Extracts from our daily coverage

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April 26, 2024

Update: Børsen confirms NKP's coverage of marine tech company MacArtney's ownership considerations

Børsen

Headline from pre-deal coverage in M&A Insights

February 19, 2024

MacArtney Group experiences strong growth to reach revenues of DKK 919m (+16.5% YoY) and EBITDA of DKK 84.5m in FY22/23 - Deloitte Corporate Finance recently appointed to explore a possible majority sale (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 25, 2024

Danish PE firm Erhvervsinvest sells Design Eyewear Group to a consortium of minority investors

Press Release

Headline from pre-deal coverage in M&A Insights

September 6, 2021

Erhvervsinvest preparing for a sale of its portfolio firm since 2012, Design Eyewear Group, with Danske Bank Corporate Finance collecting indicative bids towards the end of September acc. to sources. The asset is market off an EBITDA of around DKK 45m for 2021 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 24, 2024

KKR acquires a ~50% stake in Immedica Pharma, while Impilo reinvests to become an equal owner alongside KKR, at an EV of over SEK 10bn (EV/EBITDA of +25x) acc. to news outlet

Press Release

March 13, 2024

Update: Bloomberg confirms NKP's coverage of the Morgan Stanley-led sale process for Immedica Pharma

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

December 22, 2023

Impilo has mandated Morgan Stanley to explore ownership options for its specialty pharmaceutical commercialization and distribution platform Immedica Pharma according to multiple sources - Revenues of SEK ~1,000m and EBITDA of SEK ~300m in FY23E (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 24, 2024

Swedish IT firm Prevas (publ.) acquires a 92% stake in Finnish engineering consulting firm Enmac from Korona Invest at an EV of EUR 21m and EV/EBITDA of 6.41x

Press Release

Headline from pre-deal coverage in M&A Insights

December 1, 2023

Korona Invest has engaged Translink Corporate Finance to advise on the planned sale of Enmac, a Finnish specialised engineering consulting firm held since 2020, with NBOs due mid-January 2024, acc. to sources - marketed off FY23E sales of EUR ~23m and EBITDA of EUR ~3.6m (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 24, 2024

Update: Orifarm publishes strong 2023 annual report, plans for future growth, amidst ongoing ownership explorations advised by Rothschild

Press Release

Headline from pre-deal coverage in M&A Insights

October 31, 2023

Orifarm, a leading European supplier of parallel-imported and generic pharmaceuticals, is in the early stages of preparing a possible minority stake sale advised by Rothschild, acc. to multiple sources – Revenues of EUR 1,514m (+7% YoY) and EBITDA of EUR 104m in FY22 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 22, 2024

WS Audiology, the Danish hearing aid company, garners owner backing for possible IPO

Børsen

Headline from pre-deal coverage in M&A Insights

January 10, 2024

EQT explores options to bring in a new minority shareholder for its 2019 portfolio company WS Audiology, a Danish designer and manufacturer of hearing aid solutions - revenues of EUR 2,465m (+5% YoY) and adj. EBITDA of EUR 514m in FY22/23 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 22, 2024

German operator of fiber networks Tele Columbus completes a EUR 1.4bn comprehensive refinancing

Press Release

Headline from pre-deal coverage in M&A Insights

November 13, 2023

German cable operator Tele Columbus receives new equity from owners to continue rollout

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 22, 2024

Update: Danish biogas plant manufacturer Green2x, previously Vordingborg Biofuel, receives environmental approval for its future facility amidst ongoing investor dialogues

Press Release

Headline from pre-deal coverage in M&A Insights

September 26, 2023

Update: Green2X, formerly Vordingborg Biofuel, continues its capital raise efforts advised by FIH Partners, acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 19, 2024

Henrik Bruun, majority owner of sports apparel chain Sport 24, acquires a minority stake in Danish sports apparel company Sports Group Denmark

KapWatch

June 20, 2023

Update: Dansk Ejerkapital-backed Sports Group Denmark grows revenue to DKK 1,107m (+40% YoY) with EBITDA of DKK 147.2m in FY22 - Ownership options are being explored advised by Carnegie acc. to sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

May 4, 2021

High-growth sports apparel company Sports Group Denmark backed by Industri Udvikling (since 2016) reaches revenue of DKK 600m (+20% YoY) w. EBITDA of DKK 49m in 2020, expects +35-40% growth in 2021 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 19, 2024

