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

Nordhaven advised Inspirit365, the #1 Microsoft Dynamics partner in Norway, and its shareholders in the majority sale to Standout Capital. Designed as a winning platform in 2021, Inspirit365 has since inception delivered strong revenue growth and best-in-class financial metrics. Moving forward, Standout Capital will act as a strategic partner and support Inspirit365’s next growth journey. The founders will continue to own 40% of the company and remain instrumental in the future growth.

Nordhaven advised Inspirit365, the #1 Microsoft Dynamics partner in Norway, and its shareholders in the majority sale to Standout Capital. Designed as a winning platform in 2021, Inspirit365 has since inception delivered strong revenue growth and best-in-class financial metrics. Moving forward, Standout Capital will act as a strategic partner and support Inspirit365’s next growth journey. The founders will continue to own 40% of the company and remain instrumental in the future growth.

Inspirit365 offers Microsoft Dynamics 365 services to large and medium sized companies and employs more than 100 individuals with expertise within the ERP, CRM, Data Platform and Power Platform services connected to Microsoft Dynamics.

Inspirit365 deliver a broad spectrum of services, including consulting, project management, and technical development, providing comprehensive support for digital transformation. By focusing on client needs and ensuring close collaboration throughout projects, Inspirit365 aims to deliver tailored solutions that drive real business value.

Inspirit365 is a 100% Microsoft focused partner and have been awarded Microsoft Business Application Partner in Norway. Focus on strong culture with high employee retention has been instrumental since inception, this will serve as a strong foundation to further scale the organisation going forward.

As part of the new partnership, Inspirit365 will offer employees the opportunity to invest in the company. Establishing an attractive investment program, with the opportunity to participate in the future value creation, has been one of the key rationales behind this transaction.

Morten Sælemyr, CEO of Inspirit365, comments: “We welcome Standout Capital as a partner to Inspirit365. Inspirit365 has in three years grown from 0 to 100 employees and become the leading Microsoft Dynamics player in Norway. We will continue to build upon what has made Inspirit365 so successful to date. We believe that Standout through its experience in supporting management teams building high-growth, profitable companies combined with experience from ownership in Microsoft focused companies such as Engage and Redeploy make them an excellent partner for Inspirit365 in the years to come. With the additional backing we are now in a position to accelerate our ambitions without compromising on the quality of operations and our cultural values based on transparency, curiosity and loyalty.”

Carl Johan Kask, Standout Capital, comments: “The founders of Inspirit365 have since 2021 built a leading Dynamics player in Norway. We are truly impressed by what they have achieved. Already from the outset, Morten and his team have invested in an organisation that can support rapid profitable growth. The quality and competence of the people, the customer driven growth and expansion of services are all very impressive. Standout has a history of investing in leading players in the Microsoft ecosystem and we are excited and honored to partner with Norway’s leading Microsoft Dynamics partner. We look forward to working together with the company in their continued growth journey and share their ambition in growing the organisation, customer engagements and service offering over time.“

About Inspirit365
Inspirit365 is an agile specialist company that guides clients through demanding digital transformation journeys using Microsoft technology. Inspirit365's professional environment consists of leading experts in the field, boasting the highest proportion of certified employees in the country with interdisciplinary competence ranging from advisors, project managers, and consultants, to developers and technical specialists. The company has over 100 employees and has its headquarters in Oslo, along with offices in Bergen and Stavanger.

About Standout Capital
Standout Capital is a Stockholm-based private equity firm investing in growing Nordic tech companies. As an active owner, the mission is to partner with outstanding companies to help them grow and succeed. Standout Capital’s investment strategy is to support the digital transformation in business and society. The founders and investment team build on experience in entrepreneurship, investments, and finance.

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.

Nordhaven advised Møller Mobility Group in the acquisition of three Porsche dealers in Norway

Møller Bil strengthens its position in Norway by entering into an agreement to acquire three Porsche car dealers from Autozentrum Holding. The acquisition marks a significant milestone for Møller Bil and Møller Mobility Group and signals their ambition for significant presence in the sports- and luxury car segment in Norway. In 2022, the total sales were almost 1,600 NOKm for the three dealers.

