Extracts from our daily coverage

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March 14, 2024
Bluestep Bank issues senior unsecured bonds worth SEK 2bn
Press Release
February 16, 2022

Update: J.P. Morgan and Carnegie to lead dual track sale of EQT-owned specialist mortgage firm Bluestep Bank - an opportunity first and exclusively covered by NKP on 25 January (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 25, 2022

Company to watch: Swedish Bluestep Bank - a specialist mortgage provider in Sweden and Norway owned by EQT since 2017 - represent a logical exit opportunity for the Swedish fund with growth in run-rate adjusted operating profit to "around SEK 400m" in 2021 and the successful spin-off of the non-mortgage activities and establishment in Finland, according to industry insiders (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 7, 2024
DIF Capital Partners and EDF Invest completes acquisition of Norwegian ferry company Fjord1 - Norwegian pension fund Kommunal Landpensjonskasse (KLP) secures 20% minority stake
Finansavisen
September 28, 2023

Update: Final bids are due in October in Rothschild-advised sale of Norwegian ferry company Fjord1, Basalt Infrastructure among potential suitors, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 1, 2023

Vision Ridge Partners and family office Havila mandate Rothschild to pursue a sale of Norwegian ferry operator Fjord1, targeting a Q3 process with teasers going out shortly, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 7, 2024
Danish KKR-backed biotech company Nordic Bioscience considers IPO or sale, according to news media
Børsen
June 7, 2022

Update: Nordea mandated for IPO of KKR-backed Nordic Bioscience, a developer of non-invasive biomarkers - situation first and exclusively covered by NKP M&A Insights on 11 April, process to kick off in the fall of 2022 (NKP Proprietary)

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

The owners of KKR-backed Nordic Bioscience, a Danish developer of non-invasive biomarkers, is preparing for a listing after the Summer according to multiple sources - still early days with advisors currently being evaluated

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 5, 2024
Tietoevry (publ.) releases preliminary financial information in connection with the potential demerge and listing of Tietoevry Banking
Press Release
January 31, 2024

Update: A second round of NBOs is expected in mid-February in the Morgan Stanley-advised efforts to carve out and divest the banking activities of Finnish IT company Tietoevry (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 17, 2023

Update: the potential divestment or listing of Tietoevry's Banking division is getting closer as Morgan Stanley has been retained to lead the efforts, 2022 revenue of EUR 521.3m and adj. EBITA of EUR 71.9m - according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
March 1, 2024
E-health company Cambio plans to issue SEK 1,000m in senior secured bonds
Press Release
June 30, 2023

Update: Investcorp is reportedly sounding out advisors for a potential early 2024 sale of healthcare software firm Sanolium/Cambio - bond loans of SEK 800m maturing in 2024 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 24, 2022

Company to watch: Investcorp-backed Sanolium/Cambio circled by sponsors following double digit profitable growth and new CEO team in place with IPO being one option according to several sources, Q3-2021 LTM revenue of SEK 762.1m (+20.5% Y-o-Y growth in Q3-2021) and adjusted EBITDA of SEK 208.3m - around 57% of revenues are recurring (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
February 16, 2024
Tietoevry (publ.) provides an update on its strategic review of its banking business in its 2023 earnings report
Press Release
January 31, 2024

Update: A second round of NBOs is expected in mid-February in the Morgan Stanley-advised efforts to carve out and divest the banking activities of Finnish IT company Tietoevry (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
April 17, 2023

Update: the potential divestment or listing of Tietoevry's Banking division is getting closer as Morgan Stanley has been retained to lead the efforts, 2022 revenue of EUR 521.3m and adj. EBITA of EUR 71.9m - according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
February 15, 2024
Update: News outlet PE News confirms NKP's coverage of the minority-stake sale in Hempel
PE News
February 7, 2024

Update: NBOs are due this week in the Rothschild-advised sale of a minority stake in Hempel, a global supplier of coatings and paints headquartered in Denmark (NKP Proprietary)

