Transactions

Transactions

Latest deals

2019
Advisor to Kistefos/NexGenTel in the merger between
and Proximo Norge
Nordhaven acted as exclusive financial advisor to Kistefos/NexGenTel in the merger between Proximo Norge AS and Bitpro AS

IT management services firm Bitpro AS to merge with the TMT player Proximo Norge AS. The transaction is the first step in the strategy to build a leading supplier of cloud-based IT communication and security solutions.

Total revenue 2019 of the two companies will amount to MNOK 260 with profitable margins. Kistefos will maintain as majority owner with an 84.8% stake. Shareholders of Bitpro will reinvest large parts of their proceeds and majority seller Trond Bjorvand will enter as new CEO of merged entity January 2020.

«Proximo and Bitpro will continue building on our extensive growth potential after the merger, in addition to realizing synergies between the two. Our continuous efforts in helping client implementing and utilizing modern cloud solutions as part of their daily business processes will be a key focus going forward» says Trond Bjorvand.

About Proximo
B2B vendor of broadband, datacom and telephony.
11 000 customers served by 40 employees located in Bergen and Oslo. Subsidiary of NextGenTel owned by Kistefos.

About Bitpro
National supplier of B2B cloud-based IT management services located in Kristiansand. Among others the first supplier in Norway of Private Cloud solutions from inhouse data centers in 2008. 150 clients served by 20 skilled employees.
2019
Adviser to
and Sentica Partners on the sale to Celsius Holdings
Nordhaven Corporate Finance advised Func Food Group Oyj and its owners, Sentica Partners and private shareholders, on the sale of company to US-listed Celsius Holdings Inc.

Func Food is a Nordic wellness company. Func Food represents a comprehensive portfolio of well-being products which promote active and, healthy
lifestyles by investing in high-quality ingredients and best-in-class food and beverage expertise. The company markets and distributes beverages, protein bars, supplements and superfoods under the brands Celsius®, FAST Sports Nutrition, CocoVi, and FitFarm.

Celsius Holdings, Inc. (Nasdaq: CELH), is a global company with a proprietary, clinically proven formula for its CELSIUS® brand and all its sub-brands. A lifestyle fitness drink and a pioneer in the rapidly growing performance energy sector, CELSIUS has four beverage lines that each offer proprietary, functional, healthy-energy formulas clinically-proven to offer significant health benefits to its users.
2019
Adviser to Viking Venture on the sale of
to Volpi Capital
Nordhaven Corporate Finance acted as exclusive financial adviser to Viking Venture in the sale of Asolvi to Volpi Capital. Asolvi is a European leader in field service management solutions, and Volpi Capital is a specialist European mid-market investor.

The investment will enable Asolvi to continue its expansion across Europe, with the company already having acquired five companies (Tesseract, WS Software, Purpose Software, Vantage Computing, and PC Data) since 2016. The Group is now poised for further growth outside of its core Nordic market
and well capitalized to expand organically and through acquisitions across Benelux, Germany and the UK.

Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across Europe. The company was founded in 1991 as Evatic AS in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,500+ customers in 30+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by the founders, management, Viking Venture and Volpi Capital.

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

Asolvi CEO Pål M. Rødseth comments, “We are very excited to have Volpi Capital on board, with their investment enabling us to focus on expansion and further acquisitions, particularly across the UK, Germany, and Benelux regions. The market remains very fragmented with a number of niche players, but thanks to this investment we are in a prime position to bring some much-needed consolidation and become the leading provider of field service management systems for SMEs in Europe.”

Commenting on the transaction, Marco Sodi from Volpi Capital, said: “We are delighted to have the opportunity to work with Asolvi as they consolidate their market-leading position across Europe. The business perfectly aligns to our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. Having already expanded successfully into multiple geographies, we see great potential to further internationalize Asolvi into Benelux, Germany and the UK, and look forward to supporting management to strengthen the business’ geographic footprint.”

