Cedra launches in Norway following carve-out of Deloitte business unit
Swedish accounting and advisory group Cedra has launched in Norway through a carve out acquisition of Deloitte’s SMB business in the country.
The newly formed Cedra business in Norway will have revenues of NOK 500 million and consist of over 300 professionals across 13 locations in Norway. The ambition is to become the leading provider of audit and advisory services for small and mid-market customers in the country.
The Norwegian business will be led by Torgeir Dahle, the former Audit & Assurance Leader of Deloitte. “I am proud to be part of the formation of Cedra in Norway, together with over 300 colleagues. I believe we have a unique opportunity to build a winning platform in an industry undergoing a huge transformation. I look forward to leading the establishment of the group and delivering on our growth plan.”
Cedra was established at the start of 2025 through the merger of five accounting firms in Sweden: Alliance, Crowe Osborne, Frejs Revisorer, RSM in Göteborg and Qrev. Shortly after that, Cedra acquired the SME audit and advisory business of PwC, comprising 270 employees and over 20 offices. In June, Cedra also bought Deloitte’s offices in Östersund, Luleå, and Sundsvall (approximately 35 employees).
While the Swedish and Norwegian country businesses will collaborate closely, they operate independently and as standalone entities. Both are backed by private equity investor Adelis.
The investor
”Following the successful establishment of Cedra in Sweden, we are very pleased to announce our second platform investment in the segment. We see significant growth potential in Norway as well as synergy potential from collaboration with the firm in Sweden. We look forward to supporting the Norwegian team in achieving its growth ambitions and will seek like-minded entrepreneurs to join us on this journey”, said Erik Hallert and Jakob Wedenborn from Adelis.
The transaction is expected to close in December 2025, subject to customary regulatory approvals.
