CASE STUDY: LEXIT
From local champion to European contender
2019: Handover
When we acquired Lexit in 2019, Gunnar Herseth had grown the business from humble beginnings in Kløfta into a key supplier for hundreds of customers, from meat producers needing labels to Burger King’s self-checkout machines. With nearly NOK 400m in turnover and operations in three countries, Lexit had become increasingly complex, and Gunnar was ready to step down as CEO and was looking to sell most of his stake in the business.
Buying a business and replacing a founder-CEO isn’t exactly textbook, but we knew it was the right move. Enter Sjur Skjæveland—a leader with the perfect mix of vision and hands-on grit. Several handover workshops smoothed the transition before the deal was even signed. Gunnar stayed actively involved, helping Sjur hit the ground running. Gunnar’s commitment to a seamless handover while stepping back set the stage for Lexit’s next chapter.
2019-2021: getting profitable
Sjur and the team managed to more than double profitability within the first couple of years. There wasn’t one magic solution—it was a series of initiatives. The focus was on identifying what truly drove profitability and finding ways to do more of it. Of course, we made plenty of mistakes along the way, but those lessons would prove invaluable later.
2022-2024: consolidating the Nordic position
By 2022, we were confident that Lexit wasn’t just a great company but a solid platform for building a group. Industry peers seemed to agree, enabling us to swiftly acquire six companies across Norway, Sweden, Denmark, and Finland. Despite divesting the Label division, Lexit’s turnover grew from NOK 400m to over NOK 1bn, establishing it as the clear Nordic market leader. In just five years, Lexit transformed from a business with growing pains into a professional company capable of rapidly acquiring and integrating others. It was a significant achievement—but it was far from the end of Lexit’s journey.
2024: Exit and international expansion
It was becoming clear to everyone at Lexit that the next step was to look beyond the Nordics. The European market was highly fragmented, and the Nordic countries were far ahead technologically. Lexit stood out as one of the few companies in the industry that had successfully grown through M&A. But expanding further required more capital, so it was time for us to sell the company.
In August 2024, we sold Lexit to the German PE fund Findos, marking the end of a fantastic investment journey for us. We were especially proud to deliver a great return to the more than 30 employees who had invested alongside us.
Today, Lexit is expanding into Europe with the same talented team at the helm. The transition to new ownership has been seamless, and it’s exciting to see Lexit continue its growth trajectory as it tackles new markets. The future looks bright for this remarkable company.