Skip to content

CapMan Buyout invests in The North Alliance, a leading Nordic digital communications group


CapMan Press Release – 21 January 2014 at 08.00 a.m. CET

CapMan Buyout invests in The North Alliance, a leading Nordic digital communications group

Funds managed by CapMan have agreed to invest in The North Alliance (NOA), a network comprised of seven leading players within communication, design and technology in the Nordic markets. NOA is the first independent network in the Nordic countries with ambitions to compete with large multinational players.

The companies included in the network are the Swedish agencies, Åkestam Holst, Great Works, Bold, Promenad and Knock, the Danish agency &Co, and the Norwegian design and technology company Making Waves. These companies represent leaders within their respective fields. All network companies will be 100% owned by NOA, while retaining their independent identities and brands. From day one, NOA will be able to offer local, Nordic and international clients a full spectrum of communication services with capabilities to develop and implement advanced digital solutions. The network’s combined turnover is more than €50 million and currently it employs 450 persons based in Stockholm, Oslo, Copenhagen, New York and Krakow.

“NOA combines the best creative players in their respective fields to form a unique group with a distinct service portfolio and a highly competitive market position. The group will be positioned towards the high growth digital segment providing significant market growth potential. CapMan’s Nordic heritage and experience from similar investments make us an ideal partner for NOA.

The network structure allows us to expand operations within each country while taking advantage of attractive cross selling opportunities. We also see potential to grow through additional M&A activity” says Espen Stenumgård, Partner of CapMan Buyout in charge of the investment.  

“Scandinavian creativity and design is admired worldwide. Many of the best and most innovative cases we have seen in the communication industry in the past 15 years originate from the Nordics” says Thomas Høgebøl, the former Head of McCann Worldgroup in Norway and the newly appointed CEO of NOA.

Following the transaction, funds managed by CapMan will own 63% of NOA. The current owners of the seven companies will hold a significant interest in NOA, demonstrating a strong commitment and confidence in the future development of the company. The transaction is financed with a senior secured bond where ABG Sundal Collier has acted as sole bookrunner and manager.

For more information, please contact:
Espen Stenumgård, Partner, CapMan Buyout, tel. +47 23 23 75 77, e-mail
Thomas Høgebøl, CEO, The North Alliance, tel. +47 95 09 20 00, e-mail


The North Alliance:
The North Alliance (NOA) comprises seven leading communications agencies in Sweden, Denmark and Norway with offices in Stockholm, Copenhagen, Oslo, Krakow and New York. NoA employs 450 people and has an annual turnover of more than €50 million. The network is built around Nordic values, such as creativity, freedom and collaboration. The companies within the network are all well-established, awarded and absolute leaders within their respective fields.   

CapMan Buyout CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 20 investment professionals in Finland, Norway and Sweden and 24 years of experience. The team has made a total of 74 investments and 55 exits and is currently investing from CapMan Buyout X.

CapMan Buyout is part of CapMan Group, a leading private equity firm in the Nordic countries and Russia, with assets under management of €3.2 billion. CapMan has five key investment partnerships – CapMan Buyout, CapMan Russia, CapMan Credit, CapMan Public Market and CapMan Real Estate – each of which has its own dedicated investment team and funds. Altogether, CapMan employs 105 people in Helsinki, Stockholm, Oslo, Moscow and Luxembourg. For more information, please visit