Partner in Viking Venture and Chairman at Asolvi, Jostein Vik comments: “As the leading Nordic software investor, we at Viking Venture have backed
Asolvi´s growth through acquisitions in the Nordics and UK. Together with Volpi Capital we will continue to support the company consolidating a
fragmented software segment in Europe.”
2019
Adviser to
and its owners on the sale to ARI-Armaturen
Nordhaven Corporate Finance advised valve manufacturer Högfors and its owners in the sale of the company to ARI-Armaturen Group, a mid-sized German valve manufacturing company. Högfors, established in 1927, is a Finnish manufacturer of high-quality valves for district heating, district cooling and process industries.
It was a pleasure to work with Nordhaven. With their help, we were able to find the best new owner for Högfors, who can support the company’s growth strategy and strengthen its international operations. We are extremely pleased with the outcome and on the way Nordhaven guided us through the process” says Pekka Karhumäki, Chairman of the Board at Högfors.
2019
Adviser to the shareholders of
on the sale to NYSE listed DXC Technology
Nordhaven Corporate Finance acted as exclusive financial advisor to the shareholders of Syscom in the sale to DXC Technology, a Fortune 500 company.

Syscom is an independent provider of service management and security operations solutions and consulting. DXC Technology is an American multinational provider of B2B IT services with an enterprise value of NOK 150 billions. DXC Technology was founded in 2017 as the result of the spin-off of Hewlett Packard and its merger with Computer Sciences Corporation (CSC).

“We have grown Syscom with strategic and dedicated focus on driving customer innovation through service management and security operations skills, management consulting capabilities, talent development and automation,” said Pål Nome, CEO, Syscom. “In joining DXC Technology, our focus and foundation becomes even stronger, while getting global presence and profound product development and innovation. We believe that we have provided the best possible future for both our customers and employees.”

“The acquisition of Syscom greatly enhances DXC’s capabilities within service management and security operations in Norway,” said Joergen Jakobsen, vice president, Northern Europe, DXC Technology. “The addition represents another significant investment for DXC in the Nordics. In Syscom, DXC gains a strong, skilled workforce and a solid customer base – which will further extend DXC’s position as a leading IT-service provider in the Nordics.”

About Syscom:
Syscom is an independent provider of service management and security operations solutions and consulting. Through Syscom’s professional services practice they have driven customer innovation, workflow automation in a secure manner for Norway’s enterprise market for both the private and public sector. Syscom’s strategical technology partners are; ServiceNow, Splunk, BMC and Symantec.

About DXC Technology:
DXC Technology, the world’s leading independent, end-to-end IT services company, manages and modernizes mission-critical systems, integrating them with new digital solutions to produce better business outcomes. The company’s global reach and talent, innovation platforms, technology independence and extensive partner network enable more than 6,000 private- and public-sector clients in 70 countries to thrive on change.


2019
Adviser to Confirma Software, backed by Abry Partners
on the aquisition of Compilo AS
Nordhaven acted as exclusive financial advisor to Confirma Software, backed by Abry Partners, in the acquisition of Compilo AS

Confirma Software is pleased to announce the acquisition of Compilo AS, their fourth transaction in the Nordic enterprise software market.

“The acquisition of Compilo significantly strengthens our presence in the public sector vertical. With this acquisition, we now serve more than 330 Nordic municipalities with critical management systems. We look forward to supporting the Compilo management team in expanding their presence across the Nordic market, and to introduce our existing public sector solutions to the Compilo customers”, says CEO Jarle Mørk of Confirma Software.

With the acquisition of Compilo, Confirma Software will have 2019 revenue of more than 18 MEUR and 132 employees.

Compilo AS is a provider of quality management solutions for the municipal sector. The systems support the implementation and review of required procedures and processes in operating a municipality. In using Compilo´s solutions, the municipalities are compliant with laws and regulations. The systems are currently supporting the operation of more than 220 municipalities.

Confirma Software is a provider of vertical enterprise software solutions across the Nordics. The subsidiaries continue independent operations under current management. Confirma Software will drive value generation through sharing of best practices and resources across the target companies. The company is headquartered in Stockholm. The majority investor in Confirma Software is Abry Partners.

