3d investors sells Zenitel to FSN Capital VI* after more than 20 years of committed shareholdership

From broad telecom company to focused critical communication specialist: an investment that shows the strength of patient, engaged capital

3d investors announces that it has reached an agreement on the sale of its stake in Zenitel to private equity fund FSN Capital VI. 3d investors has been a shareholder of Zenitel for more than 20 years and, during that period, guided the company from a group with diverse activities to a focused global market leader in intercom and public address & voice alarm systems (PAGA/PAVA) for critical environments. Together with management, FSN Capital VI will support Zenitel’s next phase of growth. 

Zenitel has a 125-year history in radio, intercom, public address and network technology. When 3d investors came on board in 2002, Zenitel was a listed group with a broad range of telecom and integration activities. As reference shareholder, 3d investors made a clear choice for focus: step by step, the group was brought back to its core, critical communication, with strong proprietary technology and premium positioning. 3d investors together with Abacus took Zenitel private in 2021. 

The company expanded its global leadership in intercom and PAGA/PAVA systems and broadened its activities into regulated, safety-driven markets. Today, Zenitel has approximately 450 employees and more than 2,000 customers in over 115 countries, with its operational headquarters in Norway and the UK. 

3d investors played a very active role in this journey as an engaged shareholder: through representation on the board of directors, support with strategic decisions and acquisitions, and by giving management the trust to invest in innovation and international growth. With revenues of more than 128 million euro in 2025 and annual growth of more than 10% over the past five years, Zenitel is stronger than ever. 

Frank Donck, Managing Director at 3d investors: “Zenitel is a textbook example of what we aim to be as a family investor: a patient, engaged partner that dares to make choices. Working closely with the management team, we focused the group and gave it room to grow. We would like to thank Koen, the management team and every Zenitel colleague for the passion and commitment they have shown, year after year. The result is a global market leader in critical communication, with strong, profitable growth. We are very proud of that journey. We are convinced that FSN Capital, with its strong track record in safety-related markets, is the right partner to take Zenitel to its next phase.” 

Koen Claerbout, CEO of Zenitel: “3d investors has been a stable and committed shareholder for many years. Their long-term vision has enabled us to invest consistently in our technology, our people and our international presence. I would like to sincerely thank 3d investors for that trust. Together with FSN Capital, we look forward with great enthusiasm to the next step in Zenitel’s growth story.” 

Ulrik Smith, Co-Managing Partner at FSN Capital Partners, investment advisor to FSN Capital VI: “We have followed Zenitel for several years and are impressed by the company’s development under the leadership of Koen and 3d investors. We share the management team’s view, not only on the strategic direction of the company going forward, but also on the values-based principles on which to achieve it. Combining management’s deep industry experience with FSN Capital’s track record of backing safety and security businesses, we are excited to work with the team at Zenitel, as we together embark on the next phase of its growth journey.” 

3d investors and Zenitel were advised by Houlihan Lokey (M&A), Freshfields and Astrea (legal), BCG (commercial), Deloitte (financial), Deloitte and Sansen (tax) and Ringstone (technology). 

The parties have agreed not to disclose details of the transaction. The transaction is subject to regulatory approvals by relevant authorities. 

About Zenitel 

Zenitel is the leading provider of intelligent critical communication solutions globally, enabling everyone to hear, be heard and be understood, every time and everywhere. Zenitel’s primary system offering is within IP Intercom, Public Address, General/Voice Alarm (PAGA/PAVA) and IP speakers and integrated platform solutions. Zenitel is recognized globally for offering state-of-the-art unified critical communication solutions that deliver the required interoperability and reliability. Learn more at www.zenitel.com 

About 3d investors 

3d investors is an investment company built around the Donck family, with a long-term focus, founded in 1992 and based in Ghent. 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. 3d investors is a long-term shareholder in a number of listed groups (KBC, Ackermans & van Haaren, Atenor and Barco), non-listed companies (including Studio 100, Jati Kebon, in-lite, DSIT and Care Cosmetics) and 3d real estate. 

About FSN Capital 

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 people across Oslo, Stockholm, Copenhagen and Munich. The FSN Capital Funds have more than 4 billion euro under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international and profitable entities. Its ethos, “We are decent people making a decent return in a decent way”, defines its core values. FSN Capital is committed to being a responsible investor and to having a positive environmental and social impact across its portfolio while achieving market-leading returns. Learn more about FSN Capital at www.fsncapital.com 

*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.