Bregal Milestone, the European growth private equity firm focused on software, has agreed a majority investment in Asolvi, a field service management (FSM) software provider for compliance-critical and asset-intensive industries. Bregal Milestone is buying the stake from Volpi Capital and Viking Growth, while CEO Nick Barnett and the management team are reinvesting alongside it. The companies announced the deal in London on 13 October 2026. They did not disclose financial terms and expect the transaction to close in Q4 2026.

Key takeaways

  • Bregal Milestone becomes Asolvi’s majority shareholder, buying out Volpi Capital and Viking Growth, and management reinvests.
  • The new capital will fund Asolvi’s cloud platforms and AI roadmap, plus selective acquisitions in existing and new markets.
  • Asolvi serves more than 2,000 customers in over 20 countries, and fire and security accounts for half of its annual recurring revenue (ARR).
  • The parties expect to close the deal in Q4 2026 and did not disclose terms.

What was announced

Under the agreement, Bregal Milestone will back continued investment in Asolvi’s cloud platforms and AI roadmap. In addition, it will support selective acquisitions, both in the markets where Asolvi already operates and in new ones. Milestone Performance Partners, Bregal Milestone’s in-house value creation team, will also work alongside Asolvi’s management. The team includes data and AI specialists. Meanwhile, Asolvi will keep supporting customers on their current products.

Asolvi’s focus: compliance and AI

Asolvi started in 1991 and has its headquarters in Trondheim, Norway. Its software schedules engineers, manages maintenance contracts, records inspections and produces compliance evidence for regulators, insurers and building owners. Its users include fire and security installers and utility contractors.

The companies named three areas where they expect AI to add value:

  • Scheduling that takes account of engineer skills, location and service levels
  • Inspection reports and compliance certificates that AI drafts from engineers’ notes and photos
  • Fault histories that help improve first-time fix rates and anticipate maintenance needs

Barnett said Asolvi’s customers run systems that protect people, such as fire alarms, sprinklers, security and power. As a result, every job has to stand up to audits by regulators, insurers or fire officers. He said Bregal Milestone’s backing will help Asolvi move faster on three things: capturing proof of compliance during the work, securing sign-off on site before engineers leave, and keeping pace with stricter rules.

Cyrus Shey, Co-Founder and Managing Partner of Bregal Milestone, said AI creates the most value in deeply embedded software that holds years of operational and compliance data. He added that tightening compliance requirements leave Asolvi well placed to lead with AI. Sebastian Charpentier, Principal at Bregal Milestone, said the first priority is getting practical AI tools to engineers and back-office teams. He said the firm will measure progress by jobs completed and hours saved. He also pointed to Asolvi’s European footprint as a source of acquisition opportunities.

Growth under Volpi Capital

According to Volpi Capital, Asolvi more than doubled its revenue and EBITDA during Volpi’s ownership. At the same time, its organic growth rose from low single digits to double digits. Together with management, Volpi completed seven acquisitions. As a result, a mainly Nordic and UK business became a pan-European platform, with particular strength in Germany and Spain. Over the same period, Asolvi also built a sales organization with dedicated vertical specialists and modernized its product portfolio with cloud-native and agentic solutions. Fernando Piekenbrock, Investor at Volpi Capital, said Asolvi became the leader in fire and security through both organic growth and acquisitions.

Why this matters for field service

In regulated verticals such as fire and security, FSM software serves as the audit trail as well as the scheduling tool. The investment suggests that private equity sees AI in field service creating the most value inside established systems of record that already hold years of inspection and maintenance data. In addition, Bregal Milestone’s stated appetite for acquisitions points to further consolidation among European FSM vendors. For current Asolvi customers, however, little should change in the near term, since Asolvi will keep supporting existing products.

Advisors

White & Case, PwC, Dedale and Code & Co advised Bregal Milestone. On the sell side, Raymond James (M&A), Wikborg Rein (legal), Oliver Wyman (commercial and AI due diligence), 8Advisory (financial and tax due diligence) and Ringstone (technology due diligence) advised Volpi Capital.

About Asolvi

Asolvi is a European provider of field service management software for specialist industries, and more than 2,000 customers in over 20 countries use it. The company has a strong presence in the UK, DACH, the Nordics, Spain and Latin America. In addition, it serves verticals including fire and security, workplace and IT, and utilities. Asolvi started in Norway in 1991 and has since grown both organically and through acquisitions.

About Bregal Milestone

Bregal Milestone is a software-focused private equity firm that has raised about €2.3 billion since inception. It provides growth capital and operational support to B2B software, AI and cybersecurity companies. It is part of Bregal, a global GP solutions platform for private markets with more than €24 billion in assets under management.

FAQ

Who is selling Asolvi?
Volpi Capital and Viking Growth are selling their stakes to Bregal Milestone. Meanwhile, CEO Nick Barnett and the management team are reinvesting.

When will the deal close?
The parties expect completion in Q4 2026. They did not disclose financial terms.

What happens to existing Asolvi customers?
Asolvi will keep supporting customers on their current products. The new investment targets Asolvi’s cloud platforms, its AI roadmap and further acquisitions.

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