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 will support Newground’s continued growth, both organically and through acquisitions. Existing shareholders will reinvest a significant share of their proceeds and remain large shareholders following the transaction.
Newground 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, Newground has grown to 15 specialist companies and more than 300 consultants, with revenues exceeding SEK 500 million. The alliance has grown its revenues by an average of 19 percent annually over the past decade, and today approximately 80 percent of revenue comes from clients working with more than one Newground company.
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.
“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 consulting market is changing as AI reshapes how parts of consulting work are carried out, while the challenges clients face increasingly require expertise across multiple specialist areas. Newground’s model combines deep specialist expertise with the broader capabilities of a larger alliance.
For clients, Newground’s continued growth will provide access to a wider range of specialist expertise and greater collective capacity to address larger and more complex challenges, while keeping senior expertise and responsibility close to the client.
“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”, says Joel Russ, Partner at Adelis.
The transaction is expected to close in November 2026, subject to customary regulatory approvals.
For further information, please contact:
Per Appelgren
Managing Partner, Newground
Email: per.appelgren@newground.se
Phone: +46 70-651 15 38
Joel Russ
Partner, Adelis Equity Partners
Email: joel.russ@adelisequity.com
Phone: +46 73-543 90 68
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 revenues exceeding SEK 500 million and more than 300 consultants.
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 50 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.