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

Nordhaven advised Pamark and its owners on the sale of the company to OptiGroup, which is backed by FSN Capital, a leading European player in providing reliable and sustainable supply solutions for B2B customers. Following the completion of the transaction, which is subject to customary closing conditions, OptiGroup will further strengthen its presence and offering in the Nordics.

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, safety & hygiene, and foodservice. Pamark's customers are from both the public and private sectors. Through its sourcing capabilities, 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 had a pro forma turnover of EUR 74 million (2021).


OptiGroup is a Sweden-based European group that has net sales of approximately EUR 1.4 billion and employs some 2,000 employees. OptiGroup supports more than 105,000 customers, primarily within cleaning & facility management, hotel & restaurant, healthcare, manufacturing, and the graphical sectors, with products and customized supply solutions that streamline operations and promote a more successful business. The company has an active acquisition strategy.


"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 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 a fantastic end result, both financially and business-wise. It is great to work with companies that have strong business models and management teams. Pamark has been highly successful despite ongoing integration work and various disconnects in both sourcing and end-customer markets due to Covid, the obstruction in the Suez Canal and the war in Ukraine." says Timo Lappalainen, responsible partner for the project. 

Company news:
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans

Reka Industrial Plc has signed an agreement with Nexans Group regarding the sale of all shares in Reka Industrial’s wholly owned subsidiary Reka Cables Ltd. Reka Cables operates the cable business of Reka Industrial. Nexans is one of the leading suppliers in cable technologies and services.

Purchase price of the shares is EUR 53 million which will be paid in cash. According to the Finnish Accounting Standards the net debt of Reka Cables at the end of September 2022 was EUR 6.5 million. Reka Cables represent c. 85% of Reka Industrial’s revenue. After the announcement the Reka Industrial’s share price increased approximately 60%.


The acquisition of Reka Cables will further contribute to Nexans’ ability to serve its Nordic customers with high quality and safe cables in the region. This acquisition is seen to benefit the teams of both Reka Cables and Nexans, with synergies and development opportunities ahead of them.


Reka Cables is the largest Finnish-owned cable manufacturer, which has been at the forefront of the cable industry for more than 60 years. Reka Cables provides durable, high-standard cable solutions for renewable energy production, network construction, industry as well residential and office construction. Reka Cables has round 270 employees and the turnover in 2021 was EUR 134 million.


Nexans is headquartered in Paris, France and operates in 42 countries employing approximately 25,000 people. Nexans’ turnover in 2021 was EUR 6.1 billion. Prior to the completion of the transaction, Nexans has had no production in Finland.


The transaction is conditional to the approval of the Extraordinary General Meeting of Reka Industrial and approvals by the relevant regulatory authorities.


We thank Nordhaven for very well managed process and especially negotiations. Nordhaven’s knowledge and advice of cross-border M&A between public companies was essential to make this deal happen. In addition to the excellent financial result, we are happy that Reka Cables will have a great operational continuity with Nexans”, says Markku E. Rentto, Chairman of the Board in Reka Industrial.


We are thankful that we are given such a trust to assist to sell owner’s core business with long ownership history takin into account its longer traditions”,  says Ari Leppänen, Partner in Nordhaven.

Report:
Nordhaven quarterly software report Q3/2022

Nordhaven has identified 26 software transactions in Q3 2022 in the Nordics. Deal volume in the Nordic software space returned to pre-Covid levels. 

2022
Advisor to
on the sale to
backed by
The deal:
MV-Jäähdytys Oy and Altor backed NCG to form one of the largest specialized Nordic players in cooling & heating
Nordhaven advised MV-Jäähdytys Oy and its owners on the sale of the company to Altor backed Nordic Climate Group (NCG). Following the transaction NCG will be the largest specialized player for installations and maintenance work in the cooling & heating sector in the Nordics. The combined entity has operations in Sweden, Norway, and Finland, and it also has an active expansion strategy outside its current operating region. Following the ownership change, MV-Jäähdytys plans to further accelerate its organic and non-organic growth in Finland.

MV-Jäähdytys is a market-leading specialized player in Finland for cooling & heating services. Some 80% of the company's revenues are based on service, with approx. 2,000 clients covering over 45,000 devices across a range of industries. One unique differentiating factor for MV-Jäähdytys is digitalization: through its IT platform the company collects and utilizes different types of data in its operations that facilitate higher quality service for its entire customer base.

MV-Jäähdytys has been majority-owned by Finnish private equity investor Korona Invest since 2018. During Korona Invest's ownership period the company has become the leading pure play service company in its sector in Finland. Since 2018, MV-Jäähdytys has grown its sales from approx. €7 million to close to €30 million, multiplied its service base from less than 10,000 to over 45,000 devices, and hired close to 200 professionals.
Once again Nordhaven has done a tremendous job in exceeding expectations set for the MV-Jäähdytys exit process! The preparations for a competitive sales process while also advising on pre-process discussions is both resource and time intensive. All this was done with a high service level, in a highly committed professional manner - and without forgetting a good sense of humor. The outcome for the sellers as well as for the future of MV-Jäähdytys is excellent!".
—  Juho Mäkiaho, Partner at Korona Invest
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Industrials services
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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