The Nordic private equity firm Polaris has entered into a strategic partnership with Valtus, an international leader in Executive Interim Management, thereby becoming the new majority shareholder. The investment, the first from Polaris’s new Fund VI, aims to support and accelerate Valtus’s continued international expansion with the goal of building a global leader in the industry. Nordic Interim has been part of the Valtus Group since 2021.
In an interview, Johan Pålsson, Partner, and Karin Möllborg, Director at Polaris, share their insights on the investment, their view of the Interim Management industry, and the future plans for Valtus.
Can you tell us briefly about your background and about Polaris?
Karin Möllborg: “I joined Polaris about a year and a half ago. Before that, I was at Triton Partners where I worked with similar investments in small and medium-sized enterprises, and before that, I was at Investor. My experience lies in identifying and developing companies with strong growth potential.”
Johan Pålsson: “I have been active in private equity for 20 years. I most recently came from CapMan Buyout, where I was a Managing Partner, and before that, I spent ten years at Ratos. My career began as a consultant at Arthur D. Little, an experience that has given me a broad understanding of different industries and business models. Polaris was founded in Denmark nearly 30 years ago on the initiative of the Møller-Mærsk family together with some Danish financial institutions. We were one of the first private equity firms in Denmark, and our strategy from the start has been to invest in Nordic medium-sized companies with great development and growth potential. That strategy remains the same today – to be an active and supportive owner. We have a clear growth and partnership-focused investment philosophy with offices in Copenhagen and Stockholm.”
How did you become aware of Valtus specifically?
Johan Pålsson: “There are really two answers to that question. Firstly, I have known Björn Henriksson, CEO of Valtus Group, for many years, as we both worked at Arthur D. Little. We have had an ongoing dialogue over the years where we discussed Nordic Interim’s business and the great potential in the interim market. Secondly, Polaris itself has been a client of Nordic Interim for many years and has thus been able to follow their development and growth journey. Over time, our conversations evolved into a more concrete investment discussion. We know the company and the market well.”
Karin Möllborg: “Although Valtus is a European company with a strong presence in almost 30 countries, it fits perfectly into our investment philosophy thanks to the strong Nordic connections through Nordic Interim in Sweden, Denmark, and Finland. When we evaluate potential investments, we have a long list of criteria, and Valtus checks basically everything on our wish list.”
What made Valtus an attractive investment compared to its competitors?
Johan Pålsson: “Valtus has an incredibly strong position in the European market. Valtus has successfully grown through acquisitions and begun a consolidation of a fragmented market. Our ambition is to support Valtus on its journey to becoming the world’s leading player in Executive Interim Management. We also have a very good impression of the founder Philippe Soullier and the existing investors, and this will be a partnership where we work together. Joining forces with key individuals in our investments is an explicit part of our strategy.”
Karin Möllborg: “Compared to its competitors, we see that Valtus is built on a long-term and sustainable foundation. There is a strong brand, an extensive network of qualified Interim Managers, and proven long-term customer relationships with many repeat clients. The operational model is also a strength, with a higher degree of specialization and efficiency through dedicated teams for, for example, Talent Management and Business Coordination. We also appreciate that Valtus is positioned in the premium segment with a focus on executive positions rather than middle managers. The international presence is a key factor that allows Valtus to help global clients while also offering an attractive international network for its interim managers.”
You have a Polaris Excellence Model to support your portfolio companies. How do you plan to apply it to Valtus?
Johan Pålsson: “Our ‘Polaris Excellence Model’ is our structured way of ensuring that our collective experience and expertise benefit our companies in a scalable and replicable way. The model has two main parts. The first part concerns all portfolio companies and is about ensuring a robust and scalable infrastructure, system support, and a clear strategic plan for growth. This also includes HR and organization, where we work to attract and retain the right talent and maximize the potential of the teams. The second part of the model contains various modules that are relevant to specific companies. For Valtus, we will particularly apply our expertise in growth through acquisitions to continue the consolidation of the market. The model serves partly as a library of tools, templates, and benchmark data, and partly as a network of internal and external experts in areas such as IT systems, where the companies can get concrete support.”
How do you see the future of the Interim Management industry and Valtus’s role in it?
Johan Pålsson: “We are convinced that there is strong structural growth in the global market. This growth is driven from two directions: on one hand, clients are facing an ever-faster pace of change, which creates a need for quick and flexible leadership solutions – Interim Management is a fantastic tool for this. On the other hand, we see increased maturity among clients who increasingly understand the value of Interim Management and can distinguish it from traditional management consulting.”
Karin Möllborg: “Another strong driver is the clear trend of more and more experienced and skilled leaders choosing to work as Interim Managers. The gig economy is growing, and with it, the pool of available talent. We estimate that the underlying market will grow by double digits in the future. The Nordic market is a relatively mature market, while the potential is even greater in other, more immature markets where Valtus should be established. This provides an excellent starting point.”
Finally, how do you see Valtus’s future development and international expansion?
Johan Pålsson: “Our ambition is based entirely on the plan and vision that Valtus’ current management has. We are not coming in with an intention to change things; we strongly believe in the strategy and want to give Valtus the resources and support needed to accelerate it. Our plans are extremely growth-focused. We see that there is another gear to shift into when it comes to the growth rate, and an important part of that will be continued acquisitions and expansion into new geographical markets. Together with the management and the other owners, we look forward to building a global leader.”