Transactions

Transactions

Latest deals

2021
Financial advisory to
2021
Adviser to
and its shareholders on the sale to Sweco
Nordhaven advised Linja Arkkitehdit and its shareholders in the sale of the company to Sweco. Linja Arkkitehdit is one of the leading architecture companies in Finland. Linja Arkkitehdit offers versatile architectural and principal design services including building and interior design as well as land use planning and zoning for both new and renovation construction projects. The company has grown profitable every year since founding in 2006. It has over 60 employees in three locations. With the acquisition Sweco becomes one of the largest architecture companies in Finland. In total, Sweco Group has around 1,400 architects and landscape architects and is one of the world’s five largest architecture firms.
Nordhaven studied our company meticulously and developed a deep understanding of business in architectural field. With their help we were able to find Linja Arkkitehdit a new owner that shares our values and vision of good corporate culture. We could not have imagined a better advisor for us” says Ville Niskasaari, CEO of Linja Arkkitehdit.
2021
Adviser to Abry-packed
on the acquisition of Tietoaika
Nordhaven continued as financial advisor to Swedish Confirma Software in its latest transaction in Finland, i.e. the acquisition of Tietoaika providing Domus ERP software solution for administration of real estate management companies and housing associations. Tietoaika also operates Huoneistotieto.fi solution, an information platform for owners, residents and board members in building societies. With the acquisition of Tietoaika, Confirma Software has pro forma LTM revenue of over € 35 million and more than 250 employees.

Confirma Software was founded in 2019 by Abry Partners, a US-based private equity fund, to consolidate enterprise software companies with specialized offerings for SME customers throughout the Nordic countries. Nordhaven and other Clairfield Nordic offices have been advising Confirma Software since its first acquisition and have now completed seven transactions jointly.
Nordhaven’s effort was once again of the highest quality and enabled us to complete the transaction efficiently. Their contacts and knowledge of the Nordic software sector has proved instrumental for us in realizing the growth strategy” says Jarle Mørk, CEO of Confirma Software.
2021
Adviser to
on amendments to EUR 13,2 million senior secured bond
Nordhaven acted as financial adviser for Sotkamo Silver on amendments to its EUR 13,2 million senior secured bond. The amendments were supported in a written voting procedure by the noteholders representing over 96 % of the nominal amount of the notes. The listed parent company Sotkamo Silver AB owns, through its Sotkamo Silver Oy subsidiary, the Silver Mine in Sotkamo which started production in March 2019 and has reached full production capacity.
The approved amendment will improve our financial flexibility for the strategy execution. We are very pleased with the outcome achieved with Nordhaven’s thorough support”, says Erkki Kuronen, CEO of Sotkamo Silver. ”The bond amendment process through formal written voting procedure was executed in a very short timeframe. Nordhaven managed the whole process, including investor communications, in a highly professional manner”, adds Mikko Sopanen, CFO of Sotkamo Silver.
2021
Adviser to
on fairness opinion for acquisition of NettiX
Nordhaven provided a fairness opinion for Alma Media in relation to acquisition of Nettix Oy from Otava Group. The enterprise value of the acquired business was EUR 170 million. Nettix business consists of Finland’s leading motor vehicle marketplaces, such as Nettiauto, Nettikone and Nettimoto. Its revenues were EUR 22.5 million and EBITDA EUR 11.2 million in 2020.
2021
Adviser to
and its owners on the sale to Orkla
Nordhaven acted as financial advisor to the owners of Seagood Oy Fort Deli in the sale of its majority to Orkla. Henrik Poulsen, will continue as the CEO and minority shareholder in the company with the aim as part of Orkla to grow and strengthen presence in the Finnish food service and out-of-home markets.

