White & Case advises Adelis on acquisition of majority stake in Newground

Global law firm White & Case LLP has advised Adelis Equity Partners on its acquisition of a majority stake in Newground.

Existing Newground shareholders are expected to reinvest a significant share in the transaction and remain large shareholders going forward.

The transaction is expected to close in November 2026, subject to customary regulatory approvals.

Newground builds and backs specialist consultancies. The alliance brings together independent specialist companies within a shared platform, giving them access to broader expertise, shared capabilities and market opportunities while allowing them to retain their specialist focus and entrepreneurial culture. Newground consists of 15 specialist companies with over SEK 500 million in revenues and more than 300 consultants.

Adelis is a growth partner for well-positioned companies in the Nordic and DACH regions. Adelis partners with management and owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic mid-market, making 51 platform investments and more than 350 add-on acquisitions. Adelis today manages approximately €4.5 billion in capital.

The White & Case team which advised on the transaction was led by partners Shoan Panahi and Sebastian Wallin (both Stockholm) and included partners Marcus Halling (Stockholm) and Michael Engel (London) and associates Filip Karlsson, Amanda Thörnblom, Emil Admeus, Tintin Persson, Alva Drake, Linn Karlsson and Viktor Fredriksson (all Stockholm), Joona Krigsman (Helsinki) and Sally Staunton (London).

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