• Deal achieved 9.1x gross MOIC for Equip Fund I
• CV holds 62% stake, Fund I retains 12.5% stake
• Micromobility firm set to grow revenues 50%-60% p.a.

Equip Capital’s single-asset continuation vehicle (CV) for micromobility company Ryde Technology closed EUR 181m in only three months through a relationship-driven process, with Goldman Sachs Alternatives the sole investor, managing partner Sverre Flåskjer revealed.

When the Nordic private equity (PE) manager first acquired a controlling stake in Ryde in 2021, the company was already generating upwards of 40% EBITDA and was the only profitable operator in Europe known to Equip at the time, he said.

At the time of the acquisition, Ryde – which was founded in Oslo in 2019 – was present in four cities. With Equip’s backing, it has expanded to 69 cities across Norway, Sweden, Finland, and since this year, started operating in Germany.

Late last year, the GP explored a full exit via Stifel, as reported by Mergermarket.

Without detailing the previous sale process, Flåskjer said strategics would likely have struggled to finance a transaction at the price implied by Ryde’s performance, noting the company’s strong profitability relative to peers. “The price tag would probably be too high for strategics at this point,” he said.

Equip ultimately pivoted to a GP-led secondary and chose Goldman as a sole investor, with the deal achieving a 9.1x gross multiple on invested capital (MOIC) for Equip Capital Fund I, the managing partner said.

Ryde reported revenues of approximately NOK 885m (EUR 77m) and EBITDA of NOK 384m (EUR 33.4m) in 2025, according to a press release. External reports said the deal valued Ryde at about SEK 3bn-SEK 4bn (EUR 277m-EUR 370m). Flåskjer declined to comment on the company’s valuation.

Equip had fielded other bids, but its long-standing relationship with Goldman’s, the firm’s reputation and ability to fund the entire CV made it the standout choice, Flåskjer explained. No intermediary was used for the fundraise, he noted.

The CV structure allowed Equip to crystallise value and de-risk from Fund I, while retaining exposure to further upside, Flåskjer said. Ryde is now primarily owned by the CV, which has a 62% stake, while Fund I holds 12.5%, and the remaining equity is owned by the management team and co-investors, he continued.

PE approach to high-growth asset

Despite Ryde’s characteristics as a growth asset, Equip’s thesis emphasised a PE-style discipline and downside protection over aggressive, venture-led expansion.

Back in 2021, Ryde was already the only profitable micromobility provider in Europe, while others lost a lot of money, which is what attracted Equip to invest, he said.

The manager initially acquired a controlling position and added a new share issue to finance new scooters in 2021.

In 2022, Equip explored raising additional capital, but feedback from investors was that the company was not growing aggressively enough or incurring enough losses. “We strongly disagreed with that,” he said.

In total, the business completed only one funding round of approximately EUR 8m in 2022, fully covered by existing shareholders, with the remainder of company growth financed through its cash flow.

Equip continued to accelerate Ryde into new cities in the coming years, but maintained a conservative approach when using third-party service providers.

Whereas many operators depend on third parties for battery changing, moving scooters or even deploying on-street infrastructure at speed, Ryde kept operations in-house.

“There were some limitations in the beginning, because you need to scale and need to train people. But at the same time, it gave us much lower costs and much higher quality,” Flåskjer said.

Looking ahead, Equip is planning further expansion across other European cities and entry into e-bikes. The plan is to continue growing operations organically and not necessarily through company bolt-ons, he added.

Flåskjer said the decision to retain a minority stake in Ryde via Fund I also aligned with LP preferences to maintain exposure into the next growth phase.

“Our thesis won’t change – we just have an even stronger capital base with the CV, which will enable us to expand quicker on scooters, and more internationally, and into e-bikes,” he said.

“There’s so much more growth and so many cities where we’re not present. We added Germany, which has been really successful,” he explained.

Equip is targeting a further three- to four-year holding period under the CV, during which time the business is expected to continue growing revenues at 50%-60% annually, Flåskjer said.

Eventual exit routes could include another sponsor transaction, a strategic sale, or a public listing, he added. He pointed to ongoing consolidation in the micromobility sector and Ryde’s strong KPIs as supportive factors in achieving a premium valuation.

Norway-based Equip Capital, founded in 2018, focuses on SMEs based in the Nordics, and has NOK 8.6bn of assets under management across three funds, according to its website. The team has extensive investment experience across the consumer, industrials and business services sectors, per the website.

Equip is also reportedly raising a third vintage, with a target of NOK 3.6bn (EUR 328m). Flåskjer declined to comment on fundraising.