Transactions

Transactions

Latest deals

2020
Adviser to the owners and management of
in the sale to Conscriptor
The acquisition enables a leading provider of digital solutions within speech recognition, documentation and transcription services to the Nordic health care industry, to increase the work efficiency of health personnel and free more time for direct patient care.

Max Manus Group is the leading Scandinavian distributor of speech recognition solutions for healthcare professionals, providing customized speech recognition and digital dictation solutions to hospitals in Norway, Sweden, and Denmark. Max Manus’ operational business is structured through the companies, Max Manus AS (Norway), Max Manus AB (Sweden) and Max Manus A/S (Denmark). The companies have historically not been consolidated, which has caused certain transactional obstacles for Management and Nordhaven to overcome.

“The spread of COVID-19 has increased the load on the healthcare system in all the Nordic countries. Efficient digital solutions as we provide, contribute to increase the capacity and therefore increase the ability to handle crisis situations. We see great opportunities going forward to help the healthcare system further free capacity, and at the same time relieve health care personnel which experience pressured working environments, also under more normal circumstances than what we have today” – Martin Elster, CEO Max Manus.

“We aim to be the Nordic-leader in liberate healthcare personnel’s time for direct patient care. Today, only 30% of healthcare personnel’s time is used on direct patient supervision. Our ambition is to double time for direct patient supervision from today’s levels by supplying transcription and speech recognition solutions. Specifically, this relates to enabling digitalization and usage of AI technology” – Henric Carlsson, CEO Conscriptor.

“There is a potential for an increase in efficiency in the Nordic healthcare sector, and we believe that administration and process handling will be further digitalized. We believe that Max Manus and Conscriptor possess the knowledge and solutions within documentation and transcription that will contribute to fundamental changes of administrative processes in the healthcare sector. The solutions will at the same time liberate time for direct patient care for doctors and other healthcare personnel” – Bjarne Lie, Managing Partner Verdane.

About Verdane

Verdane is a specialized growth investor cooperating and investing in ambitious, Northern European, technology companies, supporting further international growth. With a total of more than NOK 17 billion of committed capital, Verdane funds have invested in more than 120 companies in the growth sectors, including high-tech industrials, e-commerce, software, energy- and resource-efficiency and financial services. Verdane has more than 50 employees and offices in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm.

About Conscriptor

Conscriptor is Sweden’s largest supplier of journal documentation services and dictation solutions for hospitals and clinics. Conscriptor was founded in 2006 in Orust, Sweden and today employs more than 200 people. Conscriptor is behind, amongst others, Europe’s most popular dictation app within the health care sector, MedSpeech, and today handles approximately 10% of all journal documentation in Sweden.

About Max Manus

Established in 1946 by the Norwegian WWII hero Max Manus, the company initially sold office supplies, however developed to be a leading provider of speech recognition and dictation solutions in Scandinavia. Their speech recognition solution is currently used by more than 10,000 healthcare professionals and the digital dictation platform has over 20,000 users. Today Max Manus is present in Denmark, Norway and Sweden, and have more than 50 employees located in their offices in Oslo, Århus, Copenhagen and Gothenburg.
2020
Adviser to the owners and management of
in the sale to EG
Nordhaven Corporate Finance acted as exclusive financial adviser to the management and owners of Holte in the sale to Francisco Partners’ Danish portfolio company EG.

The acquisition is part of an ambitious EG-strategy to digitize the construction industry in Scandinavia. “By combining EG's and Holte's product portfolio we can deliver the best solution to manage the complex processes and data flow within the construction industry”, says Mikkel Bardram, CEO at EG.

Holte is the Norwegian market leader within workflow management software for the building construction industry with solutions that assist construction companies to manage all steps of a construction process from project calculation to complete documentation and follow up. Holte delivered strong and stable revenue growth, with high and increasing SaaS revenue and a solid EBITDA margin.

“EG and Holte are both experts within the construction industry and offer a broad set of modules in an integrated software platform. We transform complex processes into simple intuitive solutions for our customers. By combining the strengths of EG and Holte we create a true Scandinavian champion within software solutions for the entire construction sector”, says Jesper Andersen, EVP, EG Private.

“We see EG as an ambitious strong owner who will invest in the continued development of Holte's solutions in an international market. There is a great potential for a comprehensive digitalization in the construction business”, says Eilif Holte, founder of Holte.

“EG and Holte are a perfect match and our already existing collaboration shows good cultural fit. We share the same focus on long-term customer relationships and high customer satisfaction”, says Aleksander Bjaaland, CEO at Holte.

About Francisco Partners
Francisco Partners is a leading global private equity firm which specializes in investments in technology and technology-enabled businesses. With over $15 billion of capital raised to date, Francisco Partners is one of the largest and most active technology-focused private equity firms in the world.

About EG
EG is a Scandinavian software company with more than 1,000 employees working from 15 skill centers in Scandinavia and Poland. We develop, deliver and service our own software for more than 9,500 private and public clients.

About Holte
Holte is a Norwegian leading supplier of software, services and courses within disciplines such as HSE, quality assurance, building permit applications, estimation, third party control, management, operation and maintenance (MOM) and project management. Holte was established in 1987, has 135 employees and offices in Oslo, Trondheim, Tønsberg og Gdansk.
2020
Adviser to
on the sale to Monnoyeur Group
Nordhaven Corporate Finance advised Finnish Point Group and its owners on the sale of the company to Arkance, a subsidiary of French Groupe Monnoyeur. Sellers in the transaction were Point Group’s management and key employees as well as Ramboll.

