PwC divests SME business in Norway to IK Partners and local partners

After selling its Swedish SME business earlier this year, PwC has now also divested its Norwegian SME arm.

The divestment sees PwC’s business focused on the small and mid-sized segment (SME) transfer to IK Partners, a leading European private equity firm, and a group of PwC partners that are re-investing in the business.

Around 260 employees and 20 partners, and 20 offices, are part of the carve-out, positioning the new business as the second-largest independent audit and advisory firm in the Norwegian SME market.

The 20 offices are located in Askim, Bodø, Brønnøysund, Drammen, Egersund, Florø, Førde, Hamar, Haugesund, Lillehammer, Mo i Rana, Molde, Mosjøen, Måløy, Sandane, Sarpsborg, Sogndal, Stryn, Ulsteinvik, and Ålesund.

The new company – its name is yet to be unveiled – will provide audit, consulting, and legal services to local and non-regulated clients across Norway. With the backing of IK Partners, the company plans to pursue growth through acquisitions in the fragmented Norwegian and Nordic markets.

Erik Sønsterud, who brings twelve years of experience from PwC, will serve as CEO. “ We see great value in the opportunity to collaborate with IK Partners. We aim to become the leading player in our segment in the Norwegian market, attract new talent, and deliver high-quality services to our clients. Together, we have ambitious goals, making this an exciting opportunity for both our employees and our clients.”

Exiting the SME segment

Meanwhile, for PwC, the divestment is part of its strategy to focus on the higher mid-sized and corporate segment. “To remain a leader, we must concentrate our efforts and investments on the areas where we can excel in the future. This has seen PwC shift its focus both in Norway and globally to medium-sized and large companies as well as growth companies,” explained Leif Arne Jensen, Senior Partner and CEO of PwC in Norway.

“This agreement enables us to better support large and medium-sized businesses in building trust and adapting to a world shaped by geopolitical fragmentation, climate change, and technological disruption. By focusing on our leading expertise in audit, strategy, transaction and transformation advisory, and legal services, we aim to make a greater impact,” Jensen added.

Last month, Big Four rival Deloitte similarly exited its Norwegian SME business, selling it to Cedra, which earlier this year also bought the SME business of PwC in Sweden.