Transactions

 
“We are confident that we have extensive experience in the type of transaction you are contemplating.”
2022
Advisor to
on the sale of its Baltic business unit to
The deal:
Nordhaven advised HKScan Corporation in the sale of its Baltic business unit to Maag Grupp
Nordhaven advised HKScan in the divestment of its Baltic business area to Estonian Maag Grupp. HKScan is a Northern European food company with several heritage brands in the Nordics. The sale of HKScan's business in the Baltics is expected to be finalized in the second half of 2023, subject to regulatory approvals in Estonia and Latvia. The debt-free purchase price is EUR 90 million, of which EUR 20 million is conditional on the combined performance of the separately defined meat business, subject to the transaction and Maag Grupp's Baltic meat business in the following years.

HKScan's consumer brands in the Baltics are Rakvere, Tallegg, Rigas Miesnieks, Jelgava and Klaipedos Maistas. The company's production units are located in Rakvere, Tabasalu and Viiratsi in Estonia, and Jelgava in Latvia. In 2021, HKScan's net sales for the Baltic business amounted to EUR 170 million (Q1-3/2022: EUR 143.6 million), EBIT was EUR -5.4 million (Q1-3/2022: EUR -26.6 million) and the average number of employees in the three countries was some 1,500. HKScan has operated in the Baltics since the summer of 1998.

Maag Grupp is an over 25 years old Estonian food company operating in the meat and dairy business. Maag's net sales in 2021 totaled EUR 233 million and it employed some 1,000 people in Estonia, Poland and Finland. The company is known for its consumer brands Tere, Farmi, Deary, Rannarootsi, Rannamõisa and Pouttu.
We thank Nordhaven for very well executed transaction process. Nordhaven's knowledge of the food industry, as well as cross-border and public M&A, were essential in order to achieve the transaction and financial result"
—  Markku Suvanto, EVP, Administration and Legal at HKScan Corporation
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Consumer services
2022
Advisor to
on the sale to
The deal:
Nordhaven advised in a major European consolidation transaction in forestry and wood processing
Nordhaven acted as the sole financial advisor for Pölkky Oy and its owners in the sale of the company to Pfeifer Group GmbH. The combined entity has approximately EUR 1.4 billion in turnover and 13 plants in four countries.

Pölkky Oy is Northern Finland's largest private wood processing company, with around 420 employees and an annual turnover of approximately EUR 200 million. The company was founded in 1968 and is currently held by the 3rd generation of the Virranniemi family.

Pfeifer Group GmbH is an Austrian 3rd generation family company with approximately 2,200 employees across eight locations in Austria, Germany, and the Czech Republic. The company is the European market leader in shuttering panels and pallet blocks as well as one the largest producers of sawn timber, pellets, formwork beams, and glulam. The key strategic rationale for the transaction is synergistic growth as well as diversification of Pfeifer Group's operations.
This transaction secures the execution of Pölkky's growth strategy going forward. The outcome for the sellers and for the future of Pölkky is excellent! We are once again extremely satisfied with Nordhaven's outstanding work - including their thorough understanding of the forest industry and our business"
—  Petteri Virranniemi, CEO of Pölkky Oy
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Industrials services
2022
Advisor to
on the sale of
to
The deal:
Nordhaven advised City of Helsinki in the sale of Palmia Oy to Mutares
Mutares SE & Co. KGaA has signed an agreement to acquire Palmia Oy from the City of Helsinki. The company will strengthen its Goods & Services segment as a new Finnish platform investment. The transaction is expected to close in Q1 2023, subject to approval by the Finnish Competition and Consumer Authority.

Palmia Oy offers food, real estate, cleaning, and security services in 12 different municipalities throughout southern Finland. The company was incorporated at the end of 2014 by the City of Helsinki. The company is expected to generate revenue of approximately EUR 120 million in 2022, and currently has around 2,400 employees.

The transaction will allow Palmia to focus on and further develop services for its current customers. The change in ownership will not affect the contracts between Palmia and its customers, and will allow Palmia to review its strategic priorities and to focus on growth into new customer segments.

