Dave Sandberg
Partner
Magnus Leivestad Hall
Sell side
Technology
Technology Advisory Services
NTC Services is a Norwegian data-centre specialist delivering a complete range of services from design and construction to installation, maintenance and technical support. The company also delivers turnkey facilities, high-density solutions and AI-ready implementations. NTC has established a strong brand and market position, with partners and customers that include several globally recognised players. For 2025, revenues are expected to be in the region of 340 MNOK.
The global data-centre sector is growing at an extraordinary pace, driven by AI, cloud migration and rising digital workloads. Norway and the Nordics are emerging as a particularly attractive region, supported by renewable power, robust infrastructure and favourable cooling conditions. The Norwegian market alone is expected to become nearly four times as large between 2025 and 2031.
With strong delivery quality and clear market momentum, the owners identified the need for a partner to help take NTC to the next level. Together with Stratema, the company ran a structured process to identify owners with deep sector understanding and the capacity to accelerate growth. Stratema worked closely with management to evidence underlying growth, key market drivers, and the operational and commercial scaling opportunities available.
Among the candidates, Icon Capital stood out with clear insight into the structural growth drivers shaping the data-centre sector and a view on how NTC’s technical platform, reputation and delivery capability can scale with the right support. Icon’s operational approach, collaborative ownership philosophy and experience with companies delivering mission-critical services made it a natural partner for NTC’s next phase.
Icon Capital is a Norwegian private-equity investor with more than 25 years of experience focused on mid-sized companies in the Nordics. The firm manages over NOK 2 billion in committed capital and operates as an active owner with a clear focus on operational value creation. Icon is currently investing from its eighth fund, with a particular emphasis on companies delivering mission-critical services to business, infrastructure and industry.
