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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Professionals at your service
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International partner offices

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 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.
2021
Adviser to
and its shareholders on the sale to Sweco
Nordhaven advised Linja Arkkitehdit and its shareholders in the sale of the company to Sweco. Linja Arkkitehdit is one of the leading architecture companies in Finland. Linja Arkkitehdit offers versatile architectural and principal design services including building and interior design as well as land use planning and zoning for both new and renovation construction projects. The company has grown profitable every year since founding in 2006. It has over 60 employees in three locations. With the acquisition Sweco becomes one of the largest architecture companies in Finland. In total, Sweco Group has around 1,400 architects and landscape architects and is one of the world’s five largest architecture firms.
Nordhaven studied our company meticulously and developed a deep understanding of business in architectural field. With their help we were able to find Linja Arkkitehdit a new owner that shares our values and vision of good corporate culture. We could not have imagined a better advisor for us” says Ville Niskasaari, CEO of Linja Arkkitehdit.
2021
Adviser to
on amendments to EUR 13,2 million senior secured bond
Nordhaven acted as financial adviser for Sotkamo Silver on amendments to its EUR 13,2 million senior secured bond. The amendments were supported in a written voting procedure by the noteholders representing over 96 % of the nominal amount of the notes. The listed parent company Sotkamo Silver AB owns, through its Sotkamo Silver Oy subsidiary, the Silver Mine in Sotkamo which started production in March 2019 and has reached full production capacity.
The approved amendment will improve our financial flexibility for the strategy execution. We are very pleased with the outcome achieved with Nordhaven’s thorough support”, says Erkki Kuronen, CEO of Sotkamo Silver. ”The bond amendment process through formal written voting procedure was executed in a very short timeframe. Nordhaven managed the whole process, including investor communications, in a highly professional manner”, adds Mikko Sopanen, CFO of Sotkamo Silver.
2021
Adviser to
and its shareholders on the sale to Xplora Technologies AS
Xplora Technologies AS has entered into an agreement to acquire its Nordic distributor and MVNO, Xplora Mobile Holding AS, in order to set the stage for accelerated revenue growth within kids smart watches, mobile subscriptions and premium services.

«We are thrilled to be part of the Xplora Technologies team, to leverage on the strength of the joint offerings and eager to roll out new exciting premium services to our large and growing subscriber base. We know each other well from years of collaboration, and are confident that the combination of our innovative, opportunistic and ambitious teams will create magic together», says Kjetil Fennefoss, CEO of Xplora Mobile».

Xplora Mobile Holding AS as the #1 MVNO in the Nordics for children’s watch phones, through the group generated sales of NOK 160m (+168%) with reported EBITDA NOK 4.8m in 2020 (unaudited). The group’s recurring subscription revenues were NOK 60m in 2020 (+119%). The company has ambitious targets of more than NOK 100m in recurring subscription revenues in 2021.

«With this acquisition we can quickly establish new recurring revenue streams (ARR) from a large and profitable customer base in the Nordics. The two companies have a long history of close collaboration and there are strong synergies between us. We can leverage on this by launching new premium services to the mobile subscriber base and seek to extend our offering and value proposition to Xplora Mobile´s partners. The acquisition will provide us with important learnings and insight to build internal competence for the upcoming launch of mobile subscriptions and premium services on the global market», says Sten Kirkbak, CEO of Xplora Technologies.
2021
Adviser to
on fairness opinion for acquisition of NettiX
Nordhaven provided a fairness opinion for Alma Media in relation to the acquisition of Nettix Oy from Otava Group. The enterprise value of the acquired business was EUR 170 million. Nettix business consists of Finland’s leading motor vehicle marketplaces, such as Nettiauto, Nettikone and Nettimoto. Its revenues were EUR 22.5 million and EBITDA EUR 11.2 million in 2020.
2021
Adviser to
and its owners on the sale to Orkla
Nordhaven acted as financial advisor to the owners of Seagood Oy Fort Deli in the sale of its majority to Orkla. Henrik Poulsen, will continue as the CEO and minority shareholder in the company with the aim as part of Orkla to grow and strengthen presence in the Finnish food service and out-of-home markets.

Seagood Oy Fort Deli, established in 1996, is a food product sales company focusing on food recipes and solutions for its customers across the HoReCa sector. Fort Deli’s offering consists of own and imported brand products and the company is well known for Hank’s Sauces, Nonna’s Sauces and Texas Pete Hot Sauce. In addition, the company is an established supplier of frozen products, sauces and condiments. In 2020 the company had sales of 8.7€ million.
Nordhaven provided a very professional hands-on advise. Their work was crucial in closing the deal with a large corporate and guiding us through buyer’s demanding acquisition process. The transaction process was on the one hand a tough experience but on the other hand it was enjoyable to reach a transaction in great spirit with all parties and their advisors” says Henrik Poulsen, CEO of Seagood Oy Fort Deli.

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