Seagood Oy Fort Deli, established in 1996, is a food product sales company focusing on food recipes and solutions for its customers across the HoReCa sector. Fort Deli’s offering consists of own and imported brand products and the company is well known for Hank’s Sauces, Nonna’s Sauces and Texas Pete Hot Sauce. In addition, the company is an established supplier of frozen products, sauces and condiments. In 2020 the company had sales of 8.7€ million.
Nordhaven provided a very professional hands-on advise. Their work was crucial in closing the deal with a large corporate and guiding us through buyer’s demanding acquisition process. The transaction process was on the one hand a tough experience but on the other hand it was enjoyable to reach a transaction in great spirit with all parties and their advisors” says Henrik Poulsen, CEO of Seagood Oy Fort Deli.
2021
Adviser to
on the design of equity-based incentive plans
We advised Wärtsilä on designing a Performance Share Plan for the top management and key employees, and a Restricted Share Plan as a complementary structure for specific situations. Wärtsilä manufactures and services power sources and other equipment in the marine and energy markets.
2020
Adviser to
in the acquisition of KeyNet AS
IT management supplier Bitpro strengthens their position within data communication through the acquisition of KeyNet. KeyNet has a strong position within the private sector with several blue-chip clients and holds the ability to serve complex client structures with high geographical dispersion. A position they have built up over multiple years through deep technology know how.

“Best in class customer success and the ability to serve clients with multiple locations is a cornerstone in our strategy, both of which lies in the center of the business model for KeyNet. Hence the match between the two companies is very good and the transaction represents an important step in our strategic development. We are looking forward to continue building the product portfolio and strengthening our customer base together” – Trond Bjorvand (CEO Bitpro).

“Bitpro provides a broad specter of IT and communication services with multiple similarities to our business model and philosophy within the data communication niche. We see multiple commercial and operational synergies and are looking forward to utilizing them together. We will continue providing our clients with best-in-class customer care, in addition to new products enabled by the merger.”

“We see a very good match between KeyNet and Bitpro. KeyNet holds the same business goals as us and have over a longer period of time show the ability to establish, build and maintain strong customer relationship to blue chip clients. We look forward to further build and expand the new company with the client in the front seat.” – Gunnar Jacobsen (Investment Director Kistefos).

Combined revenue in 2020 for the two entities will amount to approximately MNOK 290 with good profitability. The sellers will reinvest large parts of their proceeds and will post merger hold a 13,4% position in the new company. Kistefos remains the majority shareholder with 73,5%, while the remaining 13,1% is owned by other key employees.
2020
Adviser to
in the acquisition of DIAS
Nordhaven advised Alma Media in the acquisition of 75% shareholding in digital housing transaction service DIAS Oy.

Founded in 2018, DIAS is a digital housing trading platform for the residential real estate market connecting buyers, sellers, real estate agents and banks. DIAS is one of the first distributed ledger technology (DLT) services to be completed in Finland. In 2020, the company’s turnover will amount to approximately EUR 2 million.

The purchase price is EUR 14.3 million (75.5% of the Enterprise Value). The parties have also agreed on a potential earn-out linked to the future development of DIAS’s business operations and profitability. Alma Talent acquired the shares from Tomorrow Tech, the co-founder and current majority shareholder of DIAS as well as the founding banks OP, Danske Bank A/S, Aktia Bank Abp and S-Pankki Oyj. After the transaction Alma Talent owns 80.5 per cent and the aforementioned banks retain 19.5 per cent of the company’s share capital.
2020
Adviser to
in the sale to Röko
Röko has acquired Ekstralys AS, an e-commerce retailer based in Lindesnes, Norway.

Ekstralys is a leading e-commerce company in Norway within vehicle lighting and the company has during the last two years expanded to Sweden, Denmark and Finland. Ekstralys’s scalable setup and tech-oriented operation have allowed for profitable, +35%, annual growth.

Ekstralys was founded in 2004 and has been managed by the founder who will continue as Managing Director.

About Röko
Röko is a Swedish based investment firm with 270 MEUR in committed capital. With ambition to be a true long-term owner of European small- and medium sized business. Röko has local presence in Sweden, Norway, and Germany.
2020
Adviser to
in the acquisition of Geomatikk
Nordhaven Corporate Finance acted as financial adviser to Hg in the acquisition of Geomatikk.

Geomatikk is a tech-enabled services champion, managing critical ‘check-before-you-dig’ safety assessments to network owners, contractors and consulting engineers within Norway, Sweden and Finland.

