The Axcel-managed continuation fund has acquired SuperOffice from Axcel VI, which invested in the company in 2020 and has now fully sold its stake. Carlyle AlpInvest is the lead investor in the new single-asset fund, supported by other new and existing investors, management and employees of SuperOffice, and Axcel’s partners and employees.

The transaction allows existing investors to realise strong returns, and provides Axcel and new investors with the opportunity to invest in a high-performing asset with significant potential for further value creation.

“A continuation fund is an attractive solution in this situation where we still have further value creation to do,” says Co-Managing Partner Christian Bamberger Bro. “We’re proud of the journey SuperOffice has been on – transitioning almost fully to the cloud, elevating its commercial efforts, and significantly accelerating its growth. This transaction reinforces our commitment to SuperOffice and our confidence in its continued growth driven by a combination of organic initiatives and targeted acquisitions.”

Strong performance in first ownership cycle
Since Axcel’s investment in 2020, Norway-based SuperOffice has outperformed expectations – strengthening its product and operating platform, successfully transitioning from on-premise software to a modern, cloud-based SaaS model, and in the process nearly tripling cash EBITDA.

The company has also completed a smooth management succession and made significant progress on its sustainability agenda. With a strong new leadership team in place – and thanks to the groundwork laid by its predecessors – SuperOffice is well positioned for its next chapter.

“With Axcel by our side, we’ve built more than just a solid foundation – we’ve created momentum,” says Lars Engbork, Group CEO of SuperOffice. “Now we’re ready to scale faster, innovate deeper, and deliver even more value to our customers, together with a partner who knows our business and shares our ambition to become the most loved CRM in Europe.”

Clear path for the future
In the next ownership phase, Axcel and the SuperOffice management team will focus on further strengthening the company’s go-to-market capabilities and accelerating M&A activity to expand its presence across Europe. The ambition is to position SuperOffice as a leading European CRM provider to its targeted customer segments, offering fit-for-purpose product functionality and best-in-class customer service.

The transaction closed on 3 June 2025. Jefferies acted as sole financial advisor to Axcel on the transaction. Kirkland & Ellis, Wiersholm and Kromann Reumert served as legal advisors.