GCA Altium is now part of Houlihan Lokey

Transaction Details

October 1, 2019



Deal Type


Deal Value


Deal Team

Kristoffer Kalleskog, Sebastien Delattre, Alexander Alm

Norstat Group sold to Triton

Norstat Group: pan-European leader data solutions for the insights industry

Headquartered in Oslo, over 20 years Norstat Group (Norstat) has built up its presence in 12 European countries with 175 full-time employees across its 18 offices. Their customer base not only covers market research agencies, media agencies and consultancies, but also works with brands directly, having conducted research for firms such as H&M, Nintendo and Bosch too.

The company is a full-service data insights provider, putting together panels, scripting surveys, collecting data (both online and offline), and packaging it. Norstat’s proprietary base of 650,000 profiled panellists makes the company statistically relevant in all its markets, and is a key differentiator in a marketplace where most data collection players rely on third party panels.

The company’s data collection process is supported by their solid technology infrastructure that has been built up over time, enabling them to have the tools and automated processes to seamlessly run projects, closely monitor panel fatigue and optimise recruitment to fill specific needs, ensuring that its panellists are consistently relevant, survey ready and fully engaged.

Triton to acquire Norstat as they look to strengthen their current market status

Norstat has been sold by a Nordic family office who have owned the business for more than a decade, and leading PE firm Verdane who were minority owners in the business.

Norstat has now been acquired by Triton, who have signed an agreement for the company to become part of their Smaller Mid Cap Fund. This investment sees Triton renewing their interest in this industry once more, and will be the fund’s 8th platform investment, and their first investment in Norway. In total Triton has nine funds, focusing on businesses in the industrial, business services, consumer and health sectors.

Knut Aasrud, CEO of Norstat commented on the acquisition, saying: “Our well-founded methods to collect reliable data about any desired topic or target group is helping our more than 1,000 customers in making the right decisions and to become even better in what they do. Over the years, we have grown from a Nordic starting point to a pan-European market leader, and we are really looking forward to continue our growth journey.”

This transaction means that Norstat is now well-positioned to strengthen its current market status, both organically and via acquisitions.

GCA Altium acted as advisor to the sellers on this transaction.

Related Transactions

All transactions