Nordhaven advised Solteq in the sale of its ERP consulting business to Azets

2 may 2023

Nordhaven acted as financial advisor for Helsinki-listed Solteq Plc in the carve-out and divestment of its Nordic ERP business, which is based on Microsoft Dynamics 365 Business Central and LS Retail solutions. The purchaser is Azets, the international outsourcing, compliance, and advisory group backed by HgCapital. The transaction was closed on May 2nd, 2023.

The net debt-free purchase price of the business is a maximum of EUR 20 million, consisting of the fixed purchase price of EUR 15 million and the earn-portion of a maximum of EUR 5 million. In 2022, the revenue of the transferring business was EUR 11.2 million and the operating profit was EUR 1.5 million. The business includes employees and customers in Finland, Sweden, Norway, and Denmark.

After the divestment Solteq will focus even more on providing superior software solutions and IT expert services for the energy sector, retail, and e-commerce, whereas Azets has ambitions to become a major implementation partner and provider of Microsoft Dynamics 365 Business Central based services and solutions, leveraging its wide customer base and presence across Europe.

"The transaction is already the fourth corporate carve-out and divesture transaction by a publicly listed company that Nordhaven has advised during the past six months. We are thankful for the responsibility that was given to us by Solteq, and believe that this is a true win-win transaction for both the purchaser and the seller, as well as for the customers and the employees of the business." says Juha Raunio, a managing partner at Nordhaven Finland.

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