Arbonia sells Climate Division to Midea Electrics Netherlands for EUR 760m

Press Release

Headline from pre-deal coverage in M&A Insights

April 9, 2024

Update: UBS and Jefferies overseeing the ongoing sale of Arbonia's Climate division, marketed off 2024E adjusted EBITDA of CHF 70m - according to several sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 19, 2024

Company to Watch: Offshore engineering services firm Semco Maritime, owned by Det Obelske Familiefond, reports record-breaking 2023 annual report - Revenues of DKK 5,000 (+47% YoY)

Press Release

Headline from pre-deal coverage in M&A Insights

February 10, 2023

Semco Maritime, an offshore engineering services firm, is being prepared for a sale with FIH Partners mandated and expected process kick off during H1-2023 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 19, 2024

CapMan-backed Yrkesakademin is sold to German PE firm Robus Capital Management and an undisclosed Danish PE firm following a reconstruction process

Headline from pre-deal coverage in M&A Insights

December 14, 2022

Capman-owned since 2014 and lying in the private equity firm's 2013 vintage Fund X, job training provider YrkesAkademin is struggling financially and recently had to defer bond interest payments - may come into play as a distressed asset (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 18, 2024

Deutsche Beteiligungs AG partly divest its shares in Solvares, provider of Field Service Management, to Five Arrows

Press Release

Headline from pre-deal coverage in M&A Insights

February 6, 2024

Solvares, a logistics and field service management SaaS company held by DBAG since 2018, kicks off its minority stake sale process with Houlihan Lokey after pre-marketing in January 2024 - marketed off adj. 2023 EBITDA of EUR 10m (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 18, 2024

Company to Watch: Fastspeed, a Danish privately held consumer broadband company, publishes a strong 2023 earnings report - gross profit of DKK 64m (+68% YoY) with an EBITDA of DKK 39m

Press Release

Headline from pre-deal coverage in M&A Insights

February 27, 2023

Teasers were out earlier this month in EY-advised sale of privately held consumer broadband provider Fastspeed, marketed off 2022 EBITDA of DKK 28m and 2023 budget EBITDA growth of +60% (DKK 45m in 2023B), according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 17, 2024

Danish payment solutions provider Flatpay raises EUR 45m in a Series B funding round led by Dawn Capital

Press Release

Headline from pre-deal coverage in M&A Insights

March 12, 2024

SEED Capital-backed Flatpay, a Danish payment solutions provider for SMEs, looks to raise EUR 25-40m in a Series B funding round - ARR of EUR 10-12m in FY23E (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 17, 2024

Norwegian investment company Øgreid acquires a majority stake in Bon Dep, a Norwegian provider of the Kknekki hair tie

Headline from pre-deal coverage in M&A Insights

November 1, 2023

Ownership options are being weighed for Bon Dep, a Norwegian provider of the Kknekki hair ties and other wearable accessories, with Arctic Securities advising and teasers having been distributed, acc. to sources - sales of NOK 100m (+24% YoY) and EBITDA of 40m in FY23E (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 15, 2024

GlobalConnect backed by EQT to lay off a third of its German staff, NBOs soon to be collected (Computerworld/NKP Proprietary)

Computerworld

Headline from pre-deal coverage in M&A Insights

February 1, 2024

Teasers were distributed in December for the Jefferies-advised efforts to carve out and divest the data center business from EQT-backed GlobalConnect, a pan-Nordic digital infrastructure platform held since 2016 - FY23E EBITDA of EUR 30-35m (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 12, 2024

PE Litorina divests Swedish bed manufacturer KungSängen to consortium led by KAMJO Design & Hantverk

Press Release

August 3, 2022

Update: Advised by Clearwater International, Litorina is pursuing a timely sale of KungSängen, a Swedish bed manufacturer and omnichannel retailer - revenue of SEK +375m with EBITDA of SEK +35m in FY21 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

November 30, 2021

KungSängen, a bed manufacturer and omni-channel retailer backed by Litorina since 2015, likely to see revenue of SEK +375m (+5-10% YoY) with EBITDA of SEK +35m in 2021 - Litorina may explore ownership options (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 11, 2024

Finnish construction software provider Admicom (publ.) announces acquisition agenda

Press Release

April 19, 2023

Finnish software company Cadmatic looks to grow through acquisitions

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

May 10, 2021

Publ. listed Sikri looks to grow through M&A - could announce deals this year (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 11, 2024