Abry Partners is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $80 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds.
2019
Adviser to
on the sale to Equip Capital
Nordhaven Corporate Finance acted as exclusive financial advisor to Parc Invest AS and its shareholders in the sale to Equip Capital
Parc Invest AS is the largest operator of indoor trampoline parks in Norway. Since establishment in 2016, the Company has opened five “Rush” parks in Norway’s largest cities; Oslo, Bergen, Stavanger, Trondheim and Drammen. The company will open two additional parks in Hamar and Haugesund during the next 12 months.
A majority of visitors are between 6-14 years old and the parks are popular venues for birthday parties and other social events.
With backing from Equip Capital, Parc Invest will accelerate its organic expansion, both domestically and abroad.
The founders of Parc Invest, Petter Haagaas and Otto Vinje, will continue in their current roles in Parc Invest, in addition to remaining significant shareholders in the company.
“We are very excited to have Equip Capital as a new majority shareholder in Parc Invest. The Equip team has an unparalleled track-record within the Nordic retail / FMCG sector. We are confident that Equips capabilities and financial resources will enable Parc Invest to solidify and build on its #1 position in Norway and open the door for geographic expansion.” Petter Haagaas, Founder and CEO of Parc Invest
Co-Founder and Chief Development Officer of Parc Invest, Otto Vinje, adds: “Parc Invest lends its success to a targeted roll-out of a well-proven concept. Opening new Rush Parks in Norway’s largest cities will continue at an even faster pace with the support of Equip.”
2019
Adviser to the shareholders of
Nordhaven Corporate Finance acted as financial adviser to the shareholders of motimate™ in connection with its private placement.

motimate™ is an award-winning SaaS-solution making internal communication and corporate training fun and easy. motimate™ will simplify your workday through effective internal communication, strong cultural development, simplification of everyday tasks and engaging mobile training.

motimate™ is a SaaS solution that's a perfect fit for every company. Over 70 companies and organisations in Europe are users of motimate™. Since the inception in 2017, the number of users have reached more than 24 000 monthly subscribers.

About the new investors:

Investinor is an evergreen investment company funded by the Norwegian government with MEUR 470 under management. In addition, Stayer Invest and a private investor participated in the private placement.

The new investors will be joining Aller Media, Rema 1000 Norge, the founders and employees, as shareholders in motimate™.
2019
Adviser to
on the sale to 4Service
Norvestor backed 4Service strengthens their offering within the premium business canteen segment by acquiring bRest. Nordhaven Corporate Finance acted as sole financial advisor to the shareholders of bRest in their sale of shares and reinvestment in 4Service.

bRest is a well renowned high-end business canteen provider serving the greater part of Oslo. With their core focus on high quality ingredients, food and people they quickly established themselves as a leading player within the premium segment. Today the firm consists of 90 employees and a stable portfolio of highly satisfied customers delivering in excess of MNOK 100 in revenue.

“4Service has within its 9-year history taken a leading position within the facility management industry. With this acquisition we further strengthen our position within the premium canteen segment. In addition, the bRest team with its long track record and high competence will add significant value to our organization as a whole and to our core management team. Product diversification is a core part of our strategy, and with the addition of bRest we are able to increase this even more providing tailored solutions to each client.” – Tor Rønhovde (4Service)

4Service was established in late 2010 by leading characters from the industry. Their core ambition is to offer their clients better products and service than else ware in the industry. Today the group staffs 2 400 dedicated employees and generates in excess of MNOK 1 500 in revenue. The group is owned by the private equity fund Norvestor and the employees

Completion pending on evaluation by the authorities.
2019
Adviser to
on the acquisition of Datalight
We acted as exclusive financial advisor to Tuxera, the world-leading storage software and networking technology company, on the acquisition of Datalight, a North American developer of embedded file systems.
From a strategy point of view, this transatlantic acquisition was very important to establish Tuxera as the leading company worldwide with the widest portfolio in our market and to serve our demanding customers in the best possible way. We are greatly impressed about and thankful for Nordhaven's dedication, expertise, flexibility, value-add and leadership throughout this complex transaction. We look forward to working with them in the future" says Szabolcs Szakacsits, President & CTO at Tuxera.
2019
Adviser to
on the acquisition of Computer Program Unit Oy
We acted as financial advisor to Abry Partners, a US-based information and business services focused private equity fund, on the acquisition of DL Software and Cash-in Consulting in Vaasa as well as Computer Program Unit (CPU) in Joensuu. The companies have combined revenues of more than 15 million EUR in 2019 and a total of 117 employees.