Point Group provides planning and information management software solutions for the built environment. Civilpoint, a subsidiary of Point Group, was the first to introduce BIM for Finnish infrastructure projects and today holds a significant share of the Finnish CAD/BIM market for infrastructure construction. Point Group has revenues of 8 million euros and 40 employees.

Groupe Monnoyer, a French family business founded in 1906, is a leading retailer and wholesaler of machinery and services for industry and construction. Its Arkance division has the vision to become as the European leader in the market for Infrastructure and building construction technologies, including software for all phases of the construction project lifecycle.
“Nordhaven expertise and commitment to our goals was superior. The sales material was of the highest quality, the process management was appreciated by all parties involved and the outcome to the sellers was very satisfactory” says Mikko Leppänen, Chairman of the Board at Point Group.
2020
Transaction bonus advisory
Transaction bonus advisory to Neste. Neste is engaged in the refining and marketing of petroleum and petroleum products.
2020
Adviser to
on the design of an equity-based incentive plan
We designed a new matching share plan for the top management and other selected key employees of Ahlstrom-Munksjö. Ahlstrom-Munksjö is one of the world's leading players in sustainable and innovative fiber solutions.
2020
Adviser to
on the design of an equity-based incentive plan
We designed a performance share plan for the management and key employees of F-Secure. F-Secure is a Finnish cyber security and privacy company based in Helsinki, Finland and with a presence in more than 100 countries.
2020
Adviser to
on the sale to Swedish listed Indutrade Group
Nordhaven Corporate Finance advised Jouka Oy and its owners on the sale of the company to Swedish listed Indutrade Group.

Jouka designs and manufactures ball valves and ball valve units. The company offers customized products with a high degree of customer specific R&D. Customer segments include machine building, marine, processing, and pulp & paper industries primarily in the Finnish market. Jouka’s annual net sales are approximately EUR 6.5 million.


“We are extremely pleased with the outcome of the process” says Risto Lehtimäki, one of the owners and the Chairman of the board at Jouka. “The whole process was extremely smoothly run by the Nordhaven team and it was a real pleasure working with them” he continues.
2020
Adviser to
on the acquisition AWS Electronics Group
Nordhaven Corporate Finance jointly with its Clairfield UK partner office advised Helsinki-listed Incap Group in its acquisition of AWS Electronics Group in the UK (“AWS”). Nordhaven Corporate Finance jointly with its Clairfield UK partner office advised Helsinki-listed Incap Group in its acquisition of AWS Electronics Group in the UK (“AWS”).

AWS provides high complexity EMS services for the automotive and transport as well as aerospace industries and for appliances such as scientific instruments and controls. It has production facilities in Newcastle-under-Lyme, UK, and in Namestovo, Slovakia.

In the financial year ended on June 30, 2019, AWS generated revenue of GBP 35 million (approximately EUR 41 million) and EBITDA of GBP 2.1 million (EUR 2.5 million). The Enterprise Value of the transaction is GBP 14.8 million (EUR 17.4 million) including an earn-out.
“We are happy and thankful for the whole team that worked together with us in this transaction. The integrated Clairfield advisory team from Finland and the UK was able to provide solutions that were central in the deal making”, says Otto Pukk, President and CEO of Incap Group.
2020
Adviser to the shareholders of
in the sale of a majority share to FKP Scorpio
Nordhaven advised the shareholders of Nordic Live AS in the sale of a majority share to FKP Scorpio, one of Europe’s leading festival and concert promoters.

The Oslo-based agency Nordic Live AS has sold a majority stake to FKP Scorpio, one of Europe’s leading festival and concert promoters. Nordic Live was founded in 2017 by Erica Leypoldt, Kim Nordbæk, Ottar Schanke Eikum and Joël Schwalenstöcker, formerly at Live Nation, Ultimat Artist, Mentometer and TimeOut Agency. Nordic Live represents 60+ domestic and international acts such as Alan Walker and Gabrielle, and the acquisition offers FKP domestic rosters across the Nordic region. Nordic Live will collocate with the FKP Scorpio Norway team over the course of 2020.

“We have been able to carve out a decent slice of the Norwegian market in just a few years as one of the very few remaining independents. We have done everything ourselves and our own way, but once we met with FKP Scorpio, we immediately knew this was the right partnership to take the company to the next level” says Nordic Live’s founders in a joint statement.

“We are very happy about our teaming up with Nordic Live and the merger with our already strong team in Norway. Their local artist roster will complement our portfolio and will strengthen FKP Scorpio’s importance for the local Norwegian music scene as a reliable partner. We are very excited about the future prospects of our Norwegian branch.”, states FKP Scorpio’s executive director Folkert Koopmans.

About Nordic Live
Nordic Live is Norway’s largest independent agency. Their domestic roster, including artists like Alan Walker, Ina Wroldsen and Gabrielle, did more than a 1000 shows in 2019, amounting to a total turnover of 85 MNOK.

About FKP Scorpio
FKP Scorpio Norway has since its foundation promoted shows across Norway with the likes of Bon Iver, Tame Impala, Biffy Clyro and Brad Paisley.
2020
Adviser to
on the design of long-term incentive plans
We advised Amer Sports on designing several long-term incentive plans for its key employees. Amer Sports is a sporting goods company with brands including Salomon, Arc'teryx, Peak Performance, Atomic, Suunto, Wilson, Precor, Armada, ENVE Composites, Louisville Slugger, DeMarini and Sports Tracker.
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.
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