Møller Bil becomes the owner of Porsche Center Asker & Bærum, Porsche Center Oslo and Porsche Center Gardermoen. These are central positions in Greater Oslo and represent an exciting opportunity for Møller Bil to expand the customer offering in the region. Møller Bil already owns and operates two Porsche dealers in Sweden.

‘We have great faith in Porsche as a brand and the acquisition strengthens our position in Greater Oslo,' says CEO Petter Hellman in Møller Mobility Group. He emphasizes the importance of cooperation and close relationships with the brands in the Volkswagen Group and looks forward to getting started with Porsche also in Norway.

‘This is a very exciting acquisition, and we see great potential in Porsche's brand and model program, which has a very special position in Norway. We are impressed by what today's owners have achieved together with the dealers and look forward to being part of the journey ahead. Møller Bil will build on the good work that has been done, while at the same time adding expertise where we are complementary,' says CEO Håvard Andersen in Møller Bil, adding: 'This gives us the opportunity to explore new target groups and further develop the business in a new segment - and not least contribute to creating more fantastic experiences for new and existing customers.’

From Porsche Norway's perspective, they look forward to cooperating with Møller Bil and Møller Mobility Group and benefiting from their large and professional organization. 'We look forward to continuing the dialogue with Møller Bil and Møller Mobility Group in the time to come, and we are positive about the opportunities we will now go on to discuss together with Møller and our well-established dealer network,' says Michael Hiller, CEO of Porsche Norway.

About Møller Mobility Group (MMG)

MMG is a family-owned group involved in the import, sale, servicing and financing of Volkswagen, Audi, ŠKODA and SEAT cars. The company is represented in Norway, Sweden and the Baltic States. Through the Hyre company, the Group is represented in a leading-edge environment that is actively working to shape the sustainable mobility solutions of the future. The company was founded by Harald Aars Møller in 1936. In 2022, the sales were 39.2 NOKb, the result was 2.649 NOKb before tax. MMG has approximately 4,100 employees.

Nordhaven advised Svalner Group in a Nordic white-collar business services consolidation transaction. After joining forces with Alder in Finland, Svalner Group, with some 175 professionals, became the leading independent tax and transaction services advisory company in the Nordics.

Svalner Group is a fast-growing Sweden-based advisory group within the different areas of tax advisory and transaction services. It aims to grow significantly in the coming years in its existing and adjacent advisory segments and geographical regions, both organically and through acquisitions. The industry is non-cyclical and has attractive fundamental long term growth drivers such as increasing complexity and internationalisation as well as the growing need for independent advisory.

"Nordhaven's assistance was crucial in both finding the best market entry into Finland, and advising us in the transaction. This is an important step in implementing our strategy to create the leading independent Nordic advisory services group. Kicking off operations in Finland and Sweden, two countries with shared history and strong cultural and economic ties, the group will seek to expand its reach across the Nordics and potentially into other parts of Europe." says CEO Viktor Sandberg.

"We are delighted to have assisted Svalner in this market entry transaction, and equally pleased to witness the emergence of a new international advisory group that also caters to our own client base. We strongly believe that there will be much more consolidation in white-collar professional services across a range of business sectors." says Ari Leppänen, responsible partner for the project.

Fenniarail Oy is a private freight transport company which operates on the Finnish railway network. It has seven line locomotives and 22 leased wagons, as well as wagons owned by its customers. Fenniarail's capacity is fully utilized, and to meet its robust client demand, the company has ordered two new Vectron electric locomotives from Siemens Mobility GmbH. The Vectron's energy efficiency and operating flexibility is top-notch: the locomotive regenerates electricity during braking, it has "last mile" diesel units for use during, for example, wagon transfers on non-electrified loading tracks, and its radio remote-control system enables independent shunting without a separate shunting locomotive. Nordhaven advised Fenniarail on the locomotives' senior debt financing.