Abry together with the management of the acquired companies have founded Confirma Software AB, a new Nordic platform focusing on acquiring strong enterprise software companies with specialized offerings for SME customers in the Nordic countries.
Nordhaven's contacts and knowledge of the Nordic software sector has been instrumental for us in realizing this investment. Moreover, the team's support in the execution of the initial acquisitions was of the highest quality" says Rob Nicewicz of Abry Partners.
2019
Adviser to
on the acquisition of Oy DL software Ab and Cash-in Consulting Oy
We acted as financial advisor to Abry Partners, a US-based information and business services focused private equity fund, on the acquisition of DL Software and Cash-in Consulting in Vaasa as well as Computer Program Unit (CPU) in Joensuu. The companies have combined revenues of more than 15 million EUR in 2019 and a total of 117 employees.

Abry together with the management of the acquired companies have founded Confirma Software AB, a new Nordic platform focusing on acquiring strong enterprise software companies with specialized offerings for SME customers in the Nordic countries.
Nordhaven's contacts and knowledge of the Nordic software sector has been instrumental for us in realizing this investment. Moreover, the team's support in the execution of the initial acquisitions was of the highest quality" says Rob Nicewicz of Abry Partners.
2019
Adviser to
on the sale of their shares in VESO
Nordhaven Corporate Finance acted as exclusive financial advisor to the Norwegian Ministry of Trade, Industry and Fisheries (Nærings- og Fiskeridepartementet – NFD) in the sale of their 34 % share in Veterinærmedisinsk Oppdragssenter AS (VESO), to Aquanova Invest AS.

For further information regarding the sale, see the press release from the Norwegian Ministry of Trade, Industry and Fisheries: https://www.regjeringen.no/no/aktuelt/staten-har-solgt-seg-ut-av-veterinarmedisinsk-oppdragssenter-as-veso/id2652739/.

About VESO

VESO was established by the Norwegian Agricultural Research Council 1988. The company has two business areas: distribution of pharmaceuticals for animals in the Norwegian market and clinical infection tests on fish in connection with vaccine development, feed development and breeding. The company is headquartered in Oslo, with distribution centres in Oslo, Vestby and Puerto Varas in Chile, while the clinical laboratory for fish infections is located outside Namsos in Trøndelag, and Colaco in Chile. The company's operating revenue, including subsidiaries, totalled MNOK 567 for 2018 with an EBITDA of MNOK 14.
2019
Adviser to
on the sale to F24
Nordhaven Corporate Finance acted as exclusive financial advisor to One Voice AS and its shareholders in the sale to F24 AG, a portfolio company of Armira Partners. One Voice is the leading SaaS provider of incident and crisis management solutions in the Nordic region. By joining forces, One Voice and F24 will become the undisputed market leader within incident and crisis management solutions in Europe.

One Voice was founded in 2006 in Trondheim, Norway. The flagship product, CIM, enables organisations across a multitude of industries to take care of its values and reputation before, during and after an incident. In 2017 One Voice acquired AI Control Point UK and opened its international office in London.

F24 was founded in 2000 and is headquartered in Munich, Germany. F24 supports companies and organisations in more than 80 countries with its subsidiaries and branches in 11 locations. Around 1 700 customers rely on the solutions of F24 to manage their communication requirements as part of the daily communication of critical and confidential information or in the event of a crisis. Armira Partners Germany is the majority shareholder of F24 and was advised by Raymond James in the transaction.

By joining forces, F24 further strengthens its leading Pan-European market position in the field of emergency notifications, crisis management and critical communications. By acquiring 100% shares of One Voice, F24 increases its existing customer base to 2 500 by adding over 700 customers from One Voice in the Nordic countries and United Kingdom. Collaborating with One Voice accelerates F24’s growth plan as part of the 1st phase of their buy-and-build-strategy.

The founders of One Voice, Frode Lien Otnes and Kjetil Mollan will continue their work and play an important role in creating a common future, in addition to re-invest a significant part of their proceeds

“As a new member of the F24 family, we are delighted to actively shape the future together and to further develop solutions that fully meet the growing requirements of all our customers.” says Frode Lien Otnes, founder of One Voice and CEO.

Founder and international business director of One Voice, Kjetil Mollan, adds: “What unites us is, amongst others, our approach to work very closely with our customers. Our aim is and always will be to offer our customers highest quality services – together with the F24 Group we will not only continue this work but be able to extend it even further.”

