Livingstone has advised ProvideU sale to Novedo. ProvideU was founded in 2008 by entrepreneurs, Fredrik Forngren and Mikael Rehnberg. The Västerås-based company has since expanded rapidly and is currently a well-established company in the Electronic Manufacturing Services industry – delivering custom-made components and complete systems to a wide range of customers.
ProvideU currently operates in Sweden and Estonia with a global customer base. With its ability to combine a customer offering that includes both custom-made components and complete systems, the company has been able to establish a unique position in a traditional industry. ProvideU has formed a strong team of 55 employees that will continue to grow the company, with increased volumes and new customer opportunities going forward.
Novedo acquires all shares in ProvideU; however, the previous owners will remain active in the company following the transaction. Furthermore, the entrepreneurs Fredrik Forngren and Mikael Rehnberg will become co-owners of Novedo, enabling them to participate in two parallel growth journeys.
“With previous transaction experience involving the Livingstone team, it was an easy decision to choose a financial adviser to ProvideU. During the complete process, we felt strong engagement, knowledge, and ability to understand our industry. We are happy that Novedo will become the new owner, where we together can continue to develop the companies,” says Mikael Rehnberg, founder of ProvideU.
“We are happy to have earned the trust to help Mikael and Fredrik in the sales process of ProvideU. They have built a very well-managed niche business which now has growth potential as part of Novedo,” says Henrik Widlund, Partner at Livingstone.
Novedo is a privately owned group of companies that acquires and develops companies led by entrepreneurs that want to sell and move their business forward. ProvideU will become the group’s 14th company, which has approximately 770 employees and pro-forma sales of approximately SEK 1.2 billion. Novedo is planning for an IPO in the first half of 2023.