Cedra Expands with Acquisition of PwC Sweden Unit
Deal News | Feb 19, 2025 | White & Case
Global law firm White & Case has advised Cedra, a newly established audit and advisory group, on its acquisition of part of PwC Sweden's audit and advisory business. This acquisition is set to significantly expand Cedra's footprint in Sweden, increasing its workforce to over 500 employees across 25 locations with projected revenue of SEK 1 billion. Cedra, founded in 2025 by five accounting firms along with Adelis Equity Partners as a minority stakeholder, aims to capitalize on the expertise and client base inherited from PwC Sweden. Following the acquisition, Pontus Tonning, a former Assurance Leader at PwC Sweden, will become the CEO of Cedra. Adelis Equity Partners, a private equity firm with approximately 3 billion in capital under management, supports Cedra in this strategic expansion. The legal advisory for the transaction was managed by White & Case partners and associates across Stockholm and London.
Sectors
- Professional Services
- Private Equity/Venture Capital
Geography
- Sweden – Cedra is expanding its presence in Sweden by acquiring part of PwC Sweden's business.
- United Kingdom – White & Case's involvement included partners from London, indicating cross-border legal advisory roles.
Industry
- Professional Services – Cedra and PwC Sweden are involved in the audit and advisory sectors, which fall under Professional Services.
- Private Equity/Venture Capital – Adelis Equity Partners, a private equity firm, is a minority owner in Cedra and has played a key role in facilitating the acquisition.
Financials
- SEK 1 billion – Projected combined revenue of Cedra post-acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cedra | Acquiring Company | Company | A newly established audit and advisory group in Sweden. |
| PwC Sweden | Target Company | Company | An advisory and auditing company that is part of the global PwC network. |
| Adelis Equity Partners | Investor | Company | A private equity firm that is a minority owner of Cedra. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising Cedra on the acquisition. |
| Pontus Tonning | Future CEO of Cedra | Person | Former PwC Sweden Assurance Leader appointed as CEO of Cedra. |