Formuesforvaltning added IK Investment Partners and ICG as investors in the company in a $350 million deal.
Financial details of the transaction were not disclosed. According to Norwegian media, the deal values the company at NOK 3bn ($350M). IK and ICG will be equal partners and acquire a total of 48.8% from several private investors, and will invest alongside founder Ole Jacob Sunde and the management team.
Formue, founded in 2000 and led by CEO Øystein Bø, is an asset manager which specialises in serving high-net-worth individuals across Norway and Sweden as it holds NOK 100bn (€9.5bn) of assets under management as of December 2020.
The company works provides private individuals, institutions and organisations a range of services from wealth planning, to portfolio management, to business management, family office support and legal services.
Formuesforvaltning says that it distinguishes itself from its peers by possessing a strong ancillary offering which includes the provision of financial life advice through a cohesive, omni-channel customer engagement model.