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23 Feb 2022

MCF advises the owners of Seriline in the sale of a majority stake to FSN Capital

Seriline AB (“Seriline”), the independent Nordic leader in physical identity and access management technology (IAM), has been acquired by FSN Capital. MCF supported Seriline’s existing owners in finding the right partner for the Company’s next growth stage, using its extensive experience within technology and business services, and working with entrepreneur-led companies.

"I am very proud of what we have achieved at Seriline. The entire Company has grown in many ways over recent years, and we have proven the value of our specialised software and technology. MCF learnt our business from the inside out and helped communicate what we have created. The team we worked with was devoted, hardworking and just as excited about the future for Seriline as we are".

Pierre Parrman

CTO of Seriline

The Deal

Established in 1999, FSN Capital is one of the most active private equity investors in Northern Europe with over EUR 4bn under management. Seriline is expected to be FSN Capital’s initial platform for a buy-and-build strategy to create a Nordic cybersecurity leader in identity and access management (IAM), with Seriline having a pipeline of potential M&A targets in a fragmented market.

The Target

Seriline is a Nordic leader in physical identity and access management (IAM). The Company provides a range of physical access management solutions that ensures that the right person can access the right places at the right time.

Under the leadership of brothers Freddie and Pierre Parrman, the Company has grown over 50% each year (CAGR) since 2015 and has built a suite of proprietary software and technology solutions for the physical security market. Seriline’s customers include Securitas, Stanley Security, Coor, and a magnitude of Swedish public sector organisations, laying testament to the Company’s robust, automated solutions. Over recent years, Seriline has expanded from its core physical credential ordering and production business, by creating Serix IAM, a unique Software-as-a-Service (SaaS) platform that automates and secures the management of users and credentials across various security systems. With physical and digital security converging, Seriline’s solutions address critical customer problems, including increasing cybersecurity concerns and GDPR compliance.

Under FSN Capital and the continued leadership of the current owners, Seriline plans to accelerate its growth, lead consolidation in the market and create a new challenger in the European cybersecurity market.

About Seriline AB

Seriline AB (“Seriline”) was founded in 1990 and is a Swedish-owned company with a focus on physical identity and access management. Seriline’s has proprietary software, web solutions, hardware and services simplify and control the process of making sure that the right person has the right access to the right place at the right time.

About FSN Capital

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and advisor to the FSN Capital Funds, with €4 billion under management and offices in Oslo, Stockholm, Copenhagen, and Munich.

Client Statement

Freddie Parrman, CEO of Seriline, said: “As our business grew, we knew that it was the right time to find the ideal partner to move Seriline to the next level of success. MCF understood exactly what we were looking for and helped us explore all options. Without their support during the process, we wouldn’t have been able to maintain the level of sales. We are super excited to start a new growth chapter together with FSN and they are the perfect partner for us going forward. The experience and network they bring to the table is exactly what we need in the next step”.