Adelis Equity Partners has exited Danish IT outsourcing business IT Relation to Hg after a two-year hold.

Adelis picked up three IT outsourcing businesses – IT Relation, Front-data and DSI-NEXT – and merged them under the IT Relation brand in 2016.

The combined company has grown from 200 employees with around DKK300m (€40.3m) in revenues at the time of acquisition to over 450 employees with turnover of around DKK400m.

Hg will support IT Relation’s plans to grow both in Denmark and internationally, leveraging Hg’s focus on SME technology services in Europe.

The transaction is the third deal from the firm’s main buyout fund Hg8, which closed at £2.5bn last year.

In March, Hg launched two new funds targeting large-cap buyouts and transition capital for founders who are not ready to give up control of their business.

Hg’s large-cap fund, Hg Saturn, has held a first close of £1.1bn with its Hg Transition Capital Fund reaching £75m.