Exceeding expectations
We are an independent Nordic corporate finance advisor with over 20 years of on-the-ground presence and advisory experience.
Learn more
Latest news
Company news:
Nordhaven advised Fenniarail on its continuing green transition via new electric locomotives

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 HelkeManaging 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


 

Company news:
Nordhaven advised in a major Nordic platform transaction in the B2B distribution markets of essential products

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.

Company news:
Touhula and AcadeMedia to form one of the largest Nordic private daycare groups - Nordhaven continues as the leading Nordic ECEC financial advisor

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.

2023
Advisor
on the sale to
The deal:
Nordhaven advised Millum, a Nordic SaaS-based Procure-to-Pay platform, in the majority sale to Main Capital
Nordhaven advised Millum, the Norwegian Procure-to-Pay software provider for the hospitality sector, and its shareholders in the majority sale to Main. This strategic move marks Main's first stand-alone platform investment into the Norwegian market.

Moving forward, Main will act as a strategic partner to the management team, supporting Millum in its growth journey. By pursuing a selective buy-and-build strategy and by adding complementary solutions to fuel cross-selling, Millum has strong potential to further internationalize.

Millum, founded in 2002 in Norway by CEO Bjørn Anskau, business developer Knut Øksby, and CFO Roberto Padin, has emerged as a frontrunner in the procurement technology domain. The company’s SaaS-based “Procure-to-Pay” platform caters to hotels, restaurants and canteens, streamlining processes, simplifying the flow of information and enhancing trade efficiency. Millum currently serves more than 95% of the suppliers and more than 90 purchasers within the hospitality sector across the Nordics, including renowned clients, such as Strawberry Hotels, Scandic Hotels, and Coor Service Management.

Millum has built an attractive modular product portfolio which is well positioned for further growth and international expansion. The company, active in the procurement market, will be able to benefit from Main’s expertise, gained through previous investments in the procurement and broader supply chain management sector. Millum has a strong presence in Norway, with a growing presence in Sweden and Denmark, positioning it as a leading player in the Nordic market. With Main’s international growth support, Millum is poised to explore adjacent verticals and to continue growing internationally across the Nordics and Europe. Main will also support the company in a selective buy-and-build strategy to internationalize and strengthen the product offering with new solutions to establish a comprehensive one stop shop offering.

Bjørn Anskau, CEO of Millum, mentioned: “As we join forces with Main, we are excited about the possibilities that lie ahead for Millum. This partnership not only signifies our shared commitment to excellence but also accelerates our mission to revolutionize procurement processes in the Nordic region and beyond.” The collaboration between Main and Millum is poised to unlock new opportunities for international expansion, leveraging Millum’s robust platform and Main’s expertise in supporting companies on their global growth journeys.

“Millum’s market-leading position in Norway, coupled with its proven international scalability, aligns seamlessly with Main’s vision for strategic investments,” stated Wessel Ploegmakers, Partner & Head of Nordics at Main Capital Partners. “We see tremendous potential in Millum’s product portfolio and look forward to accelerating its growth trajectory by exploring new markets and expanding its international footprint.”

About Millum
Millum AS was founded in 2002 by Knut Øksby, Bjørn Anskau and Roberto Padin as main founders (together with two main investors) in Norway and is based at Fornebu, outside Oslo. Millum is a software company providing the preferred procurement system for hotels, restaurants and staff restaurants in the Nordics. The solution simplifies the procurement process for actors in the food service industry. Millum has 35 employees in total and operate across the Nordics. The total trading volume through Millum’s solution was NOK 11 billion in 2023.

About Main
Main Capital Partners is a leading software investor in the DACH, Benelux, the Nordics, and the United States. Main has 20 years of experience in strengthening software companies and works closely with the management teams in its portfolio as a strategic partner to achieve sustainable growth and larger outstanding software groups. As a leading software investor managing private equity funds active in Northwestern Europe and North America, Main has 70 employees operating out of its offices in The Hague, Düsseldorf, Stockholm, Antwerp, and an affiliated office in Boston. Main has over EUR 2.2 billion assets under management and maintains an active portfolio of over 40 software groups. The underlying portfolio employs over 12,000 employees.
Report:
Nordhaven quarterly software report Q4/2023

Another quarter with strong deal activity in the Nordic software space.

Nordhaven has identified 30 software deals in the Nordic region in Q4 2023, +25% compared with the deal activity in Q4 2022. Q4 2023 show robustness in deal activity with an increase of +11% compared with Q3 2023. Measured in numbers of deals, Sweden was the market with most activity, followed by Norway and Denmark respectively.

2023
Advisor
in the acquisition of
The deal:
Nordhaven advised Teleplan Globe AS in the acquisition of UK based Forsberg Services Ltd.
Nordhaven advised Teleplan Globe AS in the acquisition of the UK based positioning, navigation, and timing specialist Forsberg Services Ltd.

Forsberg is a supplier of precision technologies dedicated to positioning, navigation, and timing, serving both defence and civilian applications. With over 35 years of experience, the company has cultivated a substantial customer base in the UK and globally. The acquisition will further strengthen Teleplan Globe’s leading capabilities within areas such as operational decision support systems, control and integration of unmanned systems in addition to mission critical solutions extracting highly accurate position data.

The acquisition builds on a well-established and successful cooperation between Teleplan Globe and Forsberg. This has led to significant contracts for the joint solution #MANTIS optimizing the core technologies of both companies and putting the need of the end users at the forefront.

