Extracts from our daily coverage

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December 12, 2023
Danish private equity firm Capidea acquires IT freelance provider Right People Group
Press Release

Headline from pre-deal coverage in M&A Insights
October 3, 2023

Right People Group, a Danish freelance-based IT consultancy, explores ownership options advised by PwC Corporate Finance, with sell-side material having recently been distributed, acc. to sources - revenues of DKK 351m and EBITDA of DKK 24m in FY22/23E (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 11, 2023
Sprints acquires a 40% stake in Modular Finance at a valuation of up to SEK 3,000m following a sale process advised by Rothschild & Co and followed closely by NKP
Breakit
October 31, 2023

Update: IMs are out in the Rothschild-advised process for Modular Finance with NBOs to be collected in the coming month, according to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 13, 2023

Modular Finance, a Swedish SaaS provider of financial market data and digital investor relations tools, could come to market in the near-medium term acc. to several sources - revenue of SEK 102m (+45% YoY) and EBIT of SEK 62.5m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 8, 2023
OpenGate Capital-backed Jøtul, a Norwegian manufacturer of stoves and fireplaces, considers NOK 600m bond issue
Press Release
September 15, 2022

Update: OpenGate Capital explores exit options for Norwegian fireplace supplier Jøtul advised by Lincoln International acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 19, 2022

Company to watch: Jøtul, a Norwegian supplier of fireplaces and a portfolio firm of OpenGate Capital since 2018 grows +40% YoY to reach revenue of NOK 1,269m with adj EBITDA of NOK 157m in FY2021 - strong current trading could tempt OpenGate to explore a sale acc. to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 8, 2023
Scalable Capital raises EUR 60m in extended Series E funding led by Balderton Capital
Press Release

Headline from pre-deal coverage in M&A Insights
November 23, 2023

Scalable Capital, the German neo-broker and digital asset manager unicorn backed by Tencent since 2021, among others, is again in the market for raising capital as a viable alternative to the ongoing discussions with Deutsche Bank to support the roll-out of its broadened offering (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 8, 2023
Greenergy Invest acquires a significant minority stake in Danish solar cell roof manufacturer Solartag
Finans

Headline from pre-deal coverage in M&A Insights
February 14, 2023

Danish solar cell roof company Solartag looks for a new majority owner (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 7, 2023
Private investment firm VRTY Capital acquires a minority stake in installation and services provider Amalo for an undisclosed amount
Other

Headline from pre-deal coverage in M&A Insights
November 8, 2022

The owners of Amalo, an installation and services provider specialised in heat pumps and energy recovery solutions, explore options advised by Nordic M&A - marketed off 2022E EBITDA of DKK 7m acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 6, 2023
French cosmetics giant L'Oréal (publ.) acquires Danish microbiome research company Lactobio
Borsen

Headline from pre-deal coverage in M&A Insights
June 30, 2023

Lactobio, a Danish biotech company focused on microbial solutions, explores ownership options advised by Atrium Partners, with IMs being ready and NBOs set to be collected in August acc. to sources - Revenue of approx. DKK 15m and break-even EBITDA in FY23E (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 4, 2023
Update: Breakit confirms NKP's coverage of the Rothschild-advised sale process for Modular Finance, which has now reached an advanced stage with exclusive negotiations ongoing, according to news outlet
Breakit
October 31, 2023

Update: IMs are out in the Rothschild-advised process for Modular Finance with NBOs to be collected in the coming month, according to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 13, 2023

Modular Finance, a Swedish SaaS provider of financial market data and digital investor relations tools, could come to market in the near-medium term acc. to several sources - revenue of SEK 102m (+45% YoY) and EBIT of SEK 62.5m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 4, 2023
District heating-and-cooling company Stockholm Exergi issues green bonds of SEK 1.6bn
Press Release
April 20, 2021

Update: Indicative bids for the sale of Fortum's district heating network Stockholm Exergi are due in the first week of May 2021 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
October 20, 2020

Finnish energy firm Fortum hires Citi as co-adviser on Stockholm Exergi sale

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 4, 2023
Juuri Partners invests in SaaS platform provider for mobile work Kiho
Press Release

Headline from pre-deal coverage in M&A Insights
March 15, 2023

Privately owned Kiho, a Finnish SaaS platform provider for work in the field, explores growth financing options advised by Initia Corporate Finance, acc. to sources - exp. revenue of EUR 6.2m and EBITDA of EUR 1.4m in FY23E (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 1, 2023
Norvestor exits Roadworks
Press Release
January 13, 2023

Following the successful sale of Roadworks subsidiary Otera AS, Norvestor is (still) pursuing a sale of Roadworks remaining business areas acc. to sources, William Blair advising (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
February 5, 2021

Norvestor may eye a timely 2021 exit of its well-performing portfolio firm Roadworks - relatively unaffected by the pandemic and estimated EBITDA of NOK 82m in 2020 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 28, 2023
US-based Flexera acquires Sweden-based SAM solutions provider Snow Software
Press Release
August 24, 2023

Update: J.P. Morgan-advised sale of Snow Software has entered the due diligence phase with multiple bidders and binding offers to be submitted in early September, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 26, 2020

Vitruvian-backed software asset management (SAM) firm SNOW Software could be headed for an IPO

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 28, 2023
Update: Ewii's CEO confirms NKP's coverage of the company's sale considerations of its fiber infrastructure business
KapWatch

