EcoOnline secures new capital from Goldman Sachs Merchant Banking Division and Summa Equity, to realise further international ambitions.

26th February 2020, Oslo – EcoOnline, a leading European software company helping customers to optimise safe handling of chemicals and ensure occupational safety, will expand further internationally with new financing from Summa Equity and Goldman Sachs Merchant Banking Division.

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Published
26. February 2020

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. In the EU, 53% of workplace deaths are caused by chemical exposure and the majority of companies in Europe are non-compliant with chemical safety regulations. In the UK the number of deaths from workplace chemical exposure is five times higher than that from traffic accidents. A recent study by the Swedish Work Environment Authority found non-compliance to be as high as 81%. EcoOnline’s services and solutions are aligned with the UN Sustainable Development Goals (SDG)#3 on good health and well-being, (SDG)#8 on decent work and economic growth and (SDG)#12 on responsible consumption and production.

Summa Equity and Goldman Sachs Merchant Banking Division signed an agreement on the 18th February 2020 which secures new capital from Summa Equity’s Fund II and Goldman Sachs Merchant Banking Division. Summa Equity Fund II and Goldman Sachs Merchant Banking Division will each acquire a 33% ownership in EcoOnline from selling shareholders, which includes Summa Equity Fund I and Viking Venture. Both will remain shareholders in the company.

“We are thrilled to have the continued engagement and expertise of Summa Equity while adding Goldman Sachs as a key shareholder to provide further support for our sustained growth within existing and new international markets,” EcoOnline CEO, Göran Lindö says, and continues: “In our next wave of growth, we are excited to have a new, strong, responsible and ambitious ownership team,  and new capital to help us build on our vision and realize our European leadership ambition within chemical management and occupational safety solutions.”

“We are proud of what we have accomplished in EcoOnline during our 2.5-year ownership. We have focused on future-proofing the company by strengthening the organization, investing in R&D and executing several add-on acquisitions to help EcoOnline expand its Health, Safety, Environment and Quality (HESQ) services and presence in Europe. We are very happy that Summa Equity continues as a majority shareholder. EcoOnline’s purpose and value creation potential, show that returns and sustainability can go hand-in-hand, a central pillar in our investment strategy,” says Christian Melby, Partner at Summa Equity and Board Member of EcoOnline.

“Having backed EcoOnline since 2014 we are thrilled to have Goldman Sachs and Summa Equity Fund II join as investors. The company is now ready to become the clear European leader in HSE software,” says Erik Hagen, Managing Partner of Viking Venture.

“EcoOnline is a pioneer within workplace safety software and is exceptionally well placed to benefit from and drive the trend towards safer and more sustainable workplaces. We look forward to working with the company and other shareholders over the coming years to support the company’s organic and acquisition-based growth,” continues Goldman Sachs Merchant Banking Division Partner, Michael Bruun.

The transaction remains subject to antitrust approval. Arma Partners acted as financial advisor to the selling shareholders and Marks Baughan Securities acted as financial advisor to the acquirers on the transaction.

 


About EcoOnline
EcoOnline is a leading supplier of Health, Safety, Environment and Quality (HSEQ) software, making workplace safety tasks and compliance for companies user-friendly and cost-efficient. The company was founded in 2000 and has 6,000 customers and 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.

www.ecoonline.com

 

About Summa Equity
Summa Equity is a thematic investment company with Nordic focus with more than EUR 1.1 billion under management. Founded in 2016, Summa Equity invests in companies within Resource Efficiency, Changing Demographics and Tech-enabled Businesses. Summa Equity is amongst the first Private Equity firms to commit to the UN Sustainable Development Goals and its investments are aligned with these.

www.summaequity.com

 

About Viking Venture
Viking Venture is the Nordic Software Investor with NOK 2.6 billion under management. Founded in 2001, Viking Venture is an active minority investor in growth stage business to business Software companies in the Nordics.

www.vikingventure.com

 

About Goldman Sachs Merchant Banking Division
F
ounded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Merchant Banking Division (MBD) is the primary center for the firm’s long-term principal investing activity. MBD is one of the leading private capital investors in the world with investments across private equity, infrastructure, private debt, growth equity and real estate.

www.goldmansachs.com

 

For interviews or more information, please contact:

Göran Lindö

CEO of EcoOnline

 

Phone: +47 45 20 06 60
Email: goran.lindo@ecoonline.com

Christian Melby

Partner at Summa Equity

 

Phone: +47 95 81 32 77
Email: christian.melby@summaequity.com

Joseph Stein

Media Relations at Goldman Sachs

 

Phone: +44 207 774 4080