NKP | M&A Insights Proprietary
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
January 22, 2024
Swedish ventilation solutions group Lindab (publ.) acquires Airmaster at an initial purchase price of DKK 650m with a maximum earn-out of DKK 400m
Press Release
November 1, 2023

Update: NBOs are soon to be submitted in the EY-advised sale of Airmaster, a provider of decentralised ventilation systems, acc. to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
September 14, 2023

Airmaster, a well-performing Danish provider of decentralized ventilation systems, explores ownership options advised by EY Corporate Finance with IMs on the doorstep, acc. to sources - revenue of DKK 550-600m and EBITDA of approx. DKK 140-150m in 2023E (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 22, 2024
Keensight Capital-backed biopharmaceutical company Biovian receives a funding package from French investment firm Eurazeo
Press Release
April 28, 2023

Process that went quiet: William Blair led sale of Keensight Capital-owned CDMO firm Biovian went quiet after NBOs were collected in December, unclear if process is still going (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
October 4, 2022

Update: William Blair-led process for Keensight Capital-backed CDMO company Biovian to launch in the coming weeks acc. to sources - revenue of EUR 18.7m with EBITDA of EUR 5.3m in 2021 (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 22, 2024
European Energy CEO mulls an IPO following its 20% stake sale to Mitsubishi HC Capital
Børsen
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
January 20, 2024
Altor-backed business outsourcing firm Transcom issues bonds at a value of EUR 65m
Press Release
June 30, 2023

Update: Advised by Rothschild, Altor is now (again) pushing forward with the sale explorations for Transcom following an abandoned dual-track process last year according to multiple sources - FY22 revenue of EUR 717m (+15% YoY) with adj. EBITDA of EUR 93.3m (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 4, 2021

Altor-backed BPO firm Transcom may return to the stock exchange in 2021 according to rumors, strong current trading with +7.6% organic growth in Q3-2020, could be valued at EUR 1 billion (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
January 19, 2024
Mitsubishi HC Capital (publ.) acquires a 20% stake in Danish sustainable energy company European Energy at an EV of EUR 4,730m and EV/EBITDA of 26x
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
January 12, 2024
Finn secures EUR 100m in Series C funding round to double its electric vehicle fleet
Press Release
December 4, 2024

Finn, a VC-backed fast-growing provider of all-inclusive car subscriptions, is looking for investors for a capital raise or potentially minority stake sale in a process run without a formal corporate finance advisor, 2024E ARR of EUR 163m, acc. to sources *ESG FRIENDLY* (NKP | M&A Insights Proprietary)

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

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 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 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 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 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 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 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 1, 2023
DIF Capital Partners and EDF Invest acquire Norwegian ferry company Fjord1 from Vision Ridge Partners and Havila Holding for a price of approx. NOK 4,000m, acc. to media estimates - EV/EBITDA (2022) of 6.5x
Press Release
September 28, 2023

Update: Final bids are due in October in Rothschild-advised sale of Norwegian ferry company Fjord1, Basalt Infrastructure among potential suitors, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
May 1, 2023

Vision Ridge Partners and family office Havila mandate Rothschild to pursue a sale of Norwegian ferry operator Fjord1, targeting a Q3 process with teasers going out shortly, according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary
Headline from pre-deal coverage in M&A Insights
October 31, 2023
Swedish telecommunication company Telia (publ.) merges ICT services subsidiary Telia Inmics-Nebula's business operations into Telia Cygate
Press Release
October 14, 2022

Update: Telia is pushing forward with the possible divestment of its ICT services subsidiary Telia Inmics-Nebula with teaser material being "on the doorstep" acc. to sources - investment bank (known to NKP) advising (NKP Proprietary)

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

Telecommunications firm Telia is in the early phase of preparing for a carve-out of its Finnish ICT business, Telia Inmics-Nebula ("TIN"), according to multiple sources in the private equity environment - 2020 revenue of EUR 158.5m and unadjusted EBITDA of EUR 11.7m

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

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