

Q-Light is a fast growing company in an attractive Norwegian lighting market, which in 2021 also developed a market leading position In the electric vehicle (EV) charger pedestal market. In spring 2022 the company launched its newly developed EV charger. All of Q-Light’s products are designed and developed with the electrical installer in mind, and the products are recognized by convenient installation, appealing design, high quality, and modular offering, all at a reasonable price. Credo entered into a partnership with the founders/management with an aim to build a distinct growth position in the Norwegian lighting segment, and capitalize on opportunities within e-mobility.

Contact person: Stian Glendrange

Investment year: 2021

Revenues 2021: NOK 56 million

Credo - Kontorbilde[27]_Side_3.png
630cafad6a9dc69eacd754c2_Evidi_B&Y_Alexandra Gjerlaugsen-22-p-1080.jpg

Evidi

We created Evidi together with the founders, by grouping together five IT services companies, specialized in Microsoft technology, thereby establishing the leading independent Microsoft partner in Norway. Our goal is to build the leading next generation end-to-end Microsoft partner for SMBs and lower-end Enterprise, starting with the core: Architecture & Integration, ERP and CRM


Contact person: Pål Prydz

Investment year: 2021

Revenues 2021: NOK 485 million


Website

csm_Neuseeland_KES6744_2_42bd89d0d3_edited.jpg

Tellus Caravan og Fritid

Tellus Caravan og Fritid is the largest group of caravan and motorhomes dealers in Norway with ten dealers located strategically across Norway. The five Founders approached Credo Partners to realize the ambition of establishing the leading recreational vehicle dealership and service group in Norway.

Together with the Founders Credo Partners will create a solid platform with a reinforced focus on quality, sustainability, and customer experience. The Group will build operational and commercial excellence, through shared best practice and coordinated sourcing. This shall realize economies of scale and significantly improve terms for the dealers and customers, in addition to appear as an attractive home for other retailers who want to take part in the consolidation of the industry.

Contact person: Victor Evensen

Investment year: 2021

Revenues 2021: NOK 2,000 million

Website

MMC First Process

MMC First Process is a supplier of solutions for handling of seafood to the fisheries and aquaculture industries, with a world-leading position in systems for gentle loading, storage and unloading of live fish on board well boats. The company was formed through a merger between MMC and First Process in 2017, both with long history as quality suppliers within their respective fields. Credo, together with the founders and management, acquired the company from shipbuilder Havyard Group with an aim to strengthen MMC First Process as an independent global player.


Contact person: Pål Brynsrud

Investment year: 2019

Revenues 2021: NOK 1,015 million

Website

4481B586086446AA87AC317FD9C3E036.png
SG2000LEDBLACK_styling_ean_7090019822017

Mill

Mill International AS is a supplier of design based electrical heaters. The company has over the last decade achieved a leading position in Norway by focusing on design and smart home solutions. Furthermore, Mill has established itself internationally, and is enjoying great traction in some of the world’s largest consumer markets. Together with Credo Partners, the founders aim to build a global customer centric household appliance company, primarily by way of organic expansion in international markets supported by continued product innovation.


Contact person: Pål Brynsrud

Investment year: 2019

Revenues 2021: NOK 196 million

Website

v_KqeYvw.jpeg

Konstel

Konstel is an electrical installation and service supplier group in Eastern Norway. The group was created by combining 10 individual installation firms and by establishing a top tier purchasing cooperation in the Norwegian market. Together Credo Partners and the founders have set out to build a fast-growing multi-local electrical installation group, through a buy and build strategy, focusing on acquiring local market leaders. The group's subsidiaries operate independently, meaning that decisions about the companies’ operations are taken close to the market. Konstel combines the flexibility, personality and efficiency of a small company with the resources, networks and professionalism of a large business. 


Contact person: Gudmund Killi

Investment year: 2019

Revenues 2021: NOK 1,002 million

Website

Villa Paradiso

Villa Paradiso is a recognized chain of Italian restaurants in Norway, and a leading wholesaler of Italian food ingredients to restaurants. Together with the founders we will professionalize the organization, operations and communication platform to enable a controlled and profitable roll-out of new restaurants, and to scale up the wholesale business substantially.


Contact person: Gudmund Killi

Investment year: 2017

Revenues 2021: NOK 239 million

Website

RestaurantCredo.jpg
4211 (24x36).jpg

Made for Movement

Made for Movement provides therapeutic helping aids to severely disabled children and young adults. Together with the founders, we will increase market penetration in existing markets through a more scalable model for sales and growth, as well as grow through adding new products to the existing distribution model. Increased scalability in operations and shared services will also contribute to increased value.


Contact person: Wilhelm Mohn

Investment year: 2014

Revenues 2021: NOK 114 million


Website

Varier

Varier makes ergonomic chairs with beautiful design. This is Credo's very first investment, and began as a quick and successful turnaround after years of financial losses as a division of the former Stokke group. Lately the company has transformed from a broad design portfolio to a focused player in a growing global niche: healthy sitting.


