At PCA and Steinvender we are now

Nordhaven

We are an independent Nordic Corporate Finance advisor with over 20 years of on-the-ground presence and advisory experience in each of our markets.

When you have complex strategic decisions to make -

we give you valuable advice. 

 

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What we do

When it’s time for your company to grow, change, and when there are tough decisions to make, we will help you. 
Our services cover all the phases of your business cycle and business development. 
With us, you’ll never walk alone.

Transactions

2021
Adviser to
and its shareholder on the sale to Baxt / Skagerrak-Holding
Buer AS, Norway's leading manufacturer of soft potato flatbreads (Norwegian “lomper”) and thinbread (“lefser”), has entered into a strategic partnership with Baxt.

Buer AS, with traditions dating back to 1957 is the market leader within its category with clear ambitions to uphold their position through technology, strong product development, high quality products and focused marketing.

The Buer business and production facilities are located in Askim and has approximately 50 employees.

“We are very pleased to have entered into this agreement with Baxt, where we see an exciting future for Buer with many attractive opportunities. We are really looking forward to working closer with Baxt - together we are confident that Buer will become even more successful” - Bjørn Olav Drabløs owner and CEO of Buer

Baxt is a well-known supplier of a large selection of baked goods to the Norwegian grocery trade, kiosk / petrol and catering market. The company has its head office and main warehouse in Larvik and has more than 50 employees. BAXT is part of a group that also consists of the bakeries in Søndre Land and Lierne municipalities that produces produces cakes, cookies and thinbread.

Skagerrak-Holding, which is Baxt's parent company, has acquired 60% of the shares in Buer AS from FBD AS, which is owned by Bjørn Olav Drabløs. Bjørn Olav Drabløs continues as the company's CEO.


2021
Adviser to
and its founders in the majority sale to Equip Capital
Ryde is the only major Norwegian e-scooter operator. The company was established in 2019 and has in a short period of time become the market leader / one of the market leaders in Stavanger, Trondheim, Bergen, Kristiansand, and Oslo.

Micromobility, including e-scooters, has the recent years had an explosive growth and is expected to continue to grow going forward. Among many use cases, micromobility services increase access to public transportation, reduce the amount of cars on the road, lower our environmental footprint, and provide convenient methods of transportation for short trips — all while being cost effective.

“We are challenging the major international e-scooter operators, this requires both capital and professional owners. With Equip on the team we will continue and accelerate our strong growth and market presence", says Johan Olovsson, one of the founders of Ryde.

“Our clear ambition is for Equip and Ryde to professionalize the industry. We will work closely with municipalities and authorities to facilitate micromobility in a responsible manner. At the same time, we expect that the industry will be provided reasonable conditions to operate", says Sverre B. Flåskjer, Managing Partner at Equip Capital.

In 2020, Ryde had a turnover of NOK 45 million and is set out to triple the turnover in 2021. Equip Capital is now acquiring a majority shareholding in the company. The three founders, who established the company in 2019, will continue in Ryde and maintain as significant minority shareholders.

About Equip Capital:
Equip Capital is a Nordic private equity firm focusing on investments in small and mid-sized companies. The team has extensive investment experience across the consumer, industrials, and business services sectors, and combines its experience, energy, and dedication to ensure success in building better companies and generating strong returns.
2021
Adviser to
in the acquisition of KPA Unicon Group
Nordhaven acted as financial advisor to Helsinki-listed Partnera Oyj in the acquisition of KPA Unicon Group Oy. The acquisition supports Partnera's strategy of owning companies that promote sustainable development in, for example, the circular economy and energy sectors. Through the transaction Partnera will become KPA Unicon’s principal owner with a 70% stake, while the company’s founders, the Kovanen family, will stay on as minority owners. KPA Unicon was founded in 1990 and has extensive experience of international plant deliveries. In addition to turnkey development and construction of energy production facilities, the company modernises, maintains, and operates existing plants and provides energy production capacity as a service. KPA Unicon's customers include global industrial companies, along with local and international energy companies. The company’s headquarters and production facilities are located in Finland, and it also has personnel in Bosnia-Herzegovina, Chile, Spain, Croatia, France, Sweden and Russia. In 2020 the company’s turnover was EUR 69.4 million with respective EBITDA of EUR 5 million.
This transaction is a very important step in implementing Partnera’s strategy to own companies providing sustainable energy solutions. Nordhaven’s wide advisory experience was crucial in finding the deal structure that was acceptable for all parties involved in the transaction” says Jari Pirkola, CEO of Partnera.
2021
Adviser to
in the sale of Dekk1 and Gummi Central to NTG/Altor
One of the leading players within the tyre industry in Norway, RAC Tyres, consisting of Dekk1 and Gummi Centralen, has been acquired by Nordic Tyre Group AB (NTG) / Altor.

