Phonero AS, a Kristiansand, Norway-based provider of telecommunication services to small and medium sized businesses, raised an investment from Norvestor VI, L.P., a fund advised by Norvestor Equity AS.
The amount of the deal was not disclosed. In conjunction with it, Christian Melby, Partner at Norvestor Equity, joined Phonero’s board as chairman. Norvestor will become the largest shareholder in the company with a about 56% of the shares.
Established in 2008 and led by Thore Berthelsen, CEO, Phonero is a mobile virtual network operator providing telecommunication services to small and medium sized businesses and the public sector. The company has 195 employees in Kristiansand and regional offices in Oslo, Stavanger, Bergen and Trondheim. In 2014, it had revenue NOK 1,041 million, pro-forma, including the B2B business from Ventelo, which was acquired in 2014.
Private investment firm Kistefos will reinvest to become the largest minority shareholder with 20%. Management and other current shareholders will reinvest to hold the remaining shares.