Fondia purchases local Swedish legal firm Jansson & Norin for EUR 1.6M.
The price of the transaction is EUR 1.6M ($2M), 1.3M in cash and the rest in Fondia's shares. An additional earnout of EUR 700k is tied to the development of the unit's turnover for the next two years in Fondia Sweden. That possible additional purchase price is to be paid in combination of shares and cash.
The transaction is expected to be finalized at the end of January.
Fondia, founded in 2004 and led by CEO Salla Vainio, is a full service business law house that operates in Finland, Sweden and Estonia. In 2016 the company was profitable, at almost EUR 15M in revenues.
Jansson & Norin, founded in 2012 by Johan Norin and Nils-Erik Jansson, has 12 employees in offices in Gothenburg and Stockholm. The company expects sales of EUR 1.4M for 2017, and an operating loss of EUR 100k.