Arma Partners advises EcoOnline, a leading provider of workplace health and safety software, on the investment by Goldman Sachs Merchant Banking Division and Summa Equity
Feb 2020
(a portfolio company of Summa Equity and Viking Venture)
investment by
  • Sector: Application Software
  • Deal Type: Private Equity Deals
  • Engagement type: Sellside
  • Size: <$200m
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Arma Partners is pleased to announce that it has acted as exclusive financial advisor to EcoOnline on the investment by Goldman Sachs Merchant Banking Division and Summa Equity. Summa Equity Fund II and Goldman Sachs Merchant Banking Division will each acquire a 33% ownership in EcoOnline from selling shareholders, which include Summa Equity Fund I and Viking Venture, who will both continue to retain a portion of their investment in the company.

EcoOnline is a leading provider of workplace health and safety software which focuses on reducing the negative impact chemicals can have on humans and the environment, enabling its customers to easily comply with complex regulations.

Founded in 2000 and headquartered in Oslo, EcoOnline serves over 6,000 customers and employs over 230 employees in Norway, Sweden, Denmark, Finland, UK and Ireland.

This investment will help EcoOnline in its new wave of growth as it continues to realise its ambition of becoming the European champion within the chemical management and occupational safety solutions market.

The transaction underscores Arma Partners’ unique ability to support high-growth SaaS businesses in their strategic ambitions and adds to our consistent track record of successfully executing co-investment transactions.

EcoOnline is a leading provider of workplace safety software which focuses on reducing the negative impact chemicals can have on humans and the environment, enabling its customers to easily comply with complex regulations

Founded and headquartered in Oslo, EcoOnline serves over 6,000 customers and employs over 230 employees in Norway, Sweden, Denmark, Finland, UK and Ireland

EcoOnline is experiencing rapid growth and increased demand for its services in all markets

Goldman Sachs Merchant Banking Division, the primary center for Goldman Sachs Group’s long-term principal investing activity, is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate

Founded in 2016, Summa Equity is a Nordic private equity firm investing in companies within resource efficiency, changing demographics and tech-enabled businesses primarily in the Nordics. The firm has €1.4bn in AUM and is amongst the first private equity firms to commit to the UN sustainable development goals and its investments are aligned with these

Goldman Sachs Merchant Banking Division and Summa Equity Fund II have each acquired 33% ownership of EcoOnline from selling shareholders, which include Summa Equity Fund I and Viking Venture, who will both continue to retain a portion of their investment in the company

The investment case is underpinned by the following thesis:

Attractive underlying market with increasing drive towards safer and more sustainable workplaces

Continued growth and market share gains in current markets

Accelerated internationalisation of the business, both organically and through M&A

Goldman Sachs will contribute by financial resources and expertise to support EcoOnline in its vision of becoming the clear European leader within chemical management and occupational safety solutions

Arma acted as exclusive financial advisor to EcoOnline and the selling shareholders in securing a successful investment by Goldman Sachs and Summa Equity Fund II

Arma supported EcoOnline and the selling shareholders on a variety of activities including the strategic positioning of the business, buyer access, preparation of a detailed financial model and marketing materials, coordination of the sale and associated diligence process, Board advice and negotiation of the key transaction terms

The transaction underscores Arma’s unique ability to support high-growth SaaS businesses in their strategic ambitions and adds to our consistent track record of successfully executing co-investment transactions