Extracts from our daily coverage

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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)

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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)

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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)

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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)

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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)

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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)

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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)

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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)

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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)

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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)

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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

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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)

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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)

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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)

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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

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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)

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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 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)

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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

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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)

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

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

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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
November 10, 2023
The sale of a minority stake in coating supplier Hempel may have relaunched, according to Danish news media
KapWatch

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

The Hempel Foundation mandates investment bank Rothschild to explore a sale of a minority stake in coating supplier Hempel, IPO on the horizon - revenue of EUR 1,774m and EBITDA of EUR 203m in FY21 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 10, 2023
Norwegian renewable energy company Otovo (publ.) raises NOK 450m in private placement and contemplates a subsequent offering of NOK 60m
Press Release

Headline from pre-deal coverage in M&A Insights
January 22, 2021

Norwegian solar energy company Otovo to pursue public listing (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
November 9, 2023
Electric car manufacturer Polestar (publ.) is set to receive financing from Volvo Cars and Geely
Press Release

Headline from pre-deal coverage in M&A Insights
January 11, 2021

Volvo-owned Polestar looks for a Series B round at an USD 15bn valuation in 2Q21

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

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