Mutares is headquartered in Munich, Germany and operates through its 12 offices in nine countries, employing more than 16,000 people through its various holdings. Mutares' holding companies generated approximately EUR 2.5 billion sales in 2021.
We are happy that together with Nordhaven we have been able to find a new committed owner for Palmia and expect the company to develop further as a quality service provider for Helsinki and other clients. Although the recent years have been difficult for Palmia due to Covid and other recent market environment changes, Palmia's incorporation has been a success due the significant cost savings it has provided for the city"
—  Leena Saarinen, Chairman of the Board at Palmia
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Business services
2022
Advisor to
on the sale of its Finnish asphalt operations to
The deal:
Nordhaven advised Stockholm Stock Exchange listed Skanska Group in the sale of its Finnish asphalt operations to Asfalttikallio
Nordhaven advised Skanska Group in its divestment of its Finnish asphalt operations to Asfalttikallio Oy. Skanska Group has signed an agreement with Asfalttikallio regarding the sale of all shares in Skanska Group's wholly owned subsidiary Skanska Industrial Solutions Oy. Skanska Industrial Solutions is a market leader in the asphalt and road marking business in Finland. It has 88 employees and annual sales of around 50 million euros. In its new home with Asfalttikallio, Skanska Industrial Solutions can, together with its professionals, be developed and strengthened even further.

Skanska Group is a Stockholm Stock Exchange listed construction and project development company with annual sales of around 15 billion euros. Nordhaven acted as an exclusive financial advisor for Skanska Group in planning and executing the divestment of Skanska Industrial Solutions.
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Industrials services
2022
Advisor to
backed by
in the acquisition of
The deal:
Nordhaven advised Kistefos-backed 1881 Group on the acquisition of Hjemmesidehuset
Nordhaven advised Kistefos-backed 1881 Group on the acquisition of Hjemmesidehuset

1881 Group provides efficient and user-friendly digital services within information, visibility, websites and marketing in the Norwegian market. The 1881 group company Idium, a leading provider of web sites to businesses has now strengthened its position in Norway through the acquisition of Hjemmesidehuset AS.

The most important job of the companies in the 1881 Group is to provide information and assistance to people and companies in Norway. Hjemmesidehuset is a very well run company with brilliant employees, which fits perfectly with what we already do. This transaction will broaden and strengthen the offer to our customers, and substantiate our position as the largest supplier of websites to companies, now with more than 5,000 websites - Asgeir Ohr, CEO 1881 Group

Hjemmesidehuset has through its own developed software specialized on delivering modern and innovative websites to the SME market in Norway. Currently the company has 18 employees and supplies more than 2,500 websites.

We have had strong growth in recent years. Having 1881 Group on the team increases our strength and provides many new possibilities. Now we become part of a larger, digital and highly innovative environment. We look forward to further develop our business together. - Michael Vike, CEO Hjemmesidehuset

About 1881 Group:
1881 Group AS consist of Digitale Medier 1881 AS, Opplysningen 1881 AS, Idium 1881 AS, Tjenestetorget AS, Tjenestetorget Finans AS, Tjenestetorvet DK, Anbudstorget AS and now Hjemmesidehuset AS. The group mainly operates in Norway in addition to Denmark. 1881 Group AS generated revenue of NOKm ~400, with an EBIT of NOKm ~100 in 2021. The total user base on the groups digital platforms amounts to 1.8 million, per week.

1881 Group is owned by Kistefos AS.

About Hjemmesidehuset:
Hjemmesidehuset AS is a specialized provider of websites to SME's in Norway. The company has supplied websites to more than 2,500 companies, which makes them a substantial player within their niche. Hjemmesidehuset forecasts revenue of NOKm ~18 in 2022.
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised in a major Nordic consolidation transaction in the B2B distribution markets of essential products
Nordhaven advised Pamark and its owners on the sale of the company to OptiGroup, which is backed by FSN Capital, a leading European player in providing reliable and sustainable supply solutions for B2B customers. Following the completion of the transaction, which is subject to customary closing conditions, OptiGroup will further strengthen its presence and offering in the Nordics.