“We believe it is truly exiting to become a part of NTG’s expansion in Norway. In a changing car and tyre market it is important to be a part of a larger group to ensure competitive edge and to be able to attract the most competent people”
- Dag André Gimle Johansen, CEO of RAC Tyres.

RAC Tyres consists of the wholesaler Gummi Centralen and retailer Dekk1. The groups combined revenue in 2020 was approximately NOKm 500 with an EBITDA of approximately NOKm 21.

In parallel NTG has acquired Starco Norge and Dekkteam - another substantial player in the Norwegian tyre industry.

NTG will, together with the new Norwegian acquisitions, become the leading independent distributor of tyres and rims across Norway, Sweden, and Finland. Post-acquisition NTG will distribute close to two million tyres per year with more than 2.3 billion NOK in revenues.

“We are very impressed with the development of the Norwegian companies acquired, a result of highly competent management and personnel. We look forward to working closely together across the three countries, however with local strategy and presence…”
- Mats-Ove Eriksson, CEO Nordic Tyre Group

“We are proud to enter into a partnership with management and former shareholders with an impressive experience from the tyre industry. We will continue to invest significant resources in further growth”
- Pål Stampe, Chairman Nordic Tyre Group and Partner in Altor

About RAC Tyres:

RAC Tyres consists of Gummi Centralen and Dekk1. Gummi Centralen is a leading wholesaler of tyres in Norway with amongst other exclusive distribution rights to Pirelli and Maxxis. Gummi Centralen sold approximately 200 000 tyres in 2020. Dekk1 is the biggest independent tyre retailer in Norway with 25 wholly owned stores / tyre hotel and 35 partnership stores / tyre hotel. Dekk1 has through strategic focus become a leading provider of tyre hotel services with ~320,000 winter and summer tyres stored.

About Nordic Tyre Group:

NTG was established in 2019 as a partnership between the private equity firm Altor and founders of Gummigrossen and RengasDuo, the leading wholesalers of tyres in Sweden and Finland, respectively, with the ambition to become the #1 independent tyre distributor across the Nordics.
2021
Adviser to
in the acquisition of Famoc S.A
“Acquiring Famoc, its software, systems and European operations makes perfect sense. The transaction strengthens our all-in-one Managed Mobility Services solutions for enterprises in the Nordics, it unlocks a European growth opportunity and should strengthen our financial performance going forward” says Jens Haviken, Techstep CEO.

As of February 2021, Famoc has an ARR of NOK 26 million, a 19% recurring revenue CAGR, and an LTM EBITDA margin of 23%. Famoc will be acquired at an enterprise value of NOK 103 million (PLN 47 million), which corresponds to an EV/ARR multiple of 3.96x

Techstep’s Managed Mobility Services (MMS) solution is delivered via an as-a-service model to reduce complexity and cost and increase the value of mobility for enterprises. The Famoc acquisition reduces third party software dependence and provides software and systems that strengthens Techstep’s capabilities within Platform Management. Combined with Techstep’s established capabilities within Asset Management and Advisory Services, Techstep can offer customers a complete and automated MMS solution that provides control, security, compliance and lifecycle management – all on one Techstep dashboard.

