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Frisk Gruppen

Invested: February 2018
Exit: September 2021

From two competing SMEs, mainly in labour market measures to diversified leader in labour market attendance in Norway

Credo invested in Frisk in February 2018 by combining Din Utvikling AS and Oppfølgingsenheten Frisk AS. The two companies were focused on each of their product niches in labour market measues in Norway, with additional small units within occupational health services and specialist health care.

Credo initiated a major transformation, with the following key elements:

  • Formation of a corporate centre, with interim managers and key people from each underlying business unit

  • Turnaround and layoffs in one division

  • Major restructuring of operating model in other division, from contracted personnel to permanent staff (due to change in government regulations)

  • M&A-driven growth, bringing occupational health care from NOK 30 million to NOK 300 million in 3 years

  • Extensive R&D program, particularly in digitalization of services

  • General organizational and operational improvements

The end result was a company with a strong market position (#1 Private supplier of labor market measures to NAV; #2 Occupational health services provider, #1 Private provider of day-based rehabilitation) and 700 employees across 90 locations throughout Norway. 

Absence from the labour market is one of the key social and economic challenges in Norway. Frisk Gruppen addresses absence from the labor market and employee health and safety through interdisciplinary expertise, and thereby contributes to sustainable development and significant cost savings for Norwegian society through preventive, proactive and reactive measures.

In September 2021, Frisk Gruppen was sold to Falck Group, the Denmark-based provider of health and rescue services with 30 000 employees worldwide.


The Credo team was instrumental in creating the foundation for Frisk Gruppen, and highly involved in direction setting, structuring development efforts and coaching the management team throughout the holding period. Credo also orchestrated all M&A activities.

Financial highlights 2018-2021


Group revenue increase


Group EBITDA increase


Gross IRR

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