Pamark adds value to its customers by providing a wide range of consumables, devices, and related services that are essential for its customers to run their businesses successfully. The company works for customers within various resilient and growing segments, such as healthcare, safety & hygiene, and foodservice. Pamark’s customers are from both the public and private sectors. Through its sourcing capabilities, Pamark can create a large, positive impact on its customers operations by offering competitive prices and advising on the transition towards using more sustainable consumables. Pamark was created through a merger between MedKit and Pamark in 2021, and it had a pro forma turnover of EUR 74 million (2021).

OptiGroup is a Sweden-based European group that has net sales of approximately EUR 1.4 billion and employs some 2,000 employees. The Group supports more than 105,000 customers, primarily within cleaning & facility management, hotel & restaurant, healthcare, manufacturing, and the graphical sectors, with products and customized supply solutions that streamline operations and promote a more successful business. The company has an active acquisition strategy.

“We are happy for the owners of Pamark for reaching a fantastic end result, both financially and business-wise. It is great to work with companies that have strong business models and management teams. Pamark has been highly successful despite ongoing integration work and various disconnects in both sourcing and end-customer markets due to Covid, the obstruction in the Suez Canal and the war in Ukraine", says Timo Lappalainen, responsible partner for the project.
"When we were choosing a financial advisor to help us find the right partner to continue our company's growth story, the most important things were that there must be a match in personal chemistries, including trust and sense of humour, and that we share the same strategic view regarding the sales process. The characteristics of the Nordhaven team matched perfectly with us, and our decision to choose Nordhaven as our financial advisor turned out to be the right one. Without the skills of Nordhaven’s team the final result of this sale process would not have been as successful!”
—  Minna Åman-Toivio, CEO and majority owner of Pamark
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Business services
2022
Advisor to
on the sale of
to
The deal:
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans.

Reka Industrial Plc has signed an agreement with Nexans Group regarding the sale of all shares in Reka Industrial’s wholly owned subsidiary Reka Cables Ltd. Reka Cables operates the cable business of Reka Industrial. Nexans is one of the leading suppliers in cable technologies and services.

Purchase price of the shares is EUR 53 million which will be paid in cash. According to the Finnish Accounting Standards the net debt of Reka Cables at the end of September 2022 was EUR 6.5 million. Reka Cables represent c. 85% of Reka Industrial’s revenue. After the announcement the Reka Industrial’s share price increased approximately 60%.

The acquisition of Reka Cables will further contribute to Nexans’ ability to serve its Nordic customers with high quality and safe cables in the region. This acquisition is seen to benefit the teams of both Reka Cables and Nexans, with synergies and development opportunities ahead of them.

Reka Cables is the largest Finnish-owned cable manufacturer, which has been at the forefront of the cable industry for more than 60 years. Reka Cables provides durable, high-standard cable solutions for renewable energy production, network construction, industry as well residential and office construction. Reka Cables has round 270 employees and the turnover in 2021 was EUR 134 million.

Nexans is headquartered in Paris, France and operates in 42 countries employing approximately 25,000 people. Nexans’ turnover in 2021 was EUR 6.1 billion. Prior to the completion of the transaction, Nexans has had no production in Finland.

The transaction is conditional to the approval of the Extraordinary General Meeting of Reka Industrial and approvals by the relevant regulatory authorities.
We thank Nordhaven for very well managed process and especially negotiations. Nordhaven’s knowledge and advice of cross-border M&A between public companies was essential to make this deal happen. In addition to the excellent financial result, we are happy that Reka Cables will have a great operational continuity with Nexans”.
—  Markku E. Rentto, Chairman of the Board in Reka Industrial
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Industrials services
2022
Advisor to
backed by
on the acquisition of
The deal:
Litorina and Bragnum-backed Layer Group achieves a significant milestone by acquiring Kaukomaalaus and entering the Finnish market
Nordhaven advised Layer Group in its market entry to Finland through the acquisition of Kaukomaalaus. Layer Group, a company backed by investment firms Litorina and Bragnum, consists of over 50 strong local and regional companies in the Nordic surface services market. With this acquisition they will now have country-wide presences in both Sweden and Finland. Layer Group will continue growing both organically and inorganically, taking advantage of group benefits such as sharing of resources and best practices, recruitment and procurement, and excellent local service.