News media confirms NKP's reports that Nordic Capital is mulling a sale for pension and insurance firm Max Matthiessen

Headline from pre-deal coverage in M&A Insights

March 1, 2024

Company to watch: As Max Matthiessen continues its buy-and-build strategy and gears up for further geographic expansion, Nordic Capital may be tempted to weigh ownership options in H2-2024 or H1-2025 (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 11, 2024

Swedish trampoline park company JumpYard issues SEK 400m senior secured bond

Press Release

Headline from pre-deal coverage in M&A Insights

January 29, 2020

Swedish trampoline operator Jump Yard up for sale - teasers to be sent out in February (NKP Sources)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 10, 2024

Stada Arzneimittel in talks with potential buyers for a possible EUR 8bn sale

Bloomberg

Headline from pre-deal coverage in M&A Insights

August 1, 2023

Bain Capital, Cinven, appoints Jefferies, J.P. Morgan, Morgan Stanley, and Rothschild for reviewing options, including a potential 2024 dual-track process, for their joint portfolio firm Stada Arzneimittel, a generic drug-maker, which it delisted in 2017 - according to sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 9, 2024

Dutch waste recycling company Blue Phoenix Group, backed by InfraVia and Daiwa ICP, acquires Danish waste management firm RGS Nordic

Press Release

March 4, 2024

Update: NBOs have recently been collected in the Carnegie-led sale process for RGS Nordic, a Danish waste management and environmental services firm (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

November 3, 2020

Waste mgmt. continues to attract PE-interest, 2020 EBITDA of DKK 259m at RGS Nordic could justify price expectations and a relaunch of the exit process (NKP sources / Analysis)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 9, 2024

Private equity firm EMH Partners acquires a minority stake in Stonebranch a portfolio firm of Elvaston Capital Management

Press Release

Headline from pre-deal coverage in M&A Insights

March 12, 2024

German-founded workflow automation software provider Stonebranch, an Elvaston portfolio firm since 2017, is being prepped for a sale/partial sale later this year with international investment bank mandated - according to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary

Headline from pre-deal coverage in M&A Insights

April 8, 2024

Deutsche Bahn Invites New Bids for DB Schenker

Borsen

February 29, 2024

Update: NBOs are due on March 27 in auction process for DB Schenker following buyer beauty parade to be held at the March 15 meeting of the Railway Supervisory Board, according to multiple sources (NKP Proprietary)

NKP | M&A Insights Proprietary

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

Extracts from our daily coverage

MacArtney Group experiences strong growth to reach revenues of DKK 919m (+16.5% YoY) and EBITDA of DKK 84.5m in FY22/23 - Deloitte Corporate Finance recently appointed to explore a possible majority sale (NKP Proprietary)

Erhvervsinvest preparing for a sale of its portfolio firm since 2012, Design Eyewear Group, with Danske Bank Corporate Finance collecting indicative bids towards the end of September acc. to sources. The asset is market off an EBITDA of around DKK 45m for 2021 (NKP Proprietary)

Update: Bloomberg confirms NKP's coverage of the Morgan Stanley-led sale process for Immedica Pharma

Impilo has mandated Morgan Stanley to explore ownership options for its specialty pharmaceutical commercialization and distribution platform Immedica Pharma according to multiple sources - Revenues of SEK ~1,000m and EBITDA of SEK ~300m in FY23E (NKP Proprietary)

Korona Invest has engaged Translink Corporate Finance to advise on the planned sale of Enmac, a Finnish specialised engineering consulting firm held since 2020, with NBOs due mid-January 2024, acc. to sources - marketed off FY23E sales of EUR ~23m and EBITDA of EUR ~3.6m (NKP Proprietary)

Orifarm, a leading European supplier of parallel-imported and generic pharmaceuticals, is in the early stages of preparing a possible minority stake sale advised by Rothschild, acc. to multiple sources – Revenues of EUR 1,514m (+7% YoY) and EBITDA of EUR 104m in FY22 (NKP Proprietary)

EQT explores options to bring in a new minority shareholder for its 2019 portfolio company WS Audiology, a Danish designer and manufacturer of hearing aid solutions - revenues of EUR 2,465m (+5% YoY) and adj. EBITDA of EUR 514m in FY22/23 (NKP Proprietary)

German cable operator Tele Columbus receives new equity from owners to continue rollout

Update: Green2X, formerly Vordingborg Biofuel, continues its capital raise efforts advised by FIH Partners, acc. to sources (NKP Proprietary)

