View the full site

Triton signs agreement to sell Norstat


Stockholm (Sweden) / Oslo (Norway), 10 April 2024 – The Triton Smaller Mid-Cap Fund I advised by Triton (“Triton”) has signed an agreement to sell Nemas Holdco AS (“Norstat” or “the company”), a leading data collector for market research, to Nalka Invest (“Nalka”), partnered with Kirk Kapital. Terms and conditions of the transaction are not disclosed. Closing is subject to customary regulatory approvals.

Since Norstat was acquired by Triton in 2019, it has been developed into a market-leading consumer data collection platform across Europe. Triton has, among other things, supported the company through strengthening its commercial capabilities, internationalising its business through acquisitions, improving its operations (including automation of processes), and adding new digital products and solutions such as Norstat Express and TestingTime. A total of seven strategic add-ons were completed by Norstat in Switzerland, Denmark, the Netherlands, Norway, and the UK from 2021 to 2023.

Today, Norstat serves more than 2,000 market research firms, private and public end-clients, media & advertising agencies, publishers, and consultancies across different industries. It delivers real data collected from real people across Europe that can be trusted to drive decision making.

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.”

Erling Eriksen, CEO of Norstat, said: “Norstat and Triton have created and implemented a business strategy that has seen Norstat double in size 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 achieved today, and we are very much looking forward to the co-operation”.  

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”.  

Norstat and Triton were advised by William Blair as lead financial advisor.

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:

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:

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.


Press Contacts

Fredrik Hazén