Axcel is to buy the LESSOR Group, a specialist in IT-based payroll and HR systems through its two brands LESSOR and Danløn.
Axcel will continue to pursue the growth plan that has helped the LESSOR Group to acquire a leading position in the market for payroll systems for private companies. The LESSOR Group was founded by the Fich family in 1972. Since 1999, the business has enjoyed average annual growth of just under 10% and robust earnings. Today, the Group has around 47,000 customers in Denmark and abroad, and upwards of 850,000 employees have their salaries paid out through a system developed by the LESSOR Group. The purchase of the LESSOR Group will be the tenth investment in Axcel IV.
The transaction is subject to the approval of the competition authorities.
The Fich family was advised by FIH Partners, Plesner and PwC. Axcel was advised by Kromann Reumert and Deloitte.
Richard Hall, Chief Executive and Founder of CloudOrigin, led the team providing vendor technology and operational due diligence to the Lessor Group and their finance advisers FIH Partners.