Cedra Norway Set to Lead Mid-Market Audit and Advisory Services
Deal News | Aug 11, 2025 | Adelis Equity Partners
Adelis Equity Partners has entered into a strategic collaboration with former Deloitte partners to form Cedra Norway through the acquisition and carve-out of Deloitte Norway's Small and Medium Business (SMB) segment. Cedra Norway aims to become a leading provider of audit and advisory services for mid-market clients in Norway and will function independently while closely collaborating with Cedra Sweden. This new venture will be led by Torgeir Dahle, former Audit & Assurance Leader at Deloitte Norway, who brings over 30 years of experience to the role. The company will operate across 13 locations with over 300 professionals and generate approximately NOK 500 million in revenues. Svante Forsberg will chair Cedra Norway and Cedra Sweden, and Arne Frogner, former CEO of KPMG Norway, will join the board alongside local partners. Key stakeholders from Adelis see significant growth and synergy potential between Cedra Norway and Cedra Sweden, backed by their strong AI-driven platform and people-centric culture. The transaction is set to complete in December 2025.
Sectors
- Audit and Advisory
- Private Equity
Geography
- Norway – Cedra Norway will provide audit and advisory services specifically targeting mid-market clients within Norway and is a direct result of a carve-out from Deloitte's Norwegian operations.
- Sweden – Cedra Sweden, a sister entity to Cedra Norway and operational since early 2025, will collaborate closely, embodying Adelis Equity Partners' commitment to the Nordic region.
Industry
- Audit and Advisory – Cedra Norway is positioned to become a key player in the audit and advisory industry, focusing on providing services to mid-market clients in Norway.
- Private Equity – Adelis Equity Partners, a private equity firm, is a central participant in the transaction, showcasing their involvement and investment strategy within this sector.
Financials
- NOK 500 million – Estimated revenue for Cedra Norway after the carve-out and formation.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cedra Norway | Target company | Company | A newly formed audit and advisory firm in Norway, established via a carve-out from Deloitte's SMB business. |
| Adelis Equity Partners | Private Equity firm and Buyer | Company | A private equity firm that invests in the Nordic middle-market, known for building businesses in growth segments. |
| Deloitte Norway | Selling Company | Company | The entity from which the SMB business segment is being carved out and acquired to form Cedra Norway. |
| Torgeir Dahle | CEO of Cedra Norway | Person | Former Audit & Assurance Leader at Deloitte Norway, with over 30 years of experience in the industry. |
| Svante Forsberg | Chairman | Person | Chairman of both Cedra Norway and Cedra Sweden, ensuring leadership synergy between the two entities. |
| Arne Frogner | Board Member | Person | Former CEO of KPMG Norway, joining Cedra Norway's board to bolster leadership expertise. |
| Cedra Sweden | Collaborative entity | Company | An affiliated firm to Cedra Norway, established through a similar partnership structure led by Adelis. |