Dr. Jörg Rahmer, spokesperson of the F24 executive board and responsible for strategy, product and operations, states: “We are delighted to welcome One Voice AS to the F24 family. One Voice’s main product CIM not only extends our product portfolio but is also a next and significant step on our journey of establishing the leading pan-European crisis management and emergency notification platform.”
2019
Adviser to
on debt financing
We advised Versowood in renegotiating its short term financing. Versowood is Finland's largest private sawn timber producer and sawn timber supplier.
2019
Adviser to
on the sale to Polap-Team
We advised luxury brand Balmuir and its founders in the sale of the company to Polap-Team Oy, the parent company of the largest Nordic apparel company L-Fashion Group who, among others, owns the Luhta and Icepeak brands. The transaction included all of the shares in the company.

Balmuir is a rapidly growing lifestyle and fashion brand offering fashion accessories and interior decoration items made from the finest natural materials. The company’s average growth rate has been in excess of 30% during the past five years. In the financial year ended March 2019, Balmuir generated revenues of 8.3 million euros.
It was a pleasure to work with Nordhaven. With their help, we were able to find Balmuir the best new owner that can support the company’s growth strategy and strengthen its international operations. When you are selling your life’s work, it is crucial that the advisor is wholeheartedly and professionally giving their best in supporting you and achieving the best possible outcome for you” says Heidi Jaara, Managing Director of Balmuir.
2019
Adviser to
and its owners on the sale to AVK Group
Nordhaven Corporate Finance advised Øyhovden Invest AS in the sale of Furnes Jernstøperi AS to the Danish Industrial group AVK Group. The sale also includes the subsidiaries and sister companies Øyhovden Trading AS and Randers Jernstøperi AS.

Through 40 years of active ownership, the Øyhovden family has been instrumental in the development of Furnes Jernstøperi AS. The family had an ambition to find an industrial, long-term owner with a willingness to support the business going forward. The family is pleased to enter into the agreement with AVK Group, which is perceived as a good fit both in terms of people, competence, energy and the desire for continued long-term development of the business. AVK Group is a solid international industrial player, with a well-recognized value perspective. Øyhovden Invest AS is therefore confident that the company will continue its great development shown in recent years.

Furnes Jernstøperi AS was established in 1958 in Brumunddal, Norway and moved to Stange municipality in 1967, and is today a world-class producer of manhole covers and associated products. Since 2016, the business has grown from a turnover of NOK 234 million (EUR 24 million) to NOK 310 million (EUR 32 million) in 2018, with solid financial results.

About Øyhovden Invest AS

Following the sale, Øyhovden Invest AS will continue to be an active owner in Hamjern AS, Core-tech AS, Container Gruppen Norge AS, Munck Cranes AS and Hamjern Eiendom AS. These companies are expected to have revenue of approximately NOK 420 million (EUR 44 million) in 2019, and currently have about 150 employees.

About AVK Group

With a turnover of NOK 7.2 billion (EUR 750 million), the AVK Group is a global market leader in valves and hydrants, which are part of vital infrastructures in the form of water and gas supply, waste water treatment and fire control, as well as a large number of industrial applications. AVK is family owned and has its headquarters in Skovby / Galten near Aarhus in Denmark. The Group has more than 100 production facilities and sales offices worldwide, and employs just over 4,000 people.
2019
Adviser to
on the design of equity-based incentive plans
We advised Ahstrom-Munksjö in designing a one-off matching share plan for to be offered to key persons and a restricted share plan as a complementary structure for specific situations. Ahlstrom-Munksjö is one of the world's leading players in sustainable and innovative fiber solutions.
2019
Adviser to
on the design of equity-based incentive plans
We designed an all-employee matching share plan 2019–2021 and stock options to be offered to selected key personnel of Nixu. Nixu is a cybersecurity services company.
2019
Adviser to
and its owners in the sale to Donges Group
Nordhaven Corporate Finance advised Normek Group and its owners, Intera Fund I Ky and private shareholders, in the sale of Normek Oy to German Donges Group. Normek is one of the leading steel building construction and façade solutions companies and operates mainly in the Finnish and Swedish market.
With the help of Nordhaven and its international Clairfield network, we were able to reach out to a wide buyer universe and we found an excellent buyer for Normek” says Vesa Uotila from Intera Partners.
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