Extracts from our daily coverage

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December 27, 2023
Swedish Lagercrantz Group (publ.) acquires 85% of Swedish Nordic Road Safety at EV/EBITA of 6.5x
Press Release

Headline from pre-deal coverage in M&A Insights
October 13, 2023

The owners of Nordic Road Safety, a provider of permanent road safety products and services, are preparing a possible sale advised by Access Partners according to sources - revenue of SEK 287m (+35% YoY) and EBITDA of SEK 39.5m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 22, 2023
German-headquartered global logistics company Dachser acquires Frigoscandia, a Swedish provider of temperature-controlled logistics services, from Mutares for SEK 734m
Press Release
October 30, 2023

Update: NBOs are due in November for the Carnegie-led sale process for Mutares-owned Frigoscandia, a Swedish provider of temperature-controlled logistics services, with IMs having been distributed, acc. to sources (NKP Proprietary)

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

Company to watch: Frigoscandia, a provider of temperature-controlled logistics services and a portfolio company of Mutares since 2021, is being prepared for an exit in the near-mid term, acc. to multiple sources - revenues of SEK 3,200m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 22, 2023
Chemical company BASF and Investment company LetterOne plan to divest gas and oil business Wintershall Dea to Harbour Energy
Press Release

Headline from pre-deal coverage in M&A Insights
November 24, 2023

ADNOC is considering the acquisition of BASF's Wintershall Dea unit

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 21, 2023
OpenGate Capital-backed Jøtul, a Norwegian manufacturer of stoves and fireplaces, issues NOK 510m bond
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 21, 2023
Adelis partners up with EQT to invest in Hantverksdata and Next One Technology, two Swedish software providers to tradespeople and the construction industry
Press Release

Headline from pre-deal coverage in M&A Insights
April 1, 2022

Company to watch: Hantverksdata, a Swedish SaaS solutions provider for craftsmen owned by Adelis since 2018, has performed strongly during Covid-19 and is drawing interest from sponsors following five add-ons, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 20, 2023
Update: PE firm Axcel plans to divest Danish Ship Finance (Danmarks Skibskredit) in H1-2024 according to news media
Borsen
December 7, 2022

Update: NBOs are due in late December in ongoing sale of Axcel-owned Danish Ship Finance (Danmarks Skibskredit) according to multiple sources, see also our proprietary article from 05 October (NKP Proprietary)

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

Ownership consortium comprising Axcel, PFA & PKA is preparing for a possible sale of Danish Ship Finance advised by investment bank MW&L Capital according to sources - net profit guidance of DKK 275m - 335m for FY 2022E (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 20, 2023
Norwegian investment firm Ferd acquires a 25% stake in Norwegian ocean technology group General Oceans at an EV of NOK 1,650m and an EV/EBIT of 11x
DN

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

Company to watch: General Oceans, a group of companies developing and manufacturing oceanographic sensors, underwater robotic vehicles, and manipulators, explores ownership options advised by Nordea according to multiple sources - Revenues of NOK 640m and EBITDA of NOK 146m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 20, 2023
Deutsche Bahn commences bidding process for logistics subsidiary DB Schenker
Press Release

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

Update: DB Schenker to be sold as one unit and not split up it has been decided by Deutsche Bahn's supervisory board amid the ongoing strategy review and planned high-profile sale advised by Goldman Sachs, Morgan Stanley, and Deutsche Bank (Press release/NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 19, 2023
Update: Norstjernan-backed Attendo (publ.) confirms talks to acquire parts of Team Olivia
Press Release/DI
October 30, 2023

Advised by boutique corporate finance firm PK Partners, Procuritas is exploring ownership options for Team Olivia, acc. to sources - possible sale of parts of or the whole business (NKP Proprietary)

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

Procuritas' private care firm Team Olivia could be among this year's IPO candidates on the back of a favorable political climate and record 2019 earnings (NKP analysis)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 19, 2023
Dutch private equity firm Rivean acquired Dortmund-based data analysis firm Dataciders from Munich-based AUCTUS Capital Partners
Press Release

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

Houlihan Lokey appointed for the upcoming sale of Auctus' portfolio firm since 2019, Dataciders (formerly QuinScape) - an IT services provider focus on data management and analytics, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 19, 2023
Swiss-based private equity firm KKCG acquires Avenga, a software development and consulting firm based in Germany
Press Release

Headline from pre-deal coverage in M&A Insights
August 1, 2023

Advised by Citi, Oaktree Capital and Cornerstone Investment is working on a sale of their portfolio firm Avenga - their IT services portfolio firm since 2017 - with IMs being out and NBOs due later this month

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 18, 2023
Norwegian billionaire Kjetil Holta acquires a minority stake in Norwegian recycling business Revac at an EV of NOK ~3,120m and an EV/EBITDA of ~21x
Finansavisen

Headline from pre-deal coverage in M&A Insights
August 26, 2022

Privately owned Revac, a specialist within Waste Electrical and Electronic Equipment (WEEE) recycling, is being prepared for a sale in process advised by ABG Sundal Collier - some pretesting in the spring based on 2021 EBITDA of NOK 122.9m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 15, 2023
Software-focused private equity firm Thoma Bravo acquires Hypergene from Monterro at a valuation of SEK billions - EV/Sales of 4-5x
Press Release
November 24, 2023

Update: The William Blair-guided sale process for Monterro-owned Hypergene, a Swedish business intelligence SaaS provider, has reached the due diligence phase acc. to sources (NKP Proprietary)

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

Company to watch: Hypergene, a business intelligence SaaS firm owned by Monterro since 2016, reaches ARR of SEK 171m (+20% organic growth) and adj. EBITDA of SEK 39.5m in 2022 - preliminary exit preparations have commenced acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 14, 2023
British insurance group Howden acquires Danish financial advisory firm NORTH at a valuation of over DKK 2,000m
Press Release
September 29, 2023

Update: The Houlihan Lokey-guided sale of Polaris-backed North, a Danish insurance broker, is now well into the second phase, with both financial sponsors and strategics lining up as potential suitors, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
September 11, 2023

Polaris is considering an exit from North, a Danish insurance broker, acc. to sources (InsideBusiness / NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
December 14, 2023
US-based tax software provider Vertex (publ.) announces a public takeover offer for Swedish SaaS provider Pagero Group (publ.) at an EV of SEK 5,900m and EV/ARR of 7.8x
Press Release

Headline from pre-deal coverage in M&A Insights
September 11, 2020

Backed by Summa Equity since 2017, document mgmt. SaaS firm Pagero delivers sales of SEK 310m in 2019 (+17%) - Summa could realize +2x return if sold (NKP analysis)

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

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