Extracts from our daily coverage

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May 15, 2023
Danish PE firm Axcel divests its Finnish portfolio firm Delete Group to German Remondis Maintenance & Services International - First covered by NKP in November 2022
Press Release
February 24, 2023

NBOs have been submitted for Axcel-backed Delete Group's Cleaning Services business in Finland and Sweden acc. to sources, Danske Bank and Carnegie advising as previously covered by NKP (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 22, 2022

Teasers are out for the sale of environmental services firm Delete Group, a portfolio firm of Axcel since 2013 with 2021 revenue of EUR 131.3m and adjusted EBITDA of EUR 13m, advised by Danske Bank and Carnegie according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 9, 2023
Swedish IT infrastructure company InfraCom looks to ramp up acquisitions
RealTid
June 16, 2022

Finnish PE fund Bocap looks to acquire 6-8 companies in its third fund, prepares to raise up to EUR 300m in Fund IV towards end of 2023

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 29, 2020

Jula with strong financial muscle to acquire businesses

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 9, 2023
Update: Dutch PE firm Mentha acquires Danish digital agency Erhvervs Webdesign - a process exclusively covered by NKP in February
Watchmedier

Headline from pre-deal coverage in M&A Insights
February 20, 2023

Advised by EY Corporate Finance, Danish digital agency Erhvervs Webdesign explores ownership options - EBITDA of DKK 15.9m in FY 2021/22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 9, 2023
Driv Kapital has raised NOK 400m so far this year, looking for new investment opportunities
Finansavisen

Headline from pre-deal coverage in M&A Insights
October 21, 2021

Marlin-backed Puzzel considers European acquisition opportunities acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 9, 2023
Hg Capital-backed Trackunit reports 2022 revenues of just under DKK 1bn after successful acquisition - looking for new opportunities in the market
Børsen

Headline from pre-deal coverage in M&A Insights
October 26, 2020

As investment banks are invited to pitch, Gro Capital and Goldman Sachs MB may cash in DKK 2bn in an exit of telematics firm Trackunit (NKP Proprietary / Analysis)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 8, 2023
Swedish investment company Formica Capital acquires a majority stake in Swedish Elevera Education Group
Press Release
March 28, 2023

Update: the sale of Stockholm-headquartered private education provider Elevera Education is in an advanced stage with negotiations ongoing following indicative bids towards the end of last year - initially covered by NKP on 10 November 2022 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 10, 2022

Stockholm-headquartered private education provider Elevera Education Group is reportedly exploring a majority sale advised by Clearwater International Sweden based on 2022E EBITDA of SEK 75m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 8, 2023
Publ. listed industrial machinery company Valmet looking for new acquisitions
Kauppalehti

Headline from pre-deal coverage in M&A Insights
June 2, 2021

OpenGate Capital seeks bolt-on acquisitions for the Norwegian portfolio companies Jotul and Fiven (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 8, 2023
Norwegian smarthome company Futurehome raises NOK 50m from investment company NRP Zero
Shifter

Headline from pre-deal coverage in M&A Insights
May 21, 2021

Teasers out in Pareto-led sales process of Telia-owned FutureHome (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 4, 2023
PE firm Triton rolls four investments over to Triton IV Continuation Fund - Included are Norwegian Flokk
Press Release
March 22, 2022

Update: Multiple banks recently pitched for the mandate to sell Triton's portfolio firm since 2014, Flokk Furniture, which reportedly delivered 2021 revenue of more than NOK 3,000m and EBITA of plus NOK 600m - opportunity first covered by NKP in March 2021 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 11, 2020

As home offices are booming, Triton could cash in NOK 9 billion or a 4-5x MBM after 6 years as majority owner at Flokk, NKP sources indicate buy-side advisors are actively engaged (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 4, 2023
PE firm Triton rolls four investments over to Triton IV Continuation Fund - Included are Swedish Assemblin
Press Release
March 29, 2021

Deutsche Bank, Lazard and Nordea mandated in dual-track process for Triton-backed Assemblin - process starting in Q2 2021

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 3, 2020

Assemblin, Triton's HVAC portfolio firm since 2015, is preparing for an IPO

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 4, 2023
Update: Cinven and Novo Holdings among the prospective suitors for EQT-backed Ellab with expected price tag of DKK 8bn according to news outlet - EV/EBITDA of at most 26.7x
InsideBusiness

Headline from pre-deal coverage in M&A Insights
November 10, 2021

Company to watch: EQT-backed Ellab grows revenue to DKK 497m with adj. EBITDA of DKK 203m in FY20/21 Following successful buy-and-build strategy - sources mull that EQT may be tempted to explore ownership options in 2022 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 4, 2023
Swedish real estate fund manager Niam, advised by Deloitte Corporate Finance, has acquired Danish family-owned construction company Milton Huse
Press Release

Headline from pre-deal coverage in M&A Insights
February 9, 2021

Advised by Deloitte and Accura, privately-held Milton Huse is being marketed at an EV of DKK 1,000m against 2020 EBITDA of DKK 85m (10-12x) - teasers are out with IMs expected in March (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 1, 2023
CVC Capital-backed Scan Global aims to double its DKK 40,000m revenue by 2027 ahead of IPO
Finans
March 15, 2022

Distribution of IMs in Barclays-led sale of AEA Investors owned Scan Global Logistics not yet out as previously expected - delay may be caused by the war in Ukraine according to multiple sources, 2021 normalized EBITDA of USD 129m

