Following a comprehensive strategic review, Nordhaven Corporate Finance firms in Finland and Norway have chosen separate strategic paths.
Nordhaven Norway will continue under the Nordhaven brand as an independent M&A boutique, maintaining its current service offerings.
Effective October 1, 2024, Nordhaven Finland will merger with Clearwater, a mid-market corporate finance firm. As a result, Nordhaven Corporate Finance Oy in Helsinki will be rebranded as Clearwater Corporate Finance Oy.
Nordhaven Finland and Norway will continue to co-operate on a case-by-case basis. Additionally, both Nordhaven Finland and Nordhaven Norway have exited the international partnership of Clairfield International.
All emails sent to former Nordhaven Finland addresses will be automatically forwarded to the new Clearwater addresses. There are no changes to Nordhaven Norway email addresses.
For further information, please contact:
Anders Strand, anders.strand@nordhaven.com, +47 9013 8832
Juha Raunio, juha.raunio@clearwatercf.com, +358 40 570 5260
Nordhaven acted as financial advisor for Teleste Corporation on its debt refinancing with a new secured EUR 53 million syndicated loan.
Teleste offers an integrated product and service portfolio that makes it possible to build and run a better networked society. The company's solutions bring television and broadband services to its customers, secure their safety in public places and guide their use of public transport. Teleste is listed on Nasdaq Helsinki.
The new syndicated loan facilities agreement includes a EUR 26 million term loan and a EUR 19 million revolving credit facility for refinancing the group’s existing indebtedness, as well as commercial guarantee limits totalling EUR 8 million. The agreement has 2-year maturity with two 1-year extension options subject to lenders’ approvals.
“We are pleased on the terms and diversified lender base of the syndicated agreement, which supports our strategy execution. With Nordhaven, the transaction was planned and executed rapidly. We thank Nordhaven for their excellent work”, says Esa Harju, CEO of Teleste.
"It was an honour to support Teleste in this transaction, where the company moved from bilateral debt funding into a syndicated facilities agreement. We are grateful for Teleste's trust in Nordhaven", says Martti Purhonen, Partner at Nordhaven.
Nordhaven Finland continued as financial advisor to Sweden-based Confirma Software in its acquisitions of Nordic enterprise software companies serving the SME-market or the public sector.
The latest acquisition - of NetBaron - considerably strengthens Confirma's offering in cloud-based ERP solutions targeted at SME companies in Finland. Netbaron has 19 employees and about 1000 customers.
Confirma Software was founded in 2019 by Abry Partners, a US-based private equity fund. With the acquisition of NetBaron, Confirma Software has proforma LTM revenue of more than €80 million and more than 500 employees.
"Nordhaven's effort was once again of the highest quality and enabled us to complete the transaction efficiently. Their contacts and knowledge of the Nordic software sector has proved instrumental for us in realizing our growth strategy," says Jarle Mørk, CEO of Confirma Software.
"We have been honoured to serve as financial advisor for Confirma since the platform was established five years ago, and are truly impressed by the success of both Confirma as a group and each company that Confirma has acquired," says Juha Raunio, Managing Partner of Nordhaven Finland.
Deal-volume in line with last 24 months, with positive trend in valuation
Nordhaven identified 26 software deals in the Nordic region during Q2 2024, down from 32 deals in Q2 2023, which was a strong quarter following weaker prior periods. We continue to observe robust interest from Nordic buyers in high-quality software companies, with activity levels close to previous quarters.
Nordhaven acted as financial advisor for Pihlajalinna Plc on its debt refinancing with a new unsecured EUR 170 million sustainability-linked loan.
Pihlajalinna Plc is one of the largest private social and healthcare services providers in Finland with EUR 720 million revenue in 2023. The Company's customers include private individuals, businesses, insurance companies and public sector entities such as wellbeing services counties. Pihlajalinna's shares are listed on Nasdaq Helsinki Oy. For more company information, please visit www.pihlajalinna.fi.
The new syndicated loan facilities agreement Pihlajalinna signed on 18 June 2024 includes a EUR 110 million term loan for refinancing the Group’s existing indebtedness, and a revolving credit facility of EUR 60 million for general corporate purposes. The 3-year agreement with two one-year extension options includes the following sustainability targets: patient satisfaction, access to surgical treatment, and employee satisfaction.
"We are satisfied with the achieved loan terms. Nordhaven’s work from project planning to final execution was valuable, and it significantly reduced our own workload. Nordhaven demonstrated high level of reliability, professionalism and proactivity – we are grateful for their support", says Tarja Rantala, CFO of Pihlajalinna.
"It was an honour to support Pihlajalinna in this transaction. We are grateful for Pihlajalinna's continuing trust in Nordhaven. The transaction is yet another proof of our Debt & Capital Advisory and healthcare sector capabilities", says Martti Purhonen, Partner at Nordhaven.
For more information, please contact:
Martti Purhonen, martti.purhonen@nordhaven.com, +358 45 616 1551
Ville Vaskonen, ville.vaskonen@nordhaven.com, +358 50 356 9390
Robust deal volume, especially supported by Nordic buyers.
Nordhaven has identified 28 software deals in the Nordic region in Q1 2024, slightly below Q4 2023 and +27% compared with Q1 2023. By numbers of deals, Denmark was the most active country followed by Sweden and Finland, respectively.
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