Karl-Ludvig Mauland, partner at BDO and incoming Head of the new business in Norway (left) and Martin Aasen, Chief Executive Officer at BDO.
The sale is the result of a strategic assessment in which both growth ambitions and regulatory considerations have been decisive.
"The aim of the sale is to facilitate further development and growth, both in BDO and in the to-be new entity. This gives us the opportunity to focus on our core business, and at the same time give Business Services optimal conditions to continue the impressive growth they have had in recent years", says Martin Aasen, CEO of BDO Norway.
RAN Group is majority owned by funds managed by the Norway-based private equity company Norvestor, and has in recent years strengthened its position across the Nordics. They currently have presence in Finland, Sweden and Norway.
"The acquisition is an important step in our strategy to consolidate and expand our position in the Nordic market. We are very pleased to welcome the Business Services team to RAN Group. Initially, Business Services from BDO will be established as an independent platform, and in the long term we will assess possible synergies", says Jukka Rosenberg, CEO of RAN Group.
RAN Group operates under a multi-brand strategy, and a completely new brand name will be launched for Business Services.
Business Services has doubled its revenue over the past five years and surpassed one billion NOK in 2024. With a new owner and full focus on growth strategy, their success will now continue in an independent structure.
"We bring with us the expertise, trust and relationships we have established in the Norwegian market. Now, we will have a new platform for further development, with dedicated capital and a strong belief in the potential of both our services and our people", says Karl-Ludvig Mauland, partner at BDO and incoming head of the new business in Norway.
Both BDO and RAN Group emphasize that the transaction is characterized by a high degree of both strategic and cultural alignment.
"It has been important for us to find an owner who shares our values and ambitions. RAN Group is a forward-looking company with clear growth plans, and they see our expertise and people as our greatest assets. We are confident that this will be a good partnership and the start of an exciting journey", says Mauland.
Going forth, Business Services will continue with its existing management and employees. Customers and partners will meet the same people, with the same professional environments and relationships, now in a new structure with a more distinct focus.
"Our employees have a unique opportunity to be involved in shaping a new business from day one. At the same time, we will continue our career and development paths, but in a context that provides new opportunities and greater influence", says Mauland.
For BDO, the transaction entails a clearer strategic direction with a focus on auditing and specialized advisory services.
"We are setting BDO up for continued growth with a clear strategic focus. At the same time, the transaction strengthens our financial position, and gives us the power to invest in technology, expertise and services that meet the future needs in the business sector", concludes Aasen.
The transaction is expected to be completed during the fourth quarter of 2025.
RAN Group provides accounting services and is an industry leader in the Nordics. RAN Group consists of Rantalainen in Finland, Value Group in Norway, Ålands Företagsbyrå in Åland, and Klara Consulting and Win Win Ekonomi in Sweden. The group has more than 2,000 employees across financial and payroll services in more than 100 locations in Finland, Sweden and Norway. RAN Group has a reported revenue of about EUR 220 million. They are owned by the Nordic private equity company Norvestor, with its corporate management and key employees located in Norway
Norvestor Advisory is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 98 investments with >600 add-on acquisitions, in addition to executing 66 exits, including 16 IPOs. The Norvestor Funds seek to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion.
BDO is an international advisory and audit firm with strong presence in Norwegian society and business. In 2024, BDO generated revenues of NOK 3.3 billion and operates from 50 offices across the country. Our clients range from large international corporations to small and medium-sized enterprises. Globally, BDO is present in 164 countries and employs more than 111,000 professionals.
Business Services delivers solutions within accounting, pay roll, finance operations, digitalization, and business support. The unit supports everything from small local companies to large international players through a global network. Business Services comprises approximately 600 employees, is present at 30 locations nationwide, and generates revenues of around NOK 1 billion