Intera’s year 2023 – strong growth in portfolio companies, expansion in Sweden, and strengthened technology sector capabilities


Private equity company Intera had a successful year despite the challenging market environment. During the year, Intera made one new investment and exited two companies. Intera’s portfolio companies grew strongly during the year, both organically and through several acquisitions. In addition, Intera opened an office in Sweden and strengthened its team, especially with technology sector expertise.

Sustainable growth in portfolio companies

Intera continued accelerating sustainable revenue growth and strengthening the strategic position of its portfolio companies. Despite the weak general market environment, the revenue of Intera’s portfolio companies grew by 17 percent on average during the year, and they made more than 50 acquisitions. Sustainability is a key topic for Intera in its work with portfolio companies. In 2023, a major part of the ESG work focused on social responsibility topics, such as competence development, equal treatment, and transparent decision-making.

About 70 percent of Intera’s portfolio companies in the two previous funds have expanded internationally during Intera’s ownership. International growth continued also this year, when Intera’s portfolio company Duunitori, which offers job search and recruitment marketing services, expanded its operations to Norway. Other portfolio companies also continued expanding in the Nordics and Europe, and 25 international acquisitions were completed during the year.

New investment in restaurant services and two exits as planned

In the summer of 2023, Intera and restaurant operator NoHo Partners established Better Burger Society, a company targeting a leading position in the growing premium hamburger market in Europe. The company’s strategy is to accelerate the growth of the restaurant concepts it owns and develop their operations by supporting local entrepreneurs and teams behind the concepts. In addition to the strong organic growth of local brands, the plan is to accelerate growth with selected acquisitions that support the strategy in new operating countries. Better Burger Society’s first restaurant concepts are Finnish company Friends & Brgrs and Swiss company Holy Cow!.

During the year, Intera exited two investments as planned: accounting services company Rantalainen and security company Avarn Security. During Intera’s ownership, Rantalainen achieved a leading position in its segment in Finland, more than doubled its revenue to more than 100 million euros, and made around 60 acquisitions. In addition, the company invested significantly in digitalization and HR management capabilities and expanded to Sweden. Avarn Security’s business also grew significantly during Intera’s minority ownership.

Expansion in Sweden and strengthened technology sector capabilities

Intera’s team grew by four members during the year, as two partners and two investment professionals were recruited to the investment team. In October, Intera expanded its operations in Sweden by opening an office in Stockholm and recruiting the first partner in Sweden, Cecilia Waldehorn. Several Intera’s portfolio companies have expanded their operations in the Nordic countries during Intera’s ownership, and opening an office in Stockholm was a natural next step for Intera. The new office further strengthens Intera’s ability to help its companies grow in the Nordics.

In October, Andreas Holmberg started as a partner in Intera’s team in Helsinki, strengthening Intera’s expertise in technology and service sector investments. Following the recruitments, Intera now has even better capabilities for finding Swedish and technology-driven investments, and for supporting the international growth of its portfolio companies.

Well-positioned for finding new investments and accelerating the sustainable growth of portfolio companies

“Even though the short-term market outlook is still weak, we have proven our ability to perform in different market situations. Following our expansion in Sweden and the strengthening of our technology capabilities, we have even better capabilities to actively look for new investments in 2024. In addition, we will continue supporting our portfolio companies towards growth and internationalization”, says Intera’s Managing Partner Juhana Kallio.

“I would like to thank our portfolio companies and our other partners for the excellent cooperation during the year. Special thanks also to the dedicated Intera team. Together, we are very well-positioned to continue creating Nordic growth stories in 2024 as well”, Juhana Kallio continues.