In the start of July 2011, it was announced that Greystone Capital had acquired 60% of the shares in Progressive IT while the management still owns 40% of the shares. The announcement did not contain any information about the amount invested by Greystone in Progressive IT or the underlying valuation of the company.

At Greystone Capital’s web-site the following information is provided:

Greystone is a privately held investment company. In partnership with strong management teams we invest in the development of companies with an attractive financial potential. We have a long term focus on value creation and strive to be a stabile, dynamic and non-complicated investment partner.

We are continuously looking for interesting investment opportunities where we have a special edge, either special situations (typically structural changes), buy outs (partnering with experienced managements) and portfolios. For single investments we typically look at  investment sizes beween 1 and 20 million Euro, both minorities and majorities.

Behind Greystone stands considerable investment experience, solid industrial track records and a strong network. Our main shareholder is Clipper Group, an international leading shipping consortium.

Progressive IT is a Copenhagen-based supplier of IT infrastructure as well as implementation of Share Point, CRM and Project based solutions from Microsoft to medium-sized enterprises. Progressive IT has in the last 5 consecutive years received the Børsen Gazelle award.