EQT is set to acquire Swedish managed IT services provider Candidator.

Candidator provides clients with services including cloud, hosting and application services. The business has around 300 employees across its six offices in Norway and Sweden with annual sales of around €45m.

EQT’s Mid-Market Europe fund has entered into an agreement with current investors, private investment company Sobro and the Candidator’s minority owners, to acquire the business.

Under EQT’s investment, the business will continue its growth strategy and develop its service offering through both organic growth and acquisitions.

EQT partner and investment advisor to EQT Mid-Market Johan Dettel said “EQT has monitored the Swedish managed IT services market for a long time and identified Candidator as an attractive platform to drive the consolidation.

“We are impressed by Candidator’s strong financial performance and industry-leading customer satisfaction, successfully built by the founders and management,” he added.

HDR Partners, White & Case, Bain and KPMG advised EQT on the transaction.

EQT closed its European Mid-Market fund at its hard-cap of €1.6bn in May. The fund makes control or co-control investments in companies with enterprise values of €100m to €300m based primarily in northern Europe.