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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.
Report:
Nordhaven quarterly software report Q2/2023

Deal volume experienced robust growth from Q1, with increased share of international buyers.

Nordhaven, in Q2 2023, has identified 32 software deals in the Nordic region, marking growth for the first time in four consecutive quarters. This period reflects the highest transaction volume since Q2 2023. The growth is primarily driven by a significant increase in transaction volume from Denmark, rising from 2 identified deals to 9.

Company news:
Nordhaven advised Toijala Works on EUR 31 million credit facilities

Toijala Works Oy is a machinery and equipment company with expertise especially in heavy industrial vehicles. Its offering includes contract manufacturing but also own products, such as its line of TW LogStackers. The family owned company has revenues of approximately EUR 45 million and employs around 200 professionals. The new EUR 31 million financing package includes a commercial guarantee limit, term loans, and an overdraft.

The financing package secures our new factory and machinery investments and provides financial flexibility for future business opportunities. Thanks to Nordhaven, we now have diversified sources of financing. We are very satisfied with Nordhaven's support – from process planning to signing", says Heimo J. Aho, Chairman of Toijala Works Oy.


"We thank Toijala Works for their trust in Nordhaven. The transaction is yet another proof of our Debt & Capital Advisory and industrial sector capabilities", says Martti Purhonen, Partner at Nordhaven.


 


For further information:


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


Kalle Helander, +358 40 504 3462, kalle.helander@nordhaven.com


Nicholas Sörensen, +358 40 560 6446, nicholas.sorensen@nordhaven.com

Company news:
Nordhaven advised Elcoline in its growth financing

Nordhaven guided industrial maintenance company Elcoline in a major transaction to support the company's next growth leap.

Nordhaven advised Elcoline and its owners in a transaction in which EAB Private Equity, part of Evli Group, is making a significant equity investment in rapidly growing Elcoline. In addition to EAB Private Equity, which led the investment round, other investors include Elo Mutual Pension Insurance Company and the investment companies Tesi and Arvo Sijoitusosuuskunta. Elcoline's founders and key personnel will continue as significant shareholders in the company.


Elcoline is a leading Nordic entrepreneur-driven company founded in Varkaus, Finland in 2002. It specializes in industrial maintenance services and the implementation of demanding technical projects. Elcoline employs more than 600 professionals in Finland and Sweden and had a pro forma revenue of EUR 67 million in 2022. The majority of its revenue is from long term service contracts, which creates a solid foundation for profitable growth. A large part of Elcoline's revenue comes from the energy and infrastructure sectors. The company is a Nordic leader in energy supply security and the smooth transition to new low-carbon energy systems and production. Elcoline's customer base includes well-known international industrial companies such as ABB, Andritz, Meyer, Outokumpu, Parmaco and SSAB.


In this transaction, the total investment in Elcoline is more than EUR 20 million, which will be used to continue the company's acquisition-driven growth strategy and reorganise the current ownership structure. The aim of this new investment is to accelerate the company's growth to a size of over EUR 200 million.


"We thank Nordhaven for assisting Elcoline and its owners in negotiating and structuring the deal, utilizing its financial expertise. Nordhaven has now been our partner in two key transactions, both of which are important steps for us to achieve our growth targets", says Jere Räisänen, Chairman of the Board at Elcoline.


"It is great to advise and support companies that have very ambitious growth plans. And it has been a joy to be involved in Elcoline's journey in implementing its strategic actions", say Ari Leppänen, Partner in Nordhaven.


For further infomation:


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


Niko Piiparinen, +358 40 752 2333, niko.piiparinen@nordhaven.com

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