Signed agreement to change ownership of Norstat from Triton to Nalka

Oslo (Norway), 10 April 2024

Triton has signed an agreement to sell Norstat to Nalka Invest, a leading investment firm. For this investment, Nalka Invest has partnered with Kirk Kapital. Norstat and Triton were advised by William Blair as lead financial advisor. Terms and conditions of the transaction are not disclosed. The transaction is subject to customary regulatory approvals.

Since its acquisition by Triton in 2019, Norstat has developed as a leading consumer data collection platform across Europe. With the support of Triton, Norstat has strengthened its commercial capabilities, internationalised its business through acquisitions, improved its operations, and added new digital products and solutions such as Norstat Express and TestingTime. A total of seven strategic acquisitions were completed by Norstat in Denmark, the Netherlands, Norway, Switzerland, and the UK from 2021 to 2023.

Currently serving over 2,000 market research firms, private and public end-clients, media and advertising agencies, publishers and consultancies spanning a broad set of industries, Norstat delivers high-quality data collected from people across Europe that can be trusted to drive decision making.

Under the new ownership of Nalka, Norstat is positioned to continue its strong growth journey to become the leading data collection provider in Europe. Strategic investments for growth and development remain a cornerstone of Norstat’s vision under Nalka. Norstat will keep its commitment to delivering exceptional service and high-quality data to clients across Europe and beyond.

Erling J.B. Eriksen, CEO of Norstat, said: “Norstat and Triton have created and implemented a business strategy that has seen Norstat double in size over the last years. Together we have built a bigger, stronger, and more professional company. During the years of Triton’s ownership, we have sought out new routes and opportunities; undertaken a rapid technological shift, launched several digital products and completed seven successful acquisitions and integrations. It’s been a great journey, made possible by fantastic employees dedicated to high-quality data and client service. In Nalka, we have found a new partner that is able to support us from the strong position we have today, and we are very much looking forward to the cooperation.

Daniel Björklund, Investment Advisory Professional at Triton, said: “The team at Norstat have achieved great results and we are happy to conclude a very successful journey together. We have been able to drive significant growth, expanding Norstat’s offering and geographical reach, while continuously building on its strong commitment to quality and client service. We believe Nalka is the right partner to continue Norstat’s positive development and we wish them every success together.”

Martin Lagerblad, Managing Director, Nalka Invest, said: “Norstat is truly a leading company within its market, that we have followed over time. We are impressed by the team and its position as the go-to provider of high-quality data and insights in Europe. The deal is pending regulatory approval, but we are looking forward to our future cooperation with Norstat and to contribute to the company’s development. We are also glad to partner with Kirk Kapital as a large minority shareholder, a strong partner sharing our values and long-term perspective on business development.”

About Norstat

Norstat is one of the leading data collectors for market research and insight in Europe. We use well-grounded research methods to collect reliable data about any desired topic or target group. This information helps you to make the right decisions and become better in what you do. We don’t confine ourselves to a specific method of data collection – we do whatever works best: scientifically proven, fair to the respondents and sustainable for the industry.

The company was established in Norway in 1997 and has since grown its geographical presence to include Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Germany, the United Kingdom, France, Switzerland, the Netherlands, Austria and Italy.

For further information. www.norstat.co

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 200 investment professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.

For further information: www.triton-partners.com

About Nalka Invest

Nalka is an investment firm investing in market-leading small and medium-sized businesses based in the Nordic and DACH regions. Nalka has offices in Stockholm and Munich and develops independent, competitive, sustainable and long-term profitable companies, through commitment and cooperation.

For further information: www.nalka.com

For more information, please contact

Erling J.B. Eriksen, Chief Executive Officer, Norstat
+47 992 28 606
[email protected]

Graciella Garmann, Chief Commercial Officer
+47 406 39 944
[email protected]