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Interview with Simon Bodjanski, CO Portfolio Management at Norvestor by Luis Galveias, COO at LPEA at Insight/Out magazine #31
In this interview, Simon Bodjanski highlights Norvestor’s business model, centered on close collaboration with management and employees, a strong focus on product quality and innovation, and a commitment to making a positive societal impact.
Norvestor is all about the Nordic region. Can you describe the group and your investment strategy?
We are a leading private equity firm specializing in mid-market companies with a strong focus on the Northern European region. Norvestor has offices in Oslo, Stockholm, Helsinki, Copenhagen, Berlin, London, and Luxembourg, where we leverage our extensive regional presence and expertise. The team, composed of 62 individuals, is one of the most experienced in Northern Europe. Over the years, we have executed 93 investments, completed more than 500 add-on acquisitions, and completed 60 exits, including 16 IPOs. Currently, Norvestor advises and manages funds with assets under management of approximately EUR 5.2 billion.
We primarily target Nordic mid-market service businesses, driven by our belief that this sector offers a broad range of opportunities. Our success in this space is attributed to our deep-rooted network, operational expertise, disciplined portfolio selection, and a partnership approach with portfolio companies’ management that we believe is crucial for achieving outstanding results. As one of the longest-standing private equity firms in the region and one of the few with a presence in all four Nordic countries, we seek to invest in resilient companies with scalable business models.
Our primary focus is on four core sectors where we have consistently achieved success: Business Services, Technology-Enabled Services, Industrial Services & Solutions, and Consumer Services. Central to our strategy is identifying strong local companies and supporting their growth through a well-defined value-creation playbook. This approach includes buy-and-build strategies, digital leadership, and a commitment to ESG principles. Through these efforts, we aim to build regional champions, establishing excellence across the Nordic region and beyond. Nordic Champions!
You work on a “partnership approach” in which often the founders of the business remain co-owners. How do you make the best of the existing management teams?
At the outset of the investment process, we strive to position ourselves as the preferred partner for founders and management teams looking to take their businesses to the next level. The Norvestor team dedicates substantial time working closely with the management of potential investee companies to understand the key drivers of their success and identify how Norvestor can contribute to their future growth and development.
While we explore opportunities across various industries, our primary focus is on sectors where our team brings deep experience and well-established networks. Our objective is to drive significant growth in the companies we partner with during our typical holding period of three to six years. We actively support businesses in expanding into new markets, acquiring complementary firms, and implementing effective digital strategies. As a partner, we offer the combined expertise of the Norvestor team, a network built over decades in private equity, and the capital necessary to fuel growth. Our philosophy emphasizes collaboration with management and employees, investing in product quality and innovation, while also making a positive societal impact.
Your commitment includes contributing to a more “Equitable, Low-Carbon Society”. How do you achieve this through your portfolio?
From an ethical standpoint, ensuring that portfolio companies have a positive impact on society and the environment is, without question, the right thing to do. However, at Norvestor, we firmly believe that responsible actions also lead to superior financial outcomes, making it easier to attract top talent and secure long-term success. Our ESG framework is rooted in the double materiality methodology, which assesses both the impact of sustainability factors on portfolio companies and the influence of these companies’ operations and value chains on society and the environment.
Our portfolio companies are in part selected for their vision and ambition regarding ESG, and we look to provide the tools and structure to help realise ambitious goals, ultimately driving both returns and creating a positive impact on society. Each company is guided by a tailored set of goals and KPIs for tracking progress, while we also maintain several portfolio-wide ESG commitments to ensure a cohesive approach to sustainability.
While maintaining a minimum standard for ESG factors when making an investment, we understand that no single company can address every aspect of sustainability, and we support them in making meaningful impacts where they can – investing in ESG value proposition enhancements and installing best practice approaches to reduce carbon emissions, increase management diversity, ensure best corporate governance practice, just to mention some of the key areas. By doing so, Norvestor not only drives positive change but also enhances value creation and mitigate risk, aligning ethical responsibility with business success.
Last year in which many PE funds struggled to fundraise, you closed your 9th flagship fund at a hard cap of EUR 1.5 billion. Who is your typical investor and why do they follow you?
Norvestor is privileged to have the support of a broad range of international institutional investors, many of whom have partnered with us across multiple fund vintages, witnessing our growth and success alongside their own. Our commitment to a partnership approach extends to our Limited Partners, where a deep sense of trust and collaboration has been cultivated over the years. While the ongoing support from our investors is undoubtedly driven by our consistently strong returns and unique exposure to the Nordic mid-market, it is also a reflection of Norvestor’s culture. We pride ourselves on fostering transparency, openness, and a down-to-earth approach, qualities that resonate deeply with all our stakeholders including the LPs.
What is the role of the Luxembourg office and how is it evolving? (setup, staff numbers, profiles, relevance…)
Since its inception in 2019, Norvestor Investment Management Sarl (NIM) has served as the in-house Alternative Investment Fund Manager (AIFM) for the Norvestor Funds. From the 8th flagship fund, we invest through funds established in Luxembourg. NIM operates under the supervision of the Luxembourg Commission de Surveillance du Secteur Financier as authorized AIFM.
NIM comprises a team of eight professionals, including three conducting officers. The team, all recruited locally, bring extensive experience and a deep understanding of the Luxembourg market and the alternative investment funds industry. NIM retains the portfolio management and risk management AIFM function in Luxembourg while leveraging the strong and local expertise of the other Norvestor offices in terms of deal sourcing and deal-making.
As Norvestor continues to grow sustainably, we plan to expand and enhance our Luxembourg operations and infrastructure over the next 2-3 years.
How should Luxembourg’s financial center position itself in Nordic markets?
To effectively position Luxembourg’s financial center in Nordic markets, it should capitalize on its strengths in regulatory excellence, global financial expertise, and comprehensive asset management capabilities. Building strategic partnerships with Nordic financial institutions and engaging with local networks will enhance credibility and create cross-border opportunities. By offering tailored investment solutions, emphasizing efficient regulatory reporting, and showcasing advancements in financial technology and innovation, Luxembourg can attract Nordic investors.
Additionally, highlighting successful collaborations and Luxembourg’s strong commitment to ESG and sustainable investments will resonate with the Nordic focus on green finance. This strategic approach will bolster Luxembourg’s presence and appeal in the Nordic financial sector.
In summary, success hinges on delivering efficient and pragmatic solutions alongside a competitive service offering.
What are your plans for the future?
The team continues to grow, but maintains a close culture and a true one-team approach that nurtures talent from within. The firm continues to invest and expand its capabilities to support portfolio companies in their growth journeys. Simply put, Norvestor will continue to build Nordic Champions, extending a strategy that has delivered consistent results for all stakeholders for more than three decades.