Contact person: Wilhelm Mohn

Investment year: 2006

Revenues 2021: NOK 149 million

Website

49974-8132240.jpg
Divested companies
shutterstock_10640206.jpg

SYSCO

Sysco is a leading IT service provider, focused on the Nordic energy utility space. Together with the founders, Credo transformed the company from a regional IT consultancy into a next generation industrial software and tech services companies within renewable energy. Through Credo’s ownership, Sysco (i) refocused its strategy to become a winning IT service provider for energy utilities, (ii) established a winning formulae in the combination of industry expertise, expertise in legacy IT stacks that were commonplace in the energy sector, and modern cloud technology, (iii) reengineered the business model to contain more recurring revenues, (iv) completely rebranded the company, and (v) built a new management team to execute the game plan. Operating profit more than doubled in the ownership period, and the company was sold to Norvestor-owned Cegal in 2021, generating 4.6x gross returns for investors. Credo is today a minority shareholder in the merged Cegal-Sysco.

Contact person: Gudmund Killi

Ownership period: 2016 - 2021

2020 revenues: NOK 490 million

drr.PNG

Globus Wine

Globus Wine is an important partner for Danish retail in the wine category, and a leading wine company in Northern Europe. The company provides whole wine concepts, including sourcing, blending, filling, distribution and branding. During the course of Credo’s ownership, Globus Wine was transformed into a modern FMCG company resulting in capturing 22% market share of branded wines in Danish retail (from 2% in 2016), tripling of production capacity in the most modern wine making facility in Northern Europe - a greenfield plant covering 18.000 square meters; in total achieving a uniquely competitive market and cost position in the Northern European market for wine. In July 2022, Globus Wine was sold to Anora as a spearhead platform for wines into non-monopoly markets in Europe. Operating profit was more than doubled, and the transaction represented a value creation of 4x gross returns to Credo’s investors.

Contact person: Wilhelm Mohn

Ownership period: 2016 - 2022

2021 revenues: DKK 638 million

Frisk Utvikling

Credo created Frisk Utvikling together with the founders by merging four suppliers of work and health related services. The combined business provides a portfolio of services to help unemployed people back to work, such as labor market measures, organizational consulting, outplacement, as well as health services and rehabilitation. Through Credo’s ownership, Frisk Utvikling became the leading Norwegian provider of public unemployment services, and added a rapidly expanding offering to the private sector to balance out the revenue mix. Integrating and professionalizing management, business processes, the digital platform and M&A capabilities created substantial value for both investors and jobseekers. Operating profit more than doubled during the ownership period, and the company was sold to the Danish health- and rescue group Falck in 2021, generating 4x gross returns for Credo’s investors.  

Contact person: Pål Brynsrud

Ownership period: 2018-2021

2020 revenues: NOK 608 million

lege.jpeg
geia front.jpg

Geia Food

Geia Food is an independent provider of food concepts and products to Nordic grocery retail. Geia offers its customers products that differentiate them from competitors and traditional brands, and offers its 200+ global food producing suppliers an effective sales channel to all the major grocery retailers in the Nordics. Credo’s task as owners was to transform what was a Danish trading company, into a scalable category partner for Nordic footd retail. The strategic position was focused on selected product categories where Geia could achieve category leadership, the market positions in Norway and Sweden were built from scratch, and the organizational model was adjusted to scale across multiple countries. This transformation also enabled Geia to become highly effective at M&A-driven growth. Operating profit doubled in the ownership period, and the company was sold to Triton Partners in 2021, generating 4x gross returns for investors.

Contact person: Gudmund Killi

Ownership period: 2017-2021

2020 revenues: DKK 2 billion

Optimar 

Optimar is a leading supplier of fish handling and processing equipment to the fishery and aquaculture industries. The company operates in the global market, and has subsidiaries in Spain, the US and Romainia, in addition to three locations in Norway. Together with the founders, Credo refocused the company to enable global leadership in onboard fish processing. Our key contributions were: (i) Strategi focus, i.e. going from many industries to fishery as the only one, adding aquaculture within fishery, and accelerating product development within aquaculture, (ii) increasing scalability of the business model through merging three companies to one, better project execution, and wider distribution power, and (iii) building an organization for the future with new top management and key hires in both project management and product development. Operating profit almost tripled in the ownership period, and the company was sold to the German industrial holding company Haniel in 2017, generating 6x gross returns for investors. 

 

Contact person: Pål Brynsrud

Ownership period: 2012 - 2017

2017 revenues: NOK 1 billion

Optimar_Segmentbilder_-_Sjø_-_001.jpg
System14_upgrade-1400x792.png

Labflex

Labflex is a supplier of customized laboratory furnishing solutions to pharma, industrial and university clients globally. Credo’s investment case was to build on the company’s early success with delivering large series of laboratory solutions to international pharma. This became a failed investment for Credo, due to a combination of project postponements, operational complexity and management underperformance. Credo quickly established a turnaround-plan, but in the end decided not to inject the necessary additional capital, and the company was returned to the founders and the bank early 2017.

Contact person: Pål Brynsrud

Ownership period: 2015 - 2016

2016 revenues: DKK 250 million

Case Stories

Case story: Frisk Gruppen

3500-01555.jpg

Case story: Geia Food

geia front.jpg

Case story: Optimar

Optimar_Segmentbilder_-_Sjø_-_001.jpg