Founded in 1981 by Kauko Turunen, Kaukomaalaus has its headquarters in Seinäjoki and operations in seven Finnish regions. With a workforce of 250 employees, the company offers painting, plastering, facade renovation and other finishing services. Hospitals, schools, kindergartens, apartments, and commercial properties make up a large part of Kaukomaalaus’s customer segment, with some notable customers including SKANSKA and YIT. With a turnover of EUR 20 million, Kaukomaalaus is today one of Finland's largest painting companies.
Both Litorina and Layer Group are highly pleased with the result. Throughout the project, Nordhaven provided value-adding service for us. They introduced the idea of expanding the Layer Group journey to the Finnish market and used their advanced interpersonal and tactical capabilities to open confidential dialogues and create the trust and atmosphere needed for deeper partnership discussions between Kaukomaalaus and Layer. As importantly, they consistently supported us, including through the final stages of the negotiations.”
—  Tero Merentie, Investment Manager at Litorina
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Business services
2022
Advisor to
on the sale to
backed by
The deal:
MV-Jäähdytys Oy and Altor backed NCG to form one of the largest specialized Nordic players in cooling & heating
Nordhaven advised MV-Jäähdytys Oy and its owners on the sale of the company to Altor backed Nordic Climate Group (NCG). Following the transaction NCG will be the largest specialized player for installations and maintenance work in the cooling & heating sector in the Nordics. The combined entity has operations in Sweden, Norway, and Finland, and it also has an active expansion strategy outside its current operating region. Following the ownership change, MV-Jäähdytys plans to further accelerate its organic and non-organic growth in Finland.

MV-Jäähdytys is a market-leading specialized player in Finland for cooling & heating services. Some 80% of the company's revenues are based on service, with approx. 2,000 clients covering over 45,000 devices across a range of industries. One unique differentiating factor for MV-Jäähdytys is digitalization: through its IT platform the company collects and utilizes different types of data in its operations that facilitate higher quality service for its entire customer base.

MV-Jäähdytys has been majority-owned by Finnish private equity investor Korona Invest since 2018. During Korona Invest's ownership period the company has become the leading pure play service company in its sector in Finland. Since 2018, MV-Jäähdytys has grown its sales from approx. €7 million to close to €30 million, multiplied its service base from less than 10,000 to over 45,000 devices, and hired close to 200 professionals.
Once again Nordhaven has done a tremendous job in exceeding expectations set for the MV-Jäähdytys exit process! The preparations for a competitive sales process while also advising on pre-process discussions is both resource and time intensive. All this was done with a high service level, in a highly committed professional manner - and without forgetting a good sense of humor. The outcome for the sellers as well as for the future of MV-Jäähdytys is excellent!".
—  Juho Mäkiaho, Partner at Korona Invest
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Industrials services
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Fram in joining Söderberg & Partners to build a European brokerage
Söderberg & Partners and Fram Insurance Brokers have joined forces in creating a new
European marine alliance. The ambition is to become a leading European player within Marine Insurance broking. In addition, Söderberg & Partners acquired 80% of the shares in Fram Forsikringsmegling, a subsidiary of Fram Insurance Brokers, based in Kristiansand brokering non-marine insurance.

Fram Insurance Brokers was founded in 2005 and operates as the largest independent marine insurance broker in the Norwegian market. Fram is offering a broad range of marine insurance products, providing risk advisory and broking services to marine companies worldwide.

"I believe that joining forces with Söderberg & Partners will further strengthen the ability to deliver service and innovative solutions to our clients. We look at Söderberg & Partners as a fast forward moving and decision-oriented company, with an open and fair business approach, all qualities which we at Fram find important to keep pace in a dynamic and ever-changing environment." - Per Esten Gjølmesli, CEO at Fram Insurance Brokers.

Söderberg & Partners was founded in Sweden in 2004 and is today a leading provider of wealth management and corporate insurance services in the Nordic region and the Netherlands. The company has over 3 300 employees across more than 144 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain.