Update: Dansk Ejerkapital-backed Sports Group Denmark grows revenue to DKK 1,107m (+40% YoY) with EBITDA of DKK 147.2m in FY22 - Ownership options are being explored advised by Carnegie acc. to sources (NKP Proprietary)

High-growth sports apparel company Sports Group Denmark backed by Industri Udvikling (since 2016) reaches revenue of DKK 600m (+20% YoY) w. EBITDA of DKK 49m in 2020, expects +35-40% growth in 2021 (NKP Proprietary)

Update: UBS and Jefferies overseeing the ongoing sale of Arbonia's Climate division, marketed off 2024E adjusted EBITDA of CHF 70m - according to several sources (NKP Proprietary)

Semco Maritime, an offshore engineering services firm, is being prepared for a sale with FIH Partners mandated and expected process kick off during H1-2023 (NKP Proprietary)

Capman-owned since 2014 and lying in the private equity firm's 2013 vintage Fund X, job training provider YrkesAkademin is struggling financially and recently had to defer bond interest payments - may come into play as a distressed asset (NKP Proprietary)

Solvares, a logistics and field service management SaaS company held by DBAG since 2018, kicks off its minority stake sale process with Houlihan Lokey after pre-marketing in January 2024 - marketed off adj. 2023 EBITDA of EUR 10m (NKP Proprietary)

Teasers were out earlier this month in EY-advised sale of privately held consumer broadband provider Fastspeed, marketed off 2022 EBITDA of DKK 28m and 2023 budget EBITDA growth of +60% (DKK 45m in 2023B), according to sources (NKP Proprietary)

SEED Capital-backed Flatpay, a Danish payment solutions provider for SMEs, looks to raise EUR 25-40m in a Series B funding round - ARR of EUR 10-12m in FY23E (NKP Proprietary)

Ownership options are being weighed for Bon Dep, a Norwegian provider of the Kknekki hair ties and other wearable accessories, with Arctic Securities advising and teasers having been distributed, acc. to sources - sales of NOK 100m (+24% YoY) and EBITDA of 40m in FY23E (NKP Proprietary)

Teasers were distributed in December for the Jefferies-advised efforts to carve out and divest the data center business from EQT-backed GlobalConnect, a pan-Nordic digital infrastructure platform held since 2016 - FY23E EBITDA of EUR 30-35m (NKP Proprietary)

Update: Advised by Clearwater International, Litorina is pursuing a timely sale of KungSängen, a Swedish bed manufacturer and omnichannel retailer - revenue of SEK +375m with EBITDA of SEK +35m in FY21 (NKP Proprietary)

KungSängen, a bed manufacturer and omni-channel retailer backed by Litorina since 2015, likely to see revenue of SEK +375m (+5-10% YoY) with EBITDA of SEK +35m in 2021 - Litorina may explore ownership options (NKP Proprietary)

Finnish software company Cadmatic looks to grow through acquisitions

Publ. listed Sikri looks to grow through M&A - could announce deals this year (NKP Proprietary)

Company to watch: As Max Matthiessen continues its buy-and-build strategy and gears up for further geographic expansion, Nordic Capital may be tempted to weigh ownership options in H2-2024 or H1-2025 (NKP Proprietary)

Swedish trampoline operator Jump Yard up for sale - teasers to be sent out in February (NKP Sources)

Bain Capital, Cinven, appoints Jefferies, J.P. Morgan, Morgan Stanley, and Rothschild for reviewing options, including a potential 2024 dual-track process, for their joint portfolio firm Stada Arzneimittel, a generic drug-maker, which it delisted in 2017 - according to sources (NKP Proprietary)

Update: NBOs have recently been collected in the Carnegie-led sale process for RGS Nordic, a Danish waste management and environmental services firm (NKP Proprietary)

Waste mgmt. continues to attract PE-interest, 2020 EBITDA of DKK 259m at RGS Nordic could justify price expectations and a relaunch of the exit process (NKP sources / Analysis)

German-founded workflow automation software provider Stonebranch, an Elvaston portfolio firm since 2017, is being prepped for a sale/partial sale later this year with international investment bank mandated - according to multiple sources (NKP Proprietary)

Update: NBOs are due on March 27 in auction process for DB Schenker following buyer beauty parade to be held at the March 15 meeting of the Railway Supervisory Board, according to multiple sources (NKP Proprietary)

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)

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