EQT and ATP Private Equity Partners have sold their 100 per cent holding in Danish IT services provider KMD to Advent International, the second purchase it has made in a day.
No financial terms have been disclosed, but KMD turned over Dkr4.27bn (€573m) in 2011, bringing in Ebitda of Dkr577m.
KMD generates the majority of its revenue from Danish municipal authorities, offering services such as software for handling social and pension benefits. The company also provides IT services to the central government, Denmark's private sector and has entered the Swedish market.
Advent will look to grow KMD's revenues as public budgets face ongoing pressure and governments look to cut costs.
“Denmark is without doubt ahead of virtually all other countries in terms of digitising its public sector,” said KMD's chief executive, Lars Monrad-Gylling, adding that he aims to grow the business internationally under Advent's ownership.
Advent, which has just bought German retailer Douglas Holding for €1.5bn, is currently raising its seventh fund.
After scaling up its deals and mega firms shopping for smaller businesses, Advent is piling the competition on the likes of Apax Partners, Cinven and CVC, all of which are raising their own buyout vehicles.
Advent has just lifted the €8bn hard cap on the new fund, soaking up LP liquidity after only issuing its PPMs in March. Last time around the firm closed on €6.6bn in April 2008, beating its €5bn target.