Livingstone advisor to FS Dynamics and Volupe in new partnership with Priveq

Livingstone has acted as the exclusive financial advisor to the owners of FS Dynamics AB (“FS Dynamics”) and Volupe AB (“Volupe”) in connection with Priveq’s acquisition of a majority stake in both companies. Together with Priveq, Volupe and FS Dynamics will form a significant European leader in Computer-Aided Engineering (CAE), aiming to accelerate growth through continued organic expansion and strategic acquisitions.

The merger creates a leading CAE player, combining advanced, high-quality consultancy services with complex technical software distribution and cloud-based HPC solutions, supported by a strong local presence and delivery capabilities across 25 European countries.

Volupe is a strategically important partner to Siemens, serving as a Siemens Smart Export Solution Partner in CAE simulation software. The company offers subscription-based software solutions, technical support, training, and cloud-based HPC solutions tailored to small and medium-sized enterprises. Since its inception in 2017, Volupe has grown rapidly, holding reseller agreements in 22 European countries across 4 regions.

FS Dynamics is a leading European CAE consultancy with expertise in areas such as Computational Fluid Dynamics (CFD) and Finite Element Analysis (FEA). The company provides both project-based solutions and on-site consulting services. Supporting clients across the semiconductors, energy, marine, transportation, offshore, and life science industries. With around 150 employees and almost 200 clients, FS Dynamics has operations in Sweden, Norway, the UK, Finland, Germany and Portugal.

Together the new group comprises over 170 employees, with operations spanning seven offices across Europe and a customer base in 25 countries. The group generates approximately SEK 260m in annual revenue and offers an integrated platform of software, consulting services and HPC solutions, underpinned by deep industry expertise. All founders and key individuals are reinvesting part of the proceeds and will remain shareholders in the new group.

“Partnering with Priveq marks an exciting new chapter for our companies. With their experience in scaling technology-driven businesses and strong commitment to long-term partnerships, we’re confident we’ve found the right investor to support our next phase of growth. By bringing FS Dynamics and Volupe together, we significantly strengthen our offering to both customers and employees. United, we form a leading CAE Powerhouse built on competence, innovation, and long-term commitment.” says Roger Blom, founder of Volupe and FS Dynamics, and CEO of the combined group.

“We are creating something unique – an independent, competence-driven group with 100% focus on CAE. The market is clearly ready for this.” says Robert Samuelsson, CEO of Volupe.

Priveq is a Swedish private equity firm with over 40 years of experience investing in growth companies with strong market positions and long-term potential. Through active and engaged partnerships with entrepreneurs and management teams, Priveq has contributed to the development of more than 100 companies across a range of industries, often with a focus on niche and technology-driven business models.

Livingstone’s team thereby completes another transaction in the business service sector, following, among others, the merging of FiDo Consulting with Midagon, and the sale of PDS Vision to CapMan.

Livingstone was the exclusive financial advisor and Forssander Sonander was the legal advisor to Volupe and FS Dynamics in the sales process.