"I am excited to finally be present within the marine segment. We have followed this market for a long time, and now we have found the right partner for an alliance. We believe that this cooperation will enable the partners to enhance their existing operations, create new revenue streams, benefit from economies of scale and ensure continuity for our customers." - Jørn Gisvold, CEO in Söderberg & Partners Norway and Head of Non-Life at Söderberg & Partners Group.

The transaction in the subsidiary Fram Forsikringsmegling will increase Söderberg & Partners' regional presence in Kristiansand.

"We want to be present where the customer is, which now includes Southern Norway. This is a strategically important region which we want to develop further." - Jan Kjetil Hvamstad, CCO in Söderberg & Partners.

"We are looking forward to being a part of Söderberg & Partners. This partnership will enable greater value for our customers through a broader service offering, increased purchasing power, and more effective solutions. Together we will invest significantly in the region with new employees and additional offices over time." - Bjørn Erling Stensland, CEO of Fram Forsikringsmegling.
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Business services
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Nortrafo, a leading producer of transformers in the sale to Stedi/Salvesen & Thams
Stedi, backed by Salvesen & Thams (S&T) have entered an agreement to acquire 70% of Nortrafo. Existing owners will continue in Nortrafo and own 30%.

Nortrafo, with traditions back to the 1950’s is the largest independent producer of distribution transformers in the Norwegian market. The company’s production facility is located in Steinkjer with a capacity to produce 2,500+ transformers annually to Norwegian grid operators, industrials, contractors and retailers/distributors across Norway.

“Today's owners have had a desire to find an industrial partner with expertise and strength, in order to participate in Nortrafo's further growth. We are therefore very pleased that we are now bringing in a long-term local investor, with an industrial background and expertise”, says CEO in Nortrafo Rune Evjen.

S&T is a regional investment company with headquarter in Orkanger and manages over NOK 2.5 billion, mainly invested in companies located in central Norway with strong domestic and international position. Stedi, a newly established fund, aim to contribute to develop competitive medium-sized companies in the Central Norwegian region with focus on industry and technology. Nortrafo is the fund's first investment.

“Nortrafo is a well-run company founded on solid industrial expertise that has been built over many decades related to the development and production of distribution transformers at Steinkjer. The company delivers to an industry in rapid change and growth, and we will support the company to also in the future continue to supply competitive products and services that meets customers’ demand and expectation” says Ole Petter Bjartnes, CEO of Stedi.

2022
Advisor to
and
on the sale to
The deal:
Nordhaven advised Westpak and Flexipack in sale to Walki Group
Nordhaven has completed yet another successful transaction in the flexible packaging industry. It advised the owners of Westpak and Flexipack in a dual transaction in which the companies were sold to Walki Group. The acquired companies form an integrated value chain, providing high quality flexible packaging solutions to leading Nordic food brands, with emphasis on products and a proven commitment to dedicated customer service. In 2021 Flexipack and Westpak generated combined sales of about EUR 40 million. Westpak is based in Säkylä, Finland, while the Flexipack production facility is located in Vaasa, Finland.

Walki is a leading producer of technical laminates and protective packaging materials organized under three units: Consumer Packaging, Industrial Packaging and Engineered Materials. Walki’s mission is to accelerate the world’s transition to a zero-waste future in packaging and promote the use of energy efficient materials across industries. It expects a turnover for this year of more than 700 MEUR. One Equity Partners, a middle market private equity firm, has been the main owner of Walki since 2018.

The offering of the acquired companies is complementary and combines Westpak’s and Flexipack’s market knowledge and customer focus with Walki’s strong R&D capabilities and European footprint, thus delivering strong benefits to their customers in the changing market and a successful future for the employees of the sold companies.
We are highly pleased with the outcome that Nordhaven arranged for us! When we started this process we had several internal targets for a successful transaction, including valuation, commercial terms, and in particular finding the right partner to continue the growth story of our two companies. All of the targets were met - and even exceeded - thanks to Nordhaven. The co-operation with the Nordhaven team was always relaxed and fun, yet still highly professional from start to finish. The sellers are extremely satisfied with the outcome".
—  Jonas Skuthälla, CEO of Westpak and Stefan Söderlund, CEO of Flexipack
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Industrials services
2022
Advisor to
backed by
on the sale to
The deal:
Nordhaven advised fast-growing Neptune Software, backed by Standout Capital, in the sale to Triton
Neptune Software is a global leading low-code platform with 3.5 million end-users. The platform is used by customers such as Vodafone, Johnson & Johnson and Hitachi.

