Phase One was acquired by Axcel for $230M.

Phase One, a Copenhagen, Denmark-based digital imaging software and equipment company, announced that it was acquired by the Danish private equity firm Axcel.

The transacttion was made with the actual owner, Silverfleet Capital, and according to the Danish media, values Phase One at DKK 1.5bn ($230M), a 4.6x return from what Silverfleet paid in 2014. Following the deal, Axcel becomes majority owner, joing a group of 31 managers also involved as shareholders.

Phase One, led by CEO Henrik Håkonsson, has two divisions. Capture One provides raw image processing software to photographers. Image Capture Solutions provides camera systems for industrial applications, to photographers and cultural heritage institutions. Since 2014 the company has made two add-on acquisitions including the purchase of its main supplier Mamiya Digital Imaging Company in Japan, for an undisclosed sum.

Phase One is headquartered in Copenhagen, Denmark, with operations in Germany, Hong Kong, Israel, Japan and the US.