FSN Capital VI* Acquires Zenitel Communication Solutions

Munich / Oslo – FSN Capi­tal VI has signed an agree­ment to acquire Zeni­tel, a leading global provi­der of high-quality, certi­fied inter­com systems, public address systems, and voice alarm systems (PAGA/PAVA) for safety-criti­­cal envi­ron­ments. The seller of the shares is the invest­ment firm 3d inves­tors. With this acqui­si­tion, FSN will support Zeni­tel in its next phase of growth, which will build in parti­cu­lar on the company’s proven tech­no­logy plat­form and inter­na­tio­nal custo­mer relationships.

Zeni­tel has a 125-year history and today opera­tes as a global provi­der of high-quality solu­ti­ons for safety-criti­­cal commu­ni­ca­ti­ons. These solu­ti­ons serve as a vital compo­nent of the secu­rity infra­struc­ture in various indus­tries, inclu­ding mari­time, energy, trans­por­ta­tion, and manu­fac­tu­ring, as well as in hospi­tals, high-secu­rity faci­li­ties, and office buil­dings. Custo­mers around the world rely on Zenitel’s inter­com, public address, and voice alarm systems (PAGA/PAVA) in some of the most sensi­tive and criti­cal envi­ron­ments. The company’s opera­tio­nal headquarters—which house the rese­arch and deve­lo­p­ment, opera­ti­ons, finance, and HR departments—are loca­ted in Norway and the United King­dom, while its corpo­rate head­quar­ters are in Zellik, Belgium.

Zeni­tel has grown by more than 10% annu­ally over the past five years, further streng­thening its posi­tion as a global leader in inte­gra­ted solu­ti­ons for safety-criti­­cal commu­ni­ca­ti­ons. In 2025, the company gene­ra­ted reve­nue of over 128 million euros. Today, appro­xi­m­ately 450 employees serve more than 2,000 custo­mers in over 115 count­ries worldwide.

Koen Claer­bout, CEO of Zeni­tel, says: “We are very much looking forward to opening the next chap­ter in Zenitel’s history toge­ther with FSN Capi­tal. In FSN Capi­tal, we have found a strong part­ner that shares our values and vision and brings valuable opera­tio­nal expe­ri­ence to the table. Toge­ther, we will acce­le­rate our growth plans, drive inno­va­tion more quickly, and expand our reach so that we can better support our custo­mers world­wide. As a manage­ment team, we are firmly commit­ted to shaping this next phase toge­ther with our new part­ner. Our mission remains unch­an­ged: We will conti­nue to support our custo­mers with the dedi­ca­tion and quality they have come to expect from us, and provide them with inte­gra­ted solu­ti­ons for mission-criti­­cal communications.”

Ulrik Smith, Co-Mana­­ging Part­ner at FSN Capi­tal Part­ners, An invest­ment advi­sor at FSN Capi­tal VI commen­ted: “We have been follo­wing Zenitel’s progress for seve­ral years now and are impres­sed by how the company has deve­lo­ped under the leader­ship of Koen and 3d inves­tors. We share not only the manage­ment team’s vision for the company’s future stra­te­gic direc­tion but also the values upon which we intend to imple­ment this stra­tegy. Further­more, we combine the manage­ment team’s deep indus­try exper­tise with FSN Capital’s many years of expe­ri­ence in the safety and secu­rity sector. We look forward to working with the Zeni­tel team to shape the company’s next phase of growth.”

Eirik H. Wabø, Prin­ci­pal at FSN Capi­tal Part­ners and invest­ment advi­sor for FSN Capi­tal VI, adds: “Zeni­tel is a global leader in inte­gra­ted commu­ni­ca­ti­ons solu­ti­ons for safety-criti­­cal envi­ron­ments. The company relies on its own tech­no­logy and certi­fi­ca­ti­ons, which custo­mers have trus­ted for deca­des. Given incre­asingly strin­gent safety regu­la­ti­ons and rising cyber­se­cu­rity requi­re­ments, we see signi­fi­cant poten­tial for further invest­ment in inno­va­tion and the expan­sion of our inter­na­tio­nal presence so that we can support custo­mers throug­hout the entire life­cy­cle of their instal­led systems.”

Frank Donck, Mana­ging Direc­tor at 3d inves­tors, says: “Zeni­tel is a prime exam­ple of what we aspire to be as a family-run inves­tor: a pati­ent, commit­ted part­ner with the courage to make clear decis­i­ons. Working closely with the manage­ment team, we delis­ted the company from the stock exch­ange and gave it the free­dom it needed to conti­nue growing. Today, Zeni­tel is a global market leader in safety-criti­­cal commu­ni­ca­ti­ons and is expe­ri­en­cing strong, profi­ta­ble growth. We are very proud of this deve­lo­p­ment. We are convin­ced that FSN Capi­tal, with its exten­sive track record in secu­rity-rela­­ted markets, is the right part­ner to lead Zeni­tel into its next phase of growth.”

FSN Capi­tal funds** have alre­ady made seve­ral successful invest­ments in compa­nies whose custo­mers come from safety-focu­­sed markets, inclu­ding Fire­safe, Poly­tech, Safe­road, and Seriline.

The parties have agreed not to disc­lose the details of the tran­sac­tion. The tran­sac­tion is subject to appr­oval by the rele­vant autho­ri­ties and the custo­mary closing conditions.

FSN Capi­tal VI was advi­sed by Ever­core (M&A); Thom­mes­sen, Stibbe, Dorsey & Whit­ney and Wolf Theiss (legal due dili­gence); McKin­sey & Company (commer­cial due dili­gence); PwC (finan­cial and tax due dili­gence); Imple­ment Consul­ting Group (opera­tio­nal and tech­ni­cal due dili­gence); Marsh (insu­rance due dili­gence), and Howden (warran­ties and indemnities).

About FSN Capital

FSN Capi­tal, one of Nort­hern Europe’s leading private equity firms, was foun­ded in 1999 and has four offices in Oslo, Stock­holm, Copen­ha­gen, and Munich. The four funds advi­sed by FSN Capi­tal have more than four billion euros under manage­ment; for its most recent fund, FSN Capi­tal VI, 1.8 billion euros were raised for invest­ments in Scan­di­na­via and the DACH region. The funds make majo­rity invest­ments in growth-orien­­ted compa­nies to support them on their path to contin­ued success and to posi­tion them to be even more sustainable, compe­ti­tive, inter­na­tio­nal, and profi­ta­ble. FSN Capital’s team of more than 90 people (25 of whom are based in Munich) is commit­ted to inves­t­ing respon­si­bly and achie­ving market-leading returns, in keeping with the motto “We are decent people making a decent return in a decent way.” Current port­fo­lio compa­nies in Germany include Adra­gos Pharma, BoldR, Brot­Wert Group, Ecovium, impreg, Lobs­ter, Swash Group, and TASKING, among others. For more infor­ma­tion, visit www.fsncapital.com.

About Zeni­tel
https://www.zenitel.com/de

About 3d investors
https://www.3d-investors.be/en