White & Case advises Adelis on simultaneous Presto and HVD Group exits to Continuation Vehicle

Global law firm White & Case LLP has advised Adelis on the simultaneous exits of portfolio companies Presto and HVD Group via Adelis Fund II to a Continuation Vehicle led by HarbourVest Partners alongside Adelis Fund III.

HarbourVest acted as lead investor in the €430 million Continuation Vehicle, supported by €183 million of capital invested and committed from Adelis Fund III.

Founded in 2012 and based in Sweden, Adelis is a private equity firm managing approximately €3 billion in capital. Since raising its first fund in 2013, it has made 39 platform investments and more than 200 add-on acquisitions.

Sweden-based Presto is a leading European fire safety and compliance services provider, having recently entered Germany through the acquisition of German fire safety market leader Jockel Brandschutztechnik Service GmbH. Since being acquired by Adelis Fund II in 2018, Presto has quintupled its revenue to SEK 2.7 billion.

HVD Group recently merged with Next One Technology, in which the EQT X partnership became a co-investor, to form a leading Northern European provider of ERP and project management software for tradespeople and construction industries. Under Adelis Fund II’s stewardship the business has more than tripled in size since 2018.

HarbourVest is a global private equity firm with more than 1,150 employees and in excess of US$117 billion of assets under management.

The White & Case team in Stockholm which advised on the transaction was led by partner Shoan Panahi and included partner Oscar Liljeson and associates Sebastian Wallin, Anders Westling, Filip Karlsson, Isak Bruncevic, Matilda Högberg, Tea Lasu, Denise Sparremo, Marcus Halling, Alexander Berlin-Jarhamn, Carl Runesson and Siavash Saberian.

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