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Norstat, backed by Triton, has acquired CG Research

Amsterdam – CFI is pleased to announce that it has acted as the exclusive corporate finance advisor to Norstat Group (‘Norstat’), backed by Triton, in the acquisition of CG Research. The acquisition adds to Norstat’s acquisition of in July 2021 when CFI also acted as exclusive corporate finance advisor to Norstat.

CG Research is an internationally operating market research company. The Company’s client base varies from major qualitative research agencies for recruitment-only, to end-clients demanding full-service projects. CG Research was founded in 2001 by two brothers, Merik and Hendrik te Grotenhuis, and is based in Hoorn. and CG Research will eventually merge and form Norstat Netherlands. CG Research’s office location in Hoorn adds to Respondenten’s HQ in Amsterdam and its venue in Amersfoort. Managing Director Yvette Huitema will lead Norstat Netherlands. Merik te Grotenhuis, founder and CEO of CG Research, will stay on for six months and support the post-merger integration work and transition into Norstat Netherlands.

Norstat is the leading data collector for market research services in Europe. The Company was established in Norway in 1997 and has since expanded its geographical presence in Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Germany, the United Kingdom, France and Italy. Norstat delivers online data collection via large representative proprietary consumer panels and in addition, Norstat collects data through telephone, personal interviews, focus groups and ‘Mystery shopping’.

The acquisition of CG Research is Norstat’s fourth acquisition in 2021 and is another important milestone in Norstat’s growth strategy. CG Research joins the pan-European Norstat Group, now boasting physical presence in 14 European markets with over 200 full-time employees and more than 1500 part-time employees, expected to earn consolidated revenues of approximately €64 million in 2021.

“CG Research has a very interesting client portfolio, strengthening Norstat’s ability to handle complex projects, while simultaneously increasing our production capabilities. Our clients, employees and respondents will benefit from the acquisition. The acquisition is very much in line with our overall strategy; to grow our existing position as an innovative provider of high-quality data collection services and to become the leading European player”, says Erling Eriksen, CEO of Norstat.

CFI acted as exclusive corporate finance advisor to Norstat which resulted in the successful acquisition of CG Research on 4 October 2021. Mr Mats Beck (Head of Strategy and M&A of Norstat) commented on CFI’s role in the transaction: “CFI has once again delivered a highly appreciated outcome in this transaction, combining flawless execution and the ability to customise the entire process, resulting in a desired outcome for all stakeholders.”


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