Hg will support Geomatikk with its extensive experience in scaling tech champions across Europe. Hg will become the majority investor, with founders and management remaining as significant investors in the business. The full terms of the transaction are not disclosed and closing is subject to obtaining relevant regulatory approvals.

About Geomatikk Group

The Geomatikk Group is a leading tech-enabled services provider delivering solutions and services to manage safe excavations, before-you-dig-requests, Utility works and Street works. The group operates in Norway, Sweden and Finland, and is establishing itself in the UK. Geomatikk is protecting the infrastructure for more than 300 network owners, handling 2 million transactions and more than 250 thousand physical field detections annually. Network owners, municipalities, contractors, civil works designers and other stakeholders collaborate and interact on the Geomatikk digital platform to optimize their construction projects and minimize asset strikes.

About Hg

Hg is a leading European investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, comprising over 35,000 employees across the UK, US and Europe.
2020
Adviser to
and its owners on the sale to Mehiläinen
Nordhaven advised psychotherapy clinic chain Komppi and its owners on the sale of the company to Mehiläinen. Mehiläinen is a strongly internationalizing private health and social care company with over €1bn in revenues and it is backed by CVC Capital Partners.

The estimated cost of mental health problems in Finland exceeds €11bn annually. Komppi is the market leading psychotherapy clinic chain and it is well-known for providing high quality care resulting in substantial benefits for individuals, employers, and the society. Since its foundation in 2016, the Company has grown to have some 250 professionals who operate through 21 clinics in Finland as well as remotely. The management of Komppi has been focusing on growth and has created a smart hybrid platform of physical and digital services to support significant further growth.

Following the transaction, Komppi has a unique ability to improve the access to mental health related services. In addition to its significant private healthcare position with over 1.3 million customers annually, Mehiläinen has also very strong and growing positioning in occupational healthcare markets as well as globally notable platform for digital services.
Well done Nordhaven! With some previous M&A experience myself, I am impressed by the work of the Nordhaven team. Your service level was high throughout the project, you were able to bring in domestic, regional, and international buyers with different types of strategic angles to acquire Komppi and it was always easy-going to work with you. We are also highly satisfied with the financial outcome. Highly recommended!” says Mark Roth, CEO of Komppi.
2020
Adviser to
on the design of equity-based incentive plans
We advised Fiskars on designing a Performance Share Plan for the top management and key employees and a Restricted Share Plan as a complementary structure for specific situations. Fiskars was formerly best known for its orange-handled scissors, created in 1967. Today its products are related to the home, outdoor activities, interior decoration and table setting. Its key brands include Fiskars, Iittala, Royal Copenhagen, Wedgwood and Waterford.
2020
Adviser to
in the sale to Siili Solutions
Clairfield Hungary together with Nordhaven advised Supercharge, a Hungarian digital consultancy company, in the sale of a majority stake to Siili Solutions, a Helsinki-listed IT consultancy.

Supercharge, headquartered in Budapest with offices in London and Amsterdam, creates digital strategies, concepts, and design, and develops future user interfaces, especially for mobile environments. Clients include Ericsson, Deutsche Telekom, and Kodak. Supercharge is growing 50% p.a. and in 2019 the Company generated revenues of EUR 7.6 million and an EBITDA of EUR 1.8 million.

In a first step, Siili acquires a 55% stake in Supercharge for EV-value of EUR 16.7 million and has also option to acquire the remaining shares.

Clairfield International acted as exclusive financial advisor to Supercharge. The transaction involved the global Clairfield technology team, with interested parties identified worldwide and offers received from buyers in Finland, Germany, and Mexico.
2020
Adviser to
on the design of equity-based incentive plans
We advised Terveystalo on designing a Performance Share Plan for the top management and key employees, a Bridge Plan for the CEO and a Restricted Share Plan as a complementary structure for specific situations. Terveystalo is the largest healthcare service company in Finland.
2020
Adviser to
on evaluation of debt refinancing alternatives
Nordhaven Corporate Finance advised Sotkamo Silver on evaluation of debt refinancing alternatives.
2020
Adviser to
on senior debt financing
Fixcel Group Oy is a manufacturer of movable steel-based modular buildings with globally patented module technology. Fixcel’s commercial operations were launched in 2018 and the company recorded net sales of EUR 33 million for financial year ended 31.3.2020. One of the benefits of Fixcel’s technology is healthy indoor air and its solutions are often used in schools, hospitals, elderly care and office buildings.