Founded in Norway in 2011, Neptune offers a best-in-class SaaS solution to industrialise the development of custom business applications, saving customers time and money on development, integration and operations.

“Neptune Software has an attractive SaaS business in a segment that has significant growth potential. LCNC platforms could cover some 75 percent of newly developed business applications by 2025, and the fundamental scarcity of IT-talent and need for efficiencies within organisations make LCNC platforms essential going forward. With this investment we aim to back the company´s further commercial development while also expanding its presence in key geographies”, says Per Frankling, Investment Advisory Professional at Triton and member of the TSM II Investment Advisory committee.

Neptune Software today employs about 100 full-time employees across offices in Norway, Germany, the UK, and the USA, and has partners in 40 countries globally.

“Co-operating with an international investor such as Triton enables us to further develop our global business ambitions and scale important parts of our commercial organization while continuing to service our current clients with the existing product range. Furthermore, Triton's deep experience from sectors which are also at the core for us will benefit our future client offering.” says Andreas Grydeland Sulejewski, Co-founder and CEO at Neptune Software.

About Neptune Software
Neptune Software is a rapid application development platform vendor with more than 650 enterprise customers and over 3.5 million licensed end users globally that empowers IT departments to deliver tangible business outcomes. With its Neptune DXP, Neptune Software offers a leading low-code, SAP-centric, enterprise app development platform to digitize and optimize business processes and user interfaces – at scale and with ease.

Neptune DXP provides a fast and cost-effective way to industrialize the development of custom applications – saving companies time and money on development, integration, and operations. More information www.neptune-software.com

About Triton
Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvement and growth.

The 49 companies currently in Triton's portfolio have combined sales of around EUR 18 billion and employ around 104,000 employees. Triton has raised EUR 15.6 billion from 180≈ investors, including public and private pension funds, endowments and sovereign wealth funds.
2022
Advisor to
backed by
on the acquisition of
The deal:
Nordhaven advised Sogelink, backed by Keensight Capital, in the acquisition of Focus Software
Sogelink joins forces with Focus Software to strengthen its position as a European Construction Technology leader, with the support of Keensight Capital.

Sogelink, a leading provider of software solutions for infrastructure, construction, and property management professionals, acquired Focus Software, a Norwegian leader in Building Information Modelling (BIM) software, to continue reinforcing its leading pan-European construction technology offer.

Established in 1996 and headquartered in Billingstad, near Oslo (Norway), Focus Software is a market leading Building Information Modelling software company. It provides its software solutions to a wide array of clients and over 16,000 users, ranging from private companies (home builders, architects, landscape architects) and engineering consultants in the infrastructure and building sector, to public authorities.

Focus Software is composed of around 50 highly skilled professionals that have developed and integrated various early stages construction design solutions throughout the years. These include software solutions such as applications and cloud-based collaborative tools for such tasks as presenting digital plan data with the authorized and correct geometry, and for preparing land acquisition drawings, tender specifications on graded networks, or building specifications according to specific regulations or frameworks. Since its inception 25 years ago by six co-founders, Focus has grown significantly through strong organic growth. Its customer base is well-developed in the Nordic region, notably in Norway and Sweden.

Fatima Berral, CEO of Sogelink, commented: “Focus Software was a natural fit to complete Sogelink’s offer on the project design segment, which intervenes upstream in the value chain. Together, we share a common client culture oriented towards public authorities, construction companies, architects and civil engineers that will help us develop the Group’s presence in the Nordics. Gaining access to this new geography will allow Sogelink to enter a very dynamic and innovative construction market and to reinforce itself in the engineering & BIM software segment.”

Pål Eskerud, Chief Executive Officer at Focus, added: “We are very proud to integrate the Sogelink Group in which we have found a solid and trusted partner to keep on developing our presence throughout Europe. We believe they are the best fit for us at Focus Software, and we are looking forward to working together and sharing our knowledge to further shape the future of construction technology.”