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 16, 2021

Scan Global Logistics emerges stronger from the Pandemic with 2020 revenue of USD 1,225 (+14% YoY) and EBITDA of USD 50.6m, 8% organic growth and continued high buy-and-build potential - secondary buyout in Q1 or Q2 2022 a likely exit scenario according to sources close to the firm (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 27, 2023
Polaris-backed safety and survival training provider RelyOn Nutec places EUR 80m senior secured bonds
Press Release

Headline from pre-deal coverage in M&A Insights
November 17, 2022

Company to watch: RelyOn Nutec, a global safety and survival training provider for safety-critical industries, continues strong momentum and could provide a strong exit candidate for Polaris acc. to sources - 2022E EBITDA guidance of DKK 175-180m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 27, 2023
Danish biomass technology company Dall Energy raises DKK 80m from French PE firm Eiffel Essentiel
Press Release

Headline from pre-deal coverage in M&A Insights
March 24, 2021

Dall Energy owner expects strong organic growth - exit likely within the next few years (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 26, 2023
EQT and other large cap private equity firms are settling the bidding war for Swedish medtech company Wellspect - expected EV of SEK 10bn
Afv

Headline from pre-deal coverage in M&A Insights
December 22, 2022

Wellspect, a maker of urinary catheters and bowel management systems, is being prepared for a sale by its owner Dentsply Sirona following the parent's strategic review of the portfolio announced on 14 Nov - Jefferies and Centerview Partners advising, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 26, 2023
Publ. listed Finnish software company Witted Megacorp looks to grow through acquisitions
Kauppalehti

Headline from pre-deal coverage in M&A Insights
October 8, 2021

Conscia, backed by Nordic Capital since 2019, is looking to ramp up on bolt-on acquisitions and is looking for a new Head of Mergers & Acquisitions (LinkedIn/NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 26, 2023
Swedish publ. listed industrial group Volati looks to continue its trend of accretive acquisitions
Press Release

Headline from pre-deal coverage in M&A Insights
April 23, 2021

Storskogen directs its M&A Agenda towards the UK and DACH region (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 25, 2023
Finnish IoT firm Haltian secures EUR 22m in a funding round led by MAM GE for US and European expansion
Press Release

Headline from pre-deal coverage in M&A Insights
August 29, 2022

IoT & Smart Buildings tech company Haltian looks to raise EUR 15-20m in autumn 2022 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 25, 2023
British buyout fund Hanover Active Equity Fund III and its wholly-owned subsidiary Lola Bidco acquire all shares in Norwegian Lumi Gruppen (publ.) for NOK 1,000m at EV/EBITDA of 10x - Initially covered by NKP on 15 August 2022
Press Release

Headline from pre-deal coverage in M&A Insights
August 15, 2022

Former EMK portfolio firm and exchange listed since Feb 2021, shares of private education company Lumi Gruppen drops 79.5% since the listing - currently trading at EV/EBITDA (LTM) of 4.1x, Swedish Atvexa a potential buyer (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 21, 2023
Italian marketing technology firm Jakala acquires Findos-backed FFW, advised by Carnegie - A process covered by NKP since early August 2022
Press Release
March 10, 2023

Update: The exit process for Findos-backed FFW progresses to the second phase following recently submitted indicative bids, Carnegie advising (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 5, 2022

Company to watch: Findos-backed FFW, a Global lead agency for customer-centric digital platforms, grows revenue to DKK 422m with pro-forma EBITDA of ~85m in FY21 - strong current trading prompts Findos to consider an early exit acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 21, 2023
Reka Industrial is exploring possible acquisitions by pursuing new strategy followed by profitable growth
Press Release

Headline from pre-deal coverage in M&A Insights
June 2, 2021

OpenGate Capital seeks bolt-on acquisitions for the Norwegian portfolio companies Jotul and Fiven (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 20, 2023
Mubadala-backed M42 acquires Swedish renal care provider Diaverum from British PE firm Bridgepoint for USD 2,000-2,500m - EV/EBITA of ~14x
Press Release
September 16, 2022

With IPO plans on hold following the failed listing attempt in 2020, Bridgepoint is now (again) working on a sale of renal care provider Diaverum with Citi advising according to multiple sources - 2021 revenue of EUR 876m (+2.9% year-on-year) and Pro-forma EBITA of EUR 144m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
September 10, 2020

Bridgepoint was looking to list Diaverum before summer - last week's health care deals could entice the PE-firm to accelerate its dual exit process soon (NKP Analysis)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 20, 2023
Norwegian cleantech firm Enwa sold to Skion Water owned by German billionaire Susanne Klatten
Finansavisen
August 25, 2022

Update: The planned sale of Norwegian cleantech company Enwa is progressing into second round with NBOs having been collected in mid-June, Pareto Securities advising sell-side (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 20, 2022

IMs are out for a majority stake sale of privately owned cleantech company Enwa - previously covered as a likely IPO candidate on multiple occasions (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 19, 2023
Update: Catacap's portfolio company TP Aerospace experiences strong FY22 revenue growth of +66% YoY - Sale process ongoing and first reported by NKP in August 2022
Børsen
March 8, 2023

Update: teaser is out in planned sale of Catacap-backed TP Aerospace which is marketed of 2023 budget EBITDA of USD 72m with cash EBITDA budgeted at around USD 35m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 31, 2022

Advised by FIH Partners, CataCap is preparing for an exit of its 2017 investment in aviation aftermarket company, TP Aerospace, as performance rebounds - expected EBITDA of DKK 250-300m in 2022 acc. to sources (NKP Proprietary)

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

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