Nordhaven advised Fixcel on raising a new EUR 7 million senior debt funding package. Proceeds will be used for refinancing existing facilities and for implementation of rapid growth strategy, including capital expenditures for production capacity increase. The funding package also includes a flexible working capital facility for client project-related construction periods. New debt facilities were provided by two financiers under inter-creditor agreement.
We wanted to have a larger and more flexible funding package to support our continuing growth – without ownership dilution. The achieved funding solution with adequate liquidity reserves secures our growth strategy. We are very satisfied with Nordhaven’s thorough support and excellent process management from planning to signing. Highly recommended!” Says Anders Gylling, CEO of Fixcel Group Oy.
2020
Adviser to
on renegotiating EUR 80 million senior debt portfolio
Nordhaven advised Versowood to create a stronger financial position through renegotiating its EUR 80 million senior debt portfolio. Versowood is the largest family-owned forestry company in Finland with around 800 employees and annual turnover of approximately EUR 400 million. Versowood operates with business areas in Sawn timber, Glulam products, Wood packaging, Infra, and Energy.
Coronavirus and recent strikes in the forest industry sector had significant impact on the overall market conditions. We wanted to be far-sighted and reach a funding solution that bolsters our on-going operations. We are pleased with the negotiation outcome that was achieved with Nordhaven’s extensive support throughout the process.” Says Ville Kopra, CEO of Versowood Group Oy.
2020
Adviser to
and its owners on the sale to Kovinoplastika Lož
Nordhaven acted as financial advisor to the owner-family of Stala in a strategic European consolidation transaction. In the arrangement Stala was 100% sold to Slovenian Kovinoplastika Lož Group (“Kovinoplastika”). With the acquisition, Kovinoplastika strengthens its strategic goal to be among the three largest kitchen countertops and sinks manufacturers in Europe. Kovinoplastika’s products are sold in more than 50 countries and following the transaction Stala-branded products will be available in a wider geographical market.

Stala, founded in 1972, has a net sales level exceeding €11 million and strong profitability. The company employs close to 50 people. Stala’s key product groups are sinks and countertops for home kitchens, various waste sorting products as well as mailboxes.

Kovinoplastika was founded in 1954 and it has operations in 7 European countries and approx. 700 employees. The company operates in 3 markets: Window and door mechanisms (Fittings); Industrial molds (Toolshop) and Kitchen sinks, cookware and similar utensils (Inox). Kovinoplastika's net sales exceed 60 million euros and it is owned by the funds managed by private equity investor KJK Management.
For me and other family members it is very important that with the help of Nordhaven we could find a new owner who is committed to develop Stala’s operations in Lahti and support STALA brand grow further internationally” says Tuija Rajamäki.
2020
Adviser to
and its owners on the sale to Folmer
Nordhaven acted as financial advisor to the owners of Donier Gastronomie in its sale to Finnish private equity fund managed by Folmer. The founder of the company, Alexandre Donier, will continue as the Managing Director and shareholder in the company with the aim of building, together with the staff, Finland’s leading food wholesaler with a comprehensive offering. The company’s other shareholders shall remain as minority shareholders.

Since 2003, Donier Gastronomie has supplied high-quality ingredients from selected European producers to quality conscious restaurant and retail clients in large Finnish cities. The company is specialized in import and wholesale of dairy and poultry products. In addition, it provides a wide range of dry goods, meats and processed meat products as well as seafood. Donier Gastronomie offers its customers a transparent and traceable product chain as well as a responsible service concept with extremely high service orientation. The company has premises in Helsinki, Tampere and Turku and it has a current sales level exceeding €10 million.
For me as an entrepreneur it was utmost important that I could partner with such an experienced financial advisor like Nordhaven in finding and negotiating good deal for us, while I could focus on the business and clients” says Alexandre Donier, the founder and Managing Director of Donier Gastronomie.
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