Headline from pre-deal coverage in M&A Insights
September 29, 2023

EWII Group is actively looking for external investors for its fiber infrastructure business amid its pledge to bring fiber in everything to everyone for five municipalities before year-end, acc. to sources - Deloitte Corporate Finance advising, infra fund(s) in the buyer field (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 28, 2023
Schaeffler (publ.) increases acquisition offer for Vitesco
Press Release

Headline from pre-deal coverage in M&A Insights
September 1, 2020

Continental's Vitesco spin-off and effects of the pandemic could trigger a wave of automotive industry consolidation (NKP Analysis)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 23, 2023
Denmark-based sustainable energy company European Energy secures EUR 150m loan facility from DNB Markets and SEB
Press Release
May 17, 2022

Update: The minority stake sale of Danish European Energy Group moves into the second round with multiple bidders acc. to sources, FIH Partners advising as first uncovered by NKP on 08.04.2022 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 8, 2022

European Energy Group, a privately owned developer and asset manager within renewable energy, is preparing for a minority stake sale advised by FIH Partners, 2021 EBITDA of EUR 81.2m based on revenues of EUR 328.7m (+59% year-on-year) according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 21, 2023
Triton divests digital marketing company Fonecta to Sponsor Capital
Press Release
October 16, 2023

Update: Access Partners holds the mandate for Triton's potential divestment of Fonecta, a Finnish digital marketing agency, from its ownership in EDSA Group in a Q4-2023 sale process, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 31, 2023

Triton is looking to divest Fonecta, a Finnish digital marketing agency, from its ownership in EDSA Group in a Q4-2023 process with teasers already out, acc. to multiple sources - Sales of EUR 58m and EBITDA of EUR 8m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 21, 2023
Swedish online grocery store Matsmart raises EUR 40m in a growth funding round
Press Release

Headline from pre-deal coverage in M&A Insights
October 16, 2020

Loss-making Matsmart is closing in on a large funding round, may be followed up by exit or IPO in early 2021 (rumor / NKP analysis)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 20, 2023
Nordic Capital divests Consilium Safety Group to infrastructure fund Antin Infrastructure Partners at an EV of SEK 10.2bn and an EV/EBITDA of around 17x
Press Release
November 14, 2023

Update: Final bids are due this week in the Citi-advised sale of Nordic Capital-backed Consilium Safety Group, a Swedish provider of fire and gas detection systems, acc. to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
July 7, 2023

Update: The Citi-led process for Nordic Capital-backed Consilium Safety Group, a Swedish provider of fire and gas detection systems, is progressing according to plan, with fireside chats planned for July and a proper kick-off for the second half of August (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 20, 2023
Update: Børsen confirms NKP's coverage of AirHelp's ownership explorations
Borsen

Headline from pre-deal coverage in M&A Insights
November 7, 2023

VC-backed AirHelp, a Berlin-headquartered provider of tech-enabled flight compensation services, is being prepared for a sale advised by UBS, acc. to sources - run-rate annualised revenues of EUR 74m (+106% YoY) and annualised EBITDA of EUR ~10m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 20, 2023
Maxburg Capital Partner sells majority stake in KGS Software to private equity firm Genui
Press Release

Headline from pre-deal coverage in M&A Insights
August 28, 2023

NBOs are due this week in Stephens-advised sale of KGS Software, a portfolio firm of Maxburg Capital Partners since 2018 and a specialist in data archiving solutions for the German market (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 17, 2023
Verdane-backed online retailer Desenio (publ.) is likely to perform a new share issue acc. to an analysis by DI
DI

Headline from pre-deal coverage in M&A Insights
August 5, 2020

Verdane's high-growth online poster shop Desenio is nearing a 4-year holding period, Arma mandated for exit since Feb 2020

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 16, 2023
Sofina and LGT Capital Partners acquire a minority stake in Danish software company EG as part of a EUR 400m investment round valuing the company at more than DKK 10bn, acc. to media estimate - EV/Sales of ~4.4x
Press Release
September 5, 2023

Update: Francisco Partners is pursuing a nearly EUR 1,000m refinancing for software group EG in the wake of a prior dual-track process, acc. to sources - minority-stake sale still on the table (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 11, 2022

Listing of Francisco Partners owned software provider EG in advanced stage with analyst presentations held before the Holidays, listing expected in Q1-2022 or early Q2-2022 at the latest, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 15, 2023
Swedish industrial conglomerate Lifco (publ.) acquires Danish company Green Instruments
Press Release
September 21, 2023

Update: Ownership explorations for Green Instruments advised by Clearwater Intl. have been relaunched, acc. to sources - EBITDA of DKK 35m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 18, 2020

Privately owned Green Instruments might be looking for a buyer

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 10, 2023
Alder divests electrical grid and metering solutions company Aidon to CVC Capital- and Enel Group-owned Gridspertise
Press Release
March 6, 2023

Alder-backed Aidon, a provider of smart grid and smart metering technology and services, explores ownership options advised by Bryan, Garnier & Co. with NBOs being due towards the end of March 2023 - adj. EBITDA of approx. EUR 7m in 2022 acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 23, 2020

PE-firm Alder to exit Finnish technology company Aidon in Q1 2021

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 10, 2023
State-owned airport operator Swedavia issues bonds of SEK 2bn
Press Release

Headline from pre-deal coverage in M&A Insights
February 17, 2023

Plans to privatise capex-needing Swedavia, the state-owned airport operator, are taking form as preliminary informal discussions are ongoing, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights

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