The transaction will be financed by raising NOK 100 million of new equity in Techstep, fully underwritten by the largest existing shareholders, Datum AS, Middelborg Invest AS and Karbon Invest AS, and a NOK 34 million acquisition loan.

The transaction marks the third acquisition where Nordhaven has advised Techstep.

Link to official press release: Link

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 300 employees based in Norway, Sweden and Denmark, serving 550+ enterprise customers across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.
For more information, please visit www.techstepasa.no.

About FAMOC
Famoc was founded in Poland in 2006 with offices in Gdansk and Warsaw. Famoc delivers software solutions for mobility management to SMEs and enterprises via channel partners, and offer products within the categories Software to manage mobile devices and secure mobility in business, Security software to defend confidential data, and Software that locks down the devices of users with overdue payments.

For more information, please visit https://famoc.com/
2021
Adviser to the shareholders of
in the private placement
Minimeis AS is the company behind the critically acclaimed and award-winning children shoulder carrier MinimeisTM. Minimeis was established in 2013 and is based out of Oslo. Since transitioning to a pure D2C eCommerce business model, Minimeis has experienced exponential growth. The company surpassed NOK 120 million in revenues in 2020, an increase of +350% from 2019. The US and EU have become the two largest markets, albeit Minimeis has recorded sales to more than 150 countries across all five continents, a testament to the product’s universal appeal.

Christian Stabell Eriksen (on behalf of Skarbua AS), has provided growth capital enabling Minimeis to continue its expansion and capture a larger share of the estimated $1 billion and growing baby carrier market. Christian will join the Board of Directors.

Furthermore, Marius Juul Møller (on behalf of KM Holding AS and STY871 AS) together with Jørgen Jørgensen (CEO and owner of Norrøna) acquired a minority holding in the company.

With their extensive and relevant experience from other investments as Douchebag, Norønna and ReMarkable, the 3 new shareholders represents a strong contribution to Minimeis.

Together the new group holds app. 27% of the shares.
2021
Adviser to
and its shareholders on the sale to Capio / Volvat
Helsetelefonen is a leading Norwegian telehealth provider with more than 15 years track-record. Helsetelefonen has had 1,000,000+ online consultations with 1,500,000+ households connected to the service through several of the largest insurance companies in Norway.

"We found the best partner in Volvat. As an integral part of the highly skilled medical community in Volvat, Helsetelefonen is convinced that existing services will be even better. Together, we will develop new, good and innovative e-health services for the benefit of a unified health Norway," says Jan Einar Vaage, CEO of Helsetelefonen
2021
Adviser to
and its shareholders on the sale to Kahoot!
Nordhaven Corporate Finance acted as exclusive financial advisor to Motimate's founders and shareholders Investinor, Rema 1000, Aller Media and Stayer Invest. Nordhaven Corporate Finance also advised Motimate when the company raised growth capital from external investors in 2019.

The acquisition is a part of a strategy to accelerate Kahoot!’s employee engagement product development and expand its product road map further. The addition of Motimate will add valuable new team resources to the Kahoot! Group, including additional enterprise sales resources and a strong product and technology team. Synergies between the Motimate platform and Kahoot!’s global reach also represents considerable potential for Motimate’s international expansion.

Kahoot! has acquired 100% of the shares in Motimate AS for a consideration reflecting an enterprise value (EV) of USD 25 – 27 million on a cash and debt-free basis, including a 2021 performance-based element, representing an approximate 5x multiple on annual recurring revenue (ARR) target for 2021. The settlement will be a combination of cash and Kahoot! shares.

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International Network

At Nordhaven, we have been the exclusive Nordic partner of Clairfield International since 2012, and we have partners in over 20 countries.

Clairfield network
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  • Eteläranta 12
  • +35 8 207 613 910
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  • Hieronymus Heyerdahls gate 1
  • +49 901 38 832
 
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