Evolver Announces Successful Exit from Nordic BIM Group

The exit represents a strong outcome for Evolver Fund I and its investors, delivering more than a 5x MOIC – significantly exceeding the Fund’s 4x target. The transaction showcases Evolver’s ability to consolidate and scale national small-cap businesses into successful Nordic platforms - a key differentiator in the firm’s investment strategy across B2B services, digital transformation, and sustainability. 

NBG is a leading pan-Nordic provider of Building Information Modelling (BIM) and Life Cycle Assessment (LCA) software solutions. 

Under Evolver’s ownership, NBG has successfully navigated both the COVID pandemic and broader macroeconomic headwinds, including high interest rates and a softened construction market, emerging as a resilient, market-leading Nordic BIM powerhouse.

Over the five-and-a-half-year holding period, the company reached several key milestones:  

• Consolidated three national Value-Added Resellers in the Nordic region through strategic acquisitions
• Transitioned from founder-led to management-driven operations, strengthening leadership and governance
• More than doubled ARR, fueled by strong customer growth and retention
• Enhanced proprietary software capabilities through strategic add-on acquisitions
• Launched Anavitor, a proprietary LCA platform reinforcing NBG’s leadership in sustainable digital construction.

Erik Flodin, Partner at Evolver, commented: “In 2020, we partnered with the founders with a thesis to build a pan-Nordic BIM center of excellence supporting the digital and green transformation of the AECO industry. What made this journey truly rewarding was the close collaboration with a leadership team whose commitment, integrity, and drive have been instrumental in shaping NBG into the Nordic leader it is today. This shared journey is a strong reflection of what Evolver stands for: authentic partnerships, hands-on value creation, and succeeding together. We’re proud to see this transformation deliver meaningful results for our investors and to hand over a high-quality platform to its new owner. We’re confident that NBG is well-positioned to continue its growth and impact under Hawk Infinity’s ownership.”

Jörgen Nylund, NBG Group CEO, added: “Evolver has been an outstanding partner throughout this journey. With a human touch, they have brought strategic clarity, challenged us constructively, and backed us up with real operational support. Their understanding of B2B services made them a valuable sounding board on everything from vendor negotiations to M&A and organizational development. The foundation we’ve built together puts us in a very strong position to continue our success journey.” 

Halvor Sandbu, founder and former CEO of NBG’s Norwegian entity, concluded: “With Evolver as partner, we expanded our business through acquisitions, strengthened our capabilities, and built a solid team well-equipped for the future. Their ability to unlock synergies and motivate teams across the group played a key role in NBG’s strong development. It’s been a rewarding partnership that helped turn our early vision into a Nordic market leader.” 

Translink Corporate Finance acted as M&A advisor and Borenius Attorneys as legal advisor to Evolver in this transaction.