Houlihan Lokey Advises Zenitel

Houlihan Lokey is pleased to announce that Zenitel, a portfolio company of 3d investors, has agreed to be acquired by FSN Capital VI.(1)

With 125 years of history, Zenitel is a leading global provider of premium certified intercom and public address and general/voice alarm (PAGA/PAVA) systems for mission-critical environments, such as maritime, energy, transportation, industry, hospitals, high security, and corporate buildings. Zenitel has its operational headquarters in Norway and corporate headquarters in Zellik, Belgium. It generated revenues of more than €128 million in 2025 and employs approximately 450 people, serving more than 2,000 customers in over 115 countries.

3d investors is an investment company built around the Donck family, with a long-term focus, founded in 1992 and based in Ghent, Belgium. It chooses to support the growth of solid companies, working closely with entrepreneurs and management, and acts as a patient and engaged shareholder. In doing so, it builds on its core values: entrepreneurship, empathy, integrity, passion, and agility.

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich. FSN Capital Funds has more than €4 billion under management and makes control investments in growth-oriented Northern European companies.

Houlihan Lokey served as the exclusive sellside financial advisor to the shareholders of Zenitel. This deal represents another highly successful transaction for Houlihan Lokey in the security and safety solutions space.

(1) FSN Capital GP VI Limited, acting for itself and in its capacity as general partner or portfolio manager (as applicable) for and on behalf of each of FSN Capital VI L.P. and FSN Capital VI Invest L.P.

RELATED: Industrials, Mergers and Acquisitions