Transactions

 
“We are confident that we have extensive experience in the type of transaction you are contemplating.”
2024
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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Consumer services
2024
Advisor to
on the acquisition of
The deal:
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."
—  Viktor Sandberg, CEO of Svalner Group
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Business services
2024
Advisor to
on senior debt financing for electric locomotives
The deal:
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."
—  Lauri Helke, Managing Director of Fenniarail
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Industrials services
2024
Advisor to
and its owners on the sale to
The deal:
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!"
—  Minna Åman-Toivio, CEO and majority owner of Pamark
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Business services
2024
Advisor to
and its owners on the sale to
The deal:
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.

The transaction was completed on 1 March 2024.
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."
—  Sari Saari, CEO of Touhula
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Healthcare services
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.
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.
2023
Financial advisory to
The deal:
Nordhaven’s Debt & Capital Advisory team provided financial advice to Fennia.

The Fennia Group consists of Fennia Mutual Insurance Company, Fennia Life and Fennia-service Ltd. Together the companies offer their clients competitive and high-quality non-life and life insurance services. Fennia and its insurance activities date back to the 19th century.
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Business services
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.
2023
Advisor to
on its EUR 31 million credit facilities
The deal:
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"
—  Heimo J. Aho, Chairman of Toijala Works Oy
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Industrials services
2023
Advisor to
and its owners on the sale of majority share to
and co-investors
The deal:
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"
—  Jere Räisänen, Chairman of the Board at Elcoline
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Industrials services
2023
Financial advisory to
on potential pumped hydro energy storages of up to EUR 2-3 billion aggregate capex
The deal:
Nordhaven’s Debt & Capital Advisory team provided financial advisory to Kemijoki on potential pumped hydro energy storages of up to EUR 2 – 3 bn aggregate capital expenditures.

Kemijoki Oy is the most important producer of hydropower and regulating power in Finland.
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Industrials services
2023
Advisor to
on the majority sale to
The deal:
Nordhaven advised Sonat, a Norwegian IT services group, in the majority sale to VIA equity
Nordhaven advised Sonat, a Norwegian IT services group, in the majority sale to VIA equity

The existing shareholders of Sonat have decided to further accelerate the growth of Sonat, with VIA equity joining as the new majority shareholder. As part of the transaction all existing shareholders will reinvest in a large minority stake alongside VIA equity.

Founded in 2012, Sonat offers IT consulting and digital design services through the brands Sonat Consulting, These Ways and FIGMENT. Sonat Consulting offers traditional IT consulting services such as system architecture, front-end and back-end development, machine learning and data science, whereas These Ways is the Group’s digital strategy and design studio. Lastly, Sonat FIGMENT is the Group’s new initiative within the low code/no code vertical. The three companies leverage each other’s expertise and operate as one Group.

Through the years, Sonat has built a strong corporate culture centered around senior digitalization and design specialists. The Group is interacting with blue chip clients in critical digitalization projects from design phase all the way to implementation. The journey has been built organically since inception, with the Group being owned by its employees. Now, the owners of Sonat are looking forward to the next phase of growth together with VIA equity.

Together, VIA and Sonat plan to create a broader presence in Norway through both organic and in-organic growth initiatives. This includes, but is not limited to, opening of new offices across Norway, introducing new service verticals in key digitalization areas and seeking opportunities for M&A with similar IT consultancies with senior expertise.

“We are very impressed by Sonat’s journey and proud to have been chosen by Jonny Klemetsen and all the amazing people of Sonat to become their future partner for continued growth.”, says Daniel Hallberg, Investment Responsible at VIA equity.

“We are very excited about our new partnership with VIA equity. VIA has really proven to understand our business model and the fundamental driving forces underpinning a successful IT consulting firm. In this new constellation we can continue to build on the strong DNA of Sonat and its people and have a strong sparring partner to further accelerate growth and develop our platform.”, says Jonny Klemetsen, Co-founder and CEO of Sonat.

About Sonat
Sonat is an IT consulting and design services firm with ca. 110 FTEs headquartered in Bergen, Norway with an additional office in Oslo. Through the companies Sonat Consulting, These Ways and FIGMENT, the group offers services within Cloud back-end architecture, AR/VR front-end visualization, Data science, Machine learning, Innovation design as well as Low code/No code. Sonat has built a strong corporate DNA centered around senior specialists in digitalization and design.

About VIA equity
VIA equity is a leading Northern European private equity firm with a successful history of building and transforming companies into leading national and international players. VIA equity A/S manages four funds, where the most recent one alone has EUR 175m in committed capital from established international investors. VIA equity invests in successful companies within software and IT-services.
2023
Advisor to
on the sale of its ERP consulting business to
The deal:
Nordhaven advised Solteq in the sale of its ERP consulting business to Azets
Nordhaven acted as financial advisor for Helsinki-listed Solteq Plc in the carve-out and divestment of its Nordic ERP business, which is based on Microsoft Dynamics 365 Business Central and LS Retail solutions. The purchaser is Azets, the international outsