White & Case advises Adelis on establishment of Circura Group

Global law firm White & Case LLP has advised Adelis Equity Partners (Adelis) on the establishment of Circura Group, the leading Nordic platform for building renewal services, and simultaneous investment by Nordstjernan in Circura Group.

Circura Group will have annual revenue of more than SEK 10 billion, 2,500 employees across all four Nordic countries and a growth strategy driven by organic expansion and acquisitions, targeting SEK 20 billion in revenue by 2030. Nordstjernan has, in relation to the formation of the group, also invested alongside Adelis to become a new minority owner in Circura Group, bringing further industry experience and capital for continued growth.

Adelis has worked with entrepreneurs in all Nordic countries since 2021 to build national market leaders in building renewal services – Circura Sweden, Remount (Finland), Vokstr (Norway) and Circura Denmark. These national leaders have now been combined to establish Circura Group as the clear Nordic market leader.

Adelis is a growth partner for companies in the Nordic and DACH regions, partnering with management and owners to build businesses in growth segments with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 49 platform investments and more than 300 add-on acquisitions. Adelis manages approximately €4.5 billion.

Founded in 2025 with Adelis as the principal owner, Circura Group is the Nordic region’s leading group in building renewal, including renovation and building maintenance services.

The White & Case team which advised on the transaction was led by partners Shoan Panahi, Sebastian Wallin and Oscar Liljeson (all Stockholm) and included associates Anders Westling, Simon Strömback, Erik Holm, Filip Karlsson, Matilda Högberg, Tea Lasu, Klas Henricsson, William Svensson, Sara Fathi, Alva Johansson, Alva Drake, Kaarlo Kyllonen, Amalie Sollested, (all Stockholm) and Joona Krigsman (Helsinki).

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