Jan Nyegaarden, CEO of Teleplan Globe comments:

«Teleplan Globe is excited to welcome Forsberg into our global family, and we are looking forward to a prosperous future together. We remain steadfast in our promise to deliver innovative solutions providing exceptional value to our customers and strategic partners».

Chris Mayne, Managing Director of Forsberg Comments:

«As the Managing Director and a long-standing member of Forsberg’s team, I am thrilled to announce this exciting milestone in our company’s history. It was of critical importance that any interested party in Forsberg aligned with our core values, and we have cultivated a close and strategic partnership with Teleplan Globe, resulting in the creation of truly innovative solutions. From everybody at Forsberg, I’d like to take the opportunity to thank our founder, Charles Forsberg, for his endeavour and leadership in building this great business. I know that he is excited for our future, and we all wish him well».

About Teleplan Globe:

Teleplan Globe AS is a 100% subsidiary of the Teleplan Group which was established in 1959 and has operated under the same private ownership for more than six decades. Teleplan Globe provides mission critical software and system solutions for decision makers that protect people, assets, and institutions. The company has approximately 140 employees, including more than 100 software engineers, designers and developers. The company is headquartered at Lysaker, Norway.

Teleplan Globe deliver products in support of command and control, intelligence, mapping and radio planning operations. The products represent strategic and vital tools for the company’s customers. Norwegian and international defence clients dominate the customer base. However, Teleplan Globe also experience significant growth in other customer segments demanding solutions stemming from the company’s core competence and experience. Police and emergency responders, as well as field workers in utility companies, are examples of users that face similar challenges related to situational awareness, communication, sharing, and protection of data.

About Forsberg:

Forsberg Services Ltd. is a leading provider of technology solutions for Positioning, Navigation, and Timing (PNT) applications, has established itself as a trusted partner for organizations across diverse industries since its inception in 1987. Headquartered in Heysham, UK, Forsberg is renowned for its depth of PNT knowledge, engineering expertise, and unwavering commitment to meeting customer requirements.

The company’s comprehensive product portfolio encompasses Global Navigation Satellite Systems (GNSS) and antennas, inertial navigation systems, anti-jam capabilities, situational awareness software, and GNSS networking solutions. Forsberg’s technology ensures accurate positioning and navigation in challenging environments, protects critical operations from interference, enhances decision-making through real-time data visualization, and enables seamless integration of PNT systems for optimal performance and reliability. Beyond providing cutting-edge technology, Forsberg offers bespoke engineering services to meticulously tailor its products to specific application requirements and environmental conditions.
Report:
Nordhaven quarterly software report Q3/2023

Q3 deal volume remains resilient, continued increasing deal activity by international buyers.

Nordhaven has identified 27 software deals in the Nordic region in Q3 2023, in line with Q3 2022 deal activity. Albeit a slight decline from Q2 2023, deal volumes show robustness. Measured in numbers of deals, Norway was the most active country followed by Sweden and Denmark, respectively.

2023
Advisor to
and its portfolio company
in the acquisition of
The deal:
Nordhaven advised Broviken in the acquisition of the Swedish CRM specialist Releye AB
Nordhaven advised Broviken and its portfolio company, Intellic Group AB, in the acquisition of the Swedish CRM specialist Releye AB.

Intellic Group, majority-owned by Broviken, is expanding its customer offerings through a new partnership with the rapidly growing CRM company Releye AB. Releye is now a part of Intellic Group, and will enhance the group's strategic and technical offerings in CRM, business strategy, and marketing automation. The partnership is a significant step in Intellic Group's goal of becoming a leading player in Analytics, CRM, and strategic consulting.

Stockholm based Releye has a strong market position in Sweden after more than 20 years of CRM specialist advisory services. The company has a successful partnership with two of the globally leading CRM platforms, Microsoft Dynamics and Salesforce. The majority of their clients are within banking, finance, and insurance. Through this acquisition, Releye becomes a stronger holistic partner for its customers. In addition to Releye, Intellic group already includes the companies Attollo and Omeo. Attollo is a leading player in Analytics, and Omeo is a niche consulting firm within the financial sector.

Jonas Boström, CEO of Intellic Group, comments:
"We are very excited about Releye becoming a part of Intellic Group's journey. We now have entirely new opportunities to offer our customers a broader and more comprehensive range of services, and hopefully, we will become an even more interesting employer. I see incredible potential in our combined expertise and look forward to working together."

Charlotte Magne, CEO of Releye, comments:
"It feels fantastic to become a part of Intellic Group! Together, we become a larger and more interesting player for our customers and partners, especially in the field of customer intelligence. We see continued high demand from our customers driven by the need for digitalization and look forward to continuing our growth journey together with Intellic Group."

The terms of the transaction are not disclosed.

About Broviken:
Broviken invests in service companies run by strong entrepreneurs and management teams. Broviken's partners themselves have many years of experience from developing service companies in roles such as leaders, owners and board members. Broviken is a long-term owner and invests without a specified time horizon. Broviken's focus is to develop companies and contribute to already good companies becoming even better and reaching their full potential.
See all news

Nordhaven

When your company is going through major changes there are important decisions to make – and we’re here to help you. 

Our services cover all phases of your business cycle and business development.

When you have complex strategic decisions to make – we have the insight and expertise to provide invaluable advice.

+0
Professionals at your service
+0
Years of combined experience
+0
Transactions advised
+0
International partner offices

Reports

Clairfield network
  • Helsinki
  • Eteläranta 12
  • +35 8 207 613 910
  • Oslo
  • Hieronymus Heyerdahls gate 1
  • +47 901 38 832
 
Contact LinkedinPrivacy Policy
Nordhaven
Website by Almedialt