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Nordhaven quarterly software report Q1/2024

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.

Advisor to
in the acquisiton of
The deal:
Nordhaven advised Møller Mobility Group in the acquisition of three Porsche dealers in Norway
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.
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Company news:
Nordhaven advised Swedish Svalner Group to create the leading Nordic independent advisory firm through joining forces with Alder

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.

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.

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.
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.

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