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2022
Adviser 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.

Report:
Nordhaven quarterly software report Q2/2022

Nordhaven has identified 44 software transactions in Q2 2022 in the Nordics. Despite recent market turmoil, M&A volume in the Nordic software space increased by +25% QoQ.

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.
Report:
Nordhaven quarterly software report Q1/2022

Nordhaven has identified 35 software transactions in Q1 2022 in the Nordics. Private M&A volume in the Nordic software space resilient despite recent market volatility. 

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