Extracts from our daily coverage

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June 20, 2023
Nordic Capital acquires Foxway, a Swedish circular IT services company, from Norvestor
Press Release
May 22, 2023

Update: Houlihan Lokey-advised sale explorations for Norvestor-owned Foxway reaches an "advanced stage" with due diligence ongoing acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
August 19, 2021

Company to watch: Rebranded last year from Xllnc to Foxway and a portfolio firm of Norvestor since 2019, the Device as a Service firm delivers 2020 revenue of SEK 2,980m (+29% YoY) following a number of add-ons and increasing focus on hardware lifecycle management - advisors mulling sale or IPO on the horizon (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 20, 2023
PE firm PAI Partners acquires a co-controlling stake in Hg Capital-owned Azets - Process first covered by NKP on 05 September 2022
Press Release
May 2, 2023

Update: J.P. Morgan-advised sale of Hg Capital-owned Azets, a leading Northern European BPO firm, is in an advanced stage according to multiple sources, first covered by NKP on 05 September 2022 (NKP Proprietary)

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

Hg Capital-owned Azets (formerly Cogital) which was partly built upon the 2016 carve out of Visma's Oslo-headquartered BPO division, is being prepared for a sale in process advised by J.P. Morgan and Skadden Arps according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 16, 2023
Swedish Corteco to ramp up acquisitions
Press Release
April 26, 2023

Nalka-backed Uniwater seeks acquisition opportunities within the Nordics

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
September 17, 2021

Sentica-backed TerraWise looks for acquisition targets (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
June 2, 2023
Bloomberg confirms sales process of Danish EQT-owned Ellab - Valuation likely around EUR 1bn
Bloomberg
May 16, 2023

Update: the potential sale of EQT-owned Ellab is gaining speed with multiple buyers working actively to pre-empt the process, with several sources pointing to a signing before the summer break as a likely scenario (NKP Proprietary)

NKP | M&A Insights Proprietary
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
June 2, 2023
Publ. listed Swedish construction machinery company Epiroc looks for acquisition opportunities
DI
April 26, 2023

Nalka-backed Uniwater seeks acquisition opportunities within the Nordics

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
September 17, 2021

Sentica-backed TerraWise looks for acquisition targets (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 30, 2023
Danish technology firm Terma looks to grow through acquisitions
Borsen
December 2, 2021

Publ. listed Pexip looks for acquisition opportunities acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 3, 2021

Sofigate looks to grow through M&A (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 19, 2023
Borsen confirms the sale process of Nexi-owned Nets' eID solutions - Buyer expected to be foreign
Borsen
April 25, 2023

Update: NBOs were collected last week in the Deloitte-guided sale of Nets' eID activities, NemID and MitID, acc. to sources (NKP Proprietary)

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

The sale process for Nets' eID activities is kicking off with Deloitte Corporate Finance advising, acc. to sources - marketed off revenues of EUR 40m with EBITDA of EUR ~14m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
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 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 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 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 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 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
March 31, 2023
Abu Dhabi's wealth fund Mubadala Investments rumored to be interested in acquiring Swedish renal care provider Diaverum from British PE firm Bridgepoint
DI
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
March 30, 2023
Summa Equity-backed Infobric looks to continue its acquisition-spree
BreakIt
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
March 24, 2023
Belgium-based global manufacturer Etex Group acquires Skamol from FSN Capital - process first covered by NKP in August 2021
Press Release
June 2, 2022

Update: Alantra mandated for upcoming Skamol exit process, 2021 adjusted EBITDA close to DKK 100m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 11, 2021

Proving resilience during lock-down and with strong growth momentum in APAC, a 2022 exit of FSN's next-gen insulation firm Skamol seems likely, acc. to sources. 2021 expected EBITDA of c. DKK 90m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 21, 2023
Publ. listed Danish pharmaceuticals firm Novo Nordisk looking to acquire
Borsen
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
March 17, 2023
Update: Borsen confirms sales process of Catacap-owned Danish TP Aerospace
Borsen
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
March 17, 2023
Danish publ. listed Topdanmark acquires AnaCap Financial-backed Dansk Sundhedssikring (Oona Health) - Purchase price of DKK 2.25bn
Press Release
January 23, 2023

Update: IMs are out in Goldman-advised sale of Oona Health, both strategics and sponsors are lining up according to multiple sources - first covered by NKP 10 October (NKP Proprietary)

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

Dansk Sundhedssikring/Oona Health - a portfolio firm of AnaCap since 2019 - is being prepared for a sale according to multiple sources as the health insurance broker gone insurance firm expects 2022 premium income of DKK ~600m and EBT of DKK ~80m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 7, 2023
Canadian PE firm Lynx Equity looks for more Danish acquisitions
KapWatch
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
February 27, 2023
Asset management firm Case Group looks to acquire
Press Release
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
February 27, 2023
Nokia could be looking to acquire smaller tech companies
Press Release
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

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