IQ ApS is exploring new growth opportunities after its owner, Jonas Friis Kjærsgaard, decided to have the company join a new group of Scandinavian companies specializing in the installation, service, and maintenance of perimeter security systems, access control, and surveillance.

Jonas Kjærsgaard will continue as CEO of IQ, and a portion of the proceeds from the transaction has been reinvested in the new platform, named Varna.

The new ownership structure, which differs from a standard business sale, was negotiated with Business Broker an advisor.

Newly formed group of Scandinavian companies

IQ ApS is a data-driven company that develops intelligent solutions in areas such as physical security and access control in the B2B segment and enters into service agreements. The company has 10 employees.

During the sales process, an opportunity arose to establish a new partnership with the British private equity firm Triton Partners as a financial partner. This was an ideal solution for IQ ApS and Jonas Kjærsgaard, who were given the opportunity to help set the direction for Varna.

Varna is based in Sweden and initially consists of six Nordic companies. The plan is to expand the platform to include more locally based companies in the region, so that Varna can become the Nordic market leader.

The new ownership structure offers several advantages for IQ. The CEO will continue in his current role for the time being, but expects to have the opportunity to draw on external resources and expand the organization so that he can focus more on strategy and sales and less on personnel management.

Varna, which has appointed Robin Boheman as its CEO, can, among other things, offer resources to the platform’s companies in the areas of finance, HR, IT, and better procurement agreements.

A stepping stone to the next level

From the outset, Jonas Kjærsgaard wanted a solution that would ensure growth and development—preferably with himself at the helm. If that wasn’t possible, then by selling the company outright.

“It’s about knowing your own limitations. I’m focused on building a future for myself and my business. If you’re not growing, you’re in decline. This solution means we can maintain a stable relationship with our customers while also taking on larger and more demanding projects for new clients,” says Jonas Friis Kjærsgaard, adding:

“This is a stepping stone to the next level. Together with our other partners, we are now stronger and can achieve more.”

A restructuring process that requires patience

Jonas Kjærsgaard had no doubt that he needed an outside advisor for the process. John Nygaard and Ulf Steiness from Business Brokers were the ones who scouted the market for various types of buyers and negotiated the terms.

It quickly became clear that Varna offered the most attractive terms for IQ ApS. Since Triton had to acquire an entire group of companies at once, the process took a little longer. First, Triton Partners had to negotiate with several companies at the same time, and second, the level of detail required for due diligence.

“It often takes patience to engage in this type of transaction, but we’ve done this a few times before with other deals and know where to focus our efforts to secure the best possible terms,” says Ulf Steiness of Business Broker.

John Nygaard adds:

“The document package itself is difficult to modify in this type of transaction, as there must be a certain degree of consistency with the other agreements that have been entered into.”

IQ APS

IQ ApS
is part of the Varna Group

Objective: A new ownership structure that allows for growth and synergy.

Solution: IQ ApS has joined a new Scandinavian group, Varna, with the British private equity firm Triton Partners as a financial partner. A portion of the proceeds has been reinvested in the group.

Result: IQ ApS will have new opportunities to take on larger projects in collaboration with new partners.

IQ Aps develops intelligent solutions for, among other things, building security and access control, as well as system maintenance. The company has 10 employees.