Luxembourg, 25 August 2021: Sterling Active Fund (“SAF”) confirms that on the 25th of August 2021 it successfully exited its investment in Adapteo Oyj (“Adapteo”), making it the second investment SAF has exited since its launch in late 2020.

Sterling originally invested in Adapteo’s parent company, Cramo, with the investment thesis that the modular space business with its long-term contracts and growth opportunities deserved a premium valuation that was not being reflected in the share price. A spin-off was successfully executed in June 2019 and SAF’s predecessor fund, Sterling Strategic Value I (“SSV”) received shares in Adapteo.

Following the spin-off SAF increased its stake in Adapteo and worked closely with management, the board of directors and the other shareholders of the Company, specifically EQT Public Value and Nordea, for circa 2.5 years, to ensure a successful development and business growth. Sterling had representation at the Company’s Nomination Committee to the Board via its Vice Chair, Ms Giulia Nobili.

On 17th May 2021, West Street Global Infrastructure Partners IV – a fund managed by Goldman Sachs Asset Management – made a tender offer to purchase the Company at a ~50% premium to the previous day’s closing price.

The tender offer by West Street Global Infrastructure Partners IV was accepted by the majority of the shareholders of Adapteo on the 17th of August and SAF successfully exited its entire holding in the investment.


Adapteo Oyj, is a company incorporated in Finland and listed on the Swedish stock exchange, is the leading provider of adaptable modular buildings in the Nordic countries with smaller operations in the Netherlands and Germany. Adapteo’s fleet of modules can be used for schools, day-care, and offices. The buildings are rented out on long-term contracts mostly to customers in the public sector.

West Street Global Infrastructure Partners IV, an infrastructure opportunistic fund managed by The Goldman Sachs Group. The fund is headquartered in New York and invests globally in the infrastructure sector.

Sterling Active Fund, is the second fund launched by Sterling Strategic Value in October 2020.  SAF is open for subscriptions.

Sterling Strategic Value, is one of Europe’s oldest Activist investors founded in 1999 and with a track record of over 50 successful activist investment entry and exits.



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