Adelis partners with Newground to support its next phase of growth
Adelis Equity Partners (“Adelis”) has agreed to acquire a majority stake in Newground, the alliance that builds and backs specialist consultancies. The partnership with Adelis gives Newground greater capacity to develop its existing companies, add new specialist capabilities and take the alliance into its next phase of growth. Existing Newground shareholders will reinvest a significant share in the transaction and remain large shareholders going forward.
Adelis Equity Partners will become the majority owner of Newground, an alliance that brings together independent specialist consultancies within a shared platform. The companies retain their specialist focus, entrepreneurship and close client relationships, while gaining access to collective specialist expertise, shared capabilities and opportunities across Newground.
Since its foundation in 2014, Newground has grown to 15 specialist companies and more than 300 consultants. The alliance has grown revenues by 19% per year in the past decade, reaching a turnover of over SEK 500m.
“We have built Newground around a simple idea: specialist companies should be able to grow without losing the focus, entrepreneurship and closeness to clients that make them successful. Adelis brings relevant experience of building and developing businesses, as well as the capacity to help us take that model further. Our ambition is to build a leading specialist consulting alliance without compromising what makes our companies strong,” says Per Appelgren, Managing Partner at Newground.
The partnership with Adelis will enable Newground to continue developing its existing companies while adding complementary specialist businesses and capabilities. Adelis brings extensive experience of supporting growing businesses through organic development and strategic acquisitions.
“Newground has built a differentiated position in a fragmented consulting market. Its combination of specialist expertise, strong entrepreneurial leadership and collaboration across companies creates significant potential for continued growth. We look forward to supporting the team as Newground develops its existing businesses and expands into complementary specialist areas,” say Joel Russ and Jakob Wedenborn at Adelis.
The transaction is expected to close in November 2026, subject to receiving all customary regulatory approvals.
For further information:
Per Appelgren, Newground
Phone: +46 70-651 15 38
E-mail: per.appelgren@newground.se
Joel Russ, Adelis Equity Partners
Phone: +46 73-543 90 68
E-mail: joel.russ@adelisequity.com
About Newground
Newground builds and backs specialist consultancies. The alliance brings together independent specialist companies within a shared platform, giving them access to broader expertise, shared capabilities and market opportunities while allowing them to retain their specialist focus and entrepreneurial culture.
Newground consists of 15 specialist companies with over SEK 500m in revenues and more than 300 consultants. For more information, please visit www.newground.se
About Adelis Equity Partners
Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic mid-market, making 51 platform investments and more than 350 add-on acquisitions. Adelis today manages approximately €4.5 billion in capital. For more information, please visit www.adelisequity.com