Jean-Michel Beghin, Managing Partner, & Arjan Hannink, Partner at Keensight Capital, continued: “With this second acquisition, along with the acquisition of LOCATIQS Group, Sogelink is growing at a fast pace to consolidate its position as a real European leader in construction technology. Keensight Capital is proud to have contributed once again to this acquisition process and will continue to support the Group in its future development endeavors."
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Convert and its owners in the sale to Pearl Group, backed by Norvestor
Convert and Pearl Group have entered into an agreement to form a new e-commerce powerhouse. Combined, Convert and Pearl Group will build a leading e-commerce company combining best-in-class customer journey and technology to ensure customers’ need. The new entity will be named PearlConvert.

PearlConvert will have 110 employees in Oslo, Riga and Gdansk. Pearl Group will after the acquisition have 330 employees in Norway, Sweden, Finland, Latvia, Poland, Ukraine, and Singapore.

“Convert is a company that has proven a lot, to where they have now emerged as a leading player within e-commerce in Norway and delivered a large number of e-commerce solutions to reputable companies such as Bohus, Eplehuset and Bjørklund. However, the most important factor for us at Pearl is the competence and culture we met there. The focus on how we can create value for customers, and a strong culture of innovation and development was an important reason why we found each other", says Geir Thoresen, CEO of Pearl Group.

"I cannot imagine a better partner for Convert than Pearl Group. Together we will offer our customers unique solutions and competitive terms from a professional environment that is stronger than ever. Our employees will have new development opportunities and exciting new challenges", says Torkel Johannessen, CEO of Convert.

Convert is one of the largest agencies within digital commerce in Norway, with over 75 employees. The company delivers market-leading technology and focuses on long-term customer relationships and value creation for its customers. This has resulted in strong and steady growth since its inception in 2015, with a number of widely respected companies on the customer list.

Pearl Group has developed e-commerce solutions for many of the region's most well-known companies. The solutions include sophisticated "click and retrieve" features that were already experiencing strong growth that further intensified during the corona pandemic. The company sees a large and continuously growing market for its services in the Nordic region and has medium-sized and large companies with advanced IT needs as its main target group.

"Pearl Group will grow to a turnover of 1.5 billion NOK by 2026. PearlConvert will be an important part of this development", concludes Geir Thoresen.
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised the Shareholder of The Pure Water Company in the sale to Waterlogic
The Pure Water Company is a supplier of water purifier systems for Office & Horeca in Norway and UK, with recent expansion into Sweden and Denmark. The Pure Water Company offers a unique solution for customers who recognize the benefits of having a fully integrated water system built into their building’s infrastructure, providing purified water to multiple dispense points through a single, secure unit.

The acquisition of the business expands Waterlogic’s reach and foothold in the Nordic market and will provide an excellent opportunity to introduce and offer an even wider range of hydration solutions

Mattias Källemyr, CEO Waterlogic Nordic, says, “We are continuing our growth in the Nordic region and can now offer additional solutions that are already trusted and well-recognised in the market. This is strategically important for us as a company, but also provides greater choices for our customers.”

Carsten Albæk, CEO / Head of Sales of The Pure Water Company, says, "We are very excited to join Waterlogic and together we become a unique alternative for customers in all segments. The bespoke water solutions that Pure Water provides will add the last piece of the puzzle to Waterlogic’s ability to offer a complete range of water solutions.”

About The Pure Water Company:
Since its inception in 1997, The Pure Water Company has provided water purification systems to a wide range of customers, from start-ups and large enterprises to restaurants and hotels in Norway, Denmark, Sweden and the UK. Pure Water provides water purifier systems through both traditional under-the-counter solutions and also water purifier systems that are fully integrated into a building’s infrastructure.

About Waterlogic:
Waterlogic is a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers. Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor.
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Business services
2022
Financial advisory to
The deal:
Nordhaven’s Debt & Capital Advisory team provided financial advice to Kemijoki.

Kemijoki Oy is the most important producer of hydropower and regulating power in Finland.
2022
Advisor to
on the sale to
The deal:
Nordhaven advised Dunning, Kruger & Associates in the sale to The North Alliance
Nordhaven advised Finnish digital design, engineering and business consultancy firm Dunning, Kruger & Associates (DK&A) and its owners in the sale to The North Alliance (NoA) backed by Norvestor. DK&A becomes the founding partner of NoA Finland together with Bob the Robot that was also acquired by NoA in a parallel transaction.

DK&A's designers and engineers enable some of the most respected brands to deliver real value to their customers by shipping solutions that actually matter. The company’s clients include Deutsche Bahn, Kesko, Sector Alarm, OP and Wella. DK&A was founded in 2016 and employs 75 people in Helsinki (HQ), Oulu, Wrocław, Poland, and Germany.

NoA is a Scandinavian-born creative-tech player. NoA’s full range of capabilities cover all levels of strategic transformation and helps connect the entire customer journey through business consulting, advertising and communications, digital products and platforms, brand experiences and data-driven marketing. NoA was founded in 2014 and currently employs approx. 1200 people across Denmark, Sweden, Norway, Poland and now Finland. A fund managed by Norvestor invested into NoA in 2018.

With the help of Clairfield’s technology team, buyers were introduced from 12 countries.
Having already seen several similar M&A processes from the past my experience is that they rarely are enjoyable. Against all odds — this process with Nordhaven was. The process went exactly according to the original schedule. We had global reach of over 100 buyer candidates, which we downscaled for 25 best options and met all of them. Iconic global brands having lot of interest on our company. Among the candidates we were able to find the perfect business and culture fit – a buyer we wanted to sell our company to. What can a client say when expectations are exceeded, except “Hell yeah!”? We have nothing but respect for the Nordhaven team. They did their part better than we could even imagine”.
—  Tom Jacobsson, CEO of DK&A
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Business services
2022
Advisor to
on its EUR 77 million syndicated loan
The deal:
Nordhaven advised Pölkky on its EUR 77 million syndicated loan
Nordhaven advised Pölkky Oy on its 5-year EUR 77 million syndicated loan. EUR 18 million was used for refinancing the existing debt and the remaining EUR 59 million facilities amount is available for capital expenditure and working capital. Pölkky is Northern Finland’s largest private wood processing company, with around 420 employees and an annual turnover of approximately EUR 200 million. The company was founded in 1968 and is currently held by the 3rd generation of the Virranniemi family.

This financing enables us to execute our EUR 92 million investment program until 2024, in line with our strategy. We are very satisfied with both the outcome and Nordhaven’s excellent work”, says Petteri Virranniemi, CEO of Pölkky Oy. “Nordhaven’s team managed the whole process from planning to execution in a highly professional manner. I can highly recommend Nordhaven”, adds Tuomas Anttila, CFO of Pölkky Oy.
This financing enables us to execute our EUR 92 million investment program until 2024, in line with our strategy. We are very satisfied with both the outcome and Nordhaven’s excellent work. Nordhaven’s team managed the whole process from planning to execution in a highly professional manner. We can highly recommend Nordhaven.
—  Petteri Virranniemi, CEO of Pölkky Oy & Tuomas Anttila, CFO of Pölkky Oy
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Industrials services
2022
Advisor to
on the sale to
The deal:
Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel
Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel.

Classic Pizza was founded in Hanko the in mid-1990s, whereas Hangon Makaronitehdas was established five years ago. The owners, Juha Toivanen and Merja Rahkola-Toivanen, developed and expanded the unique casual dining concepts to the main cities and ski resorts in Finland and as of today the chains have a total of 23 restaurants. The success of the chains is based on quality, superior ingredients, and service offered by committed employees. In 2019 (pre-COVID) combined revenue of the chains was approximately EUR 15 million.

Restel is a leading restaurant operator in Finland with more than 200 restaurants and approximately EUR 200 million revenue. Restel is owned by Tradeka. Restel’s target is to provide consumers quality experiences, and the acquisition is based on its strategy to grow through acquisitions, with a focus on strong brands.
We thank Nordhaven for a very well managed process. In addition to the excellent financial result, we are happy that the chains got a strong and responsible owner who is committed to the values of the businesses that the owners have developed almost 30 years.
—  Merja Rahkola-Toivanen, owner of Classic Pizza
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Consumer services
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