"The Vectron locomotive's performance, energy efficiency, and zero emissions during electric use are important factors to our industrial clients, who are seeking emissions reductions in their logistics. With the new electric locomotives we will be able to diversify the Finnish railway market with a competitive and environmentally friendly alternative. Nordhaven supported us on debt financing and we are very satisfied on their performance," says Lauri Helke, Managing Director of Fenniarail.

For further information:

Martti Purhonen, martti.purhonen@nordhaven.com, +358 45 616 1551

Ari Leppänen, ari.leppanen@nordhaven.com, +358 40 525 9241

Ville Kangas, ville.kangas@nordhaven.com, +358 40 825 0717

Ville Vaskonen, ville.vaskonen@nordhaven.com, +358 50 356 9390

 

Nordhaven advised Pamark and its owners on the sale of the company to UK listed Bunzl Plc, the largest value-added distributor in the world within its market sectors. Finland represents the 33rd country in which Bunzl operates. In 2022 Nordhaven had advised Pamark and its owners on the sale of the company to OptiGroup. However, the transaction was unexpectedly blocked by the Finnish Consumer and Competition Authority in August 2023. Nordhaven continued in its advisory role and the transaction with Bunzl was signed in January 2024, and closed on the 29th of February, 2024. 

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, cleaning & hygiene, and HoReCa. Pamark's customers are from both the public and private sectors. Through its sourcing, 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 has sales of close to €60 million.

Bunzl is a UK-based international company with a focused compounder strategy. During the last 20 years Bunzl has acquired over 200 companies around the world. Bunzl has a topline of approximately £12 billion, close to £1 billion in adjusted operating profit, and around 24,500 employees. Bunzl ‘s shares are listed on the London Stock Exchange and it has a market capitalisation of about £10 billion.

"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 and long-term commitment of Nordhaven's team the final result of this sale process would not have been as successful!" says Minna Åman-Toivio, CEO and majority owner of Pamark.

"We are happy for the owners of Pamark for reaching an outstanding end result, both financially and business-wise. It is great to work with companies that have strong business models and management teams. We consider that the markets for essential business solutions are still fairly fragmented and further consolidation will take place," says Timo Lappalainen, responsible partner for the project.

Nordhaven advised Touhula and its owners on the sale of the company to Sweden-based AcadeMedia. AcadeMedia is Northern Europe's largest education company, serving around 200,000 children, pupils, and adult students in various countries. The company operates around 800 units and has over 20,000 employees. Following the transaction, AcadeMedia's pre-school division will have operations in Sweden, Norway, Finland, Germany, and the Netherlands. AcadeMedia's shares are listed on the Stockholm Stock Exchange.

Touhula is the pioneering chain-format private operator in education and childcare in Finland. The turnover of the company is approx. €100 million and Touhula has high social impact as it runs high-quality early education and care operations through 113 daycare centers across 40 municipalities. Touhula's 2,000 professionals provide early education and childcare services on a daily basis for around 8,000 children. Prior to the transaction Touhula has been owned by its board members, management, and employees such as heads of units, and in total the company has over 100 shareholders.

"I am truly happy with the transaction with international AcadeMedia and how Nordhaven planned the overall sell-side process to fit our needs - and executed it with high professionalism. We were able to check the interest in Touhula from different types of potential partners in an intelligent manner, which enabled us to make the best decision. With Nordhaven's valuable help we were able to find the best home for us - and to come to attractive deal terms." says Sari Saari, CEO of Touhula.

"Getting Touhula to its current strong standing was a long journey. At this point, we wanted the company to have a solid long-term owner who through its expertise brings benefits to Touhula's employees, customers, and other stakeholders, and who has broad shoulders to continue developing Touhula further. Nordhaven tailored a sales process for us that was broad but still light, and where a strong atmosphere of trust was created with the counterparty, which in turn enabled the parties to find good, practical solutions to all deal issues. Nordhaven consistently worked in a professional and committed manner, and working with them was also really enjoyable." says Harri-Pekka Kaukonen, Chairman of the Board at Touhula.

The transaction was completed on 1 March 2024.