Swedbank Robur Alternative Equity I and other investors have entered into an agreement for the full divestment of Shine A/S (formerly known as Ageras) to the Cegid group, a cloud management and AI solutions business majority owned by Silver Lake. The completion of the transaction is subject to customary regulatory approvals. The realisation represents the fund’s second successful exit in 2025, taking place only in the third year following the fund’s establishment in 2022. As the company is being acquired at a unicorn valuation, this sale delivers an outstanding return to the fund’s investors, achieved just eight months after the investment was made.

Shine was founded in Copenhagen in 2011 by Rico Andersen and Martin Hegelund. Today, the company provides a comprehensive software suite designed to support small business owners, offering tools for invoicing, accounting, taxation, payroll and financial services, all integrated into a single platform with real-time information. 

“Since our investment in Q1 2025, we have followed the company closely. We have been impressed by the management team and their ability to drive rapid and profitable growth, both organically through strong customer inflow and inorganically through acquisitions, most notably the Shine acquisition in France this summer. We now welcome Cegid as a new strategic owner to continue to support small businesses across several European markets and to further redefine what administration can be. We wish Rico, Martin and the rest of the team all the best on their continued journey", says Patrik Westerberg, Senior Portfolio Manager of Swedbank Robur Alternative Equity I.

“It is great to see the portfolio deliver such strong performance, and for the fund to create real value for our clients, particularly in the current environment. This transaction demonstrates the team’s ability to deliver strong risk-adjusted returns and further strengthens our ambition going forward”, says Lorenzo Sormani, Senior Portfolio Manager of Swedbank Robur Alternative Equity I. 

"We appreciate Swedbank Robur‘s role as a supportive investor and active owner, and their close contribution even during a short time in Shine", says Rico Andersen, co-founder and CEO of Shine.

About Swedbank Robur Alternative Equity I

Swedbank Robur Alternative Equity I is a Swedish-based alternative investment fund for professional investors established in 2022. The fund invests long-term in unlisted Swedish and other Nordic companies (and to a lesser extent in the rest of the EEA). Investments are made in both established growth companies and other privately owned companies with a focus on sustainable value creation and transformation. The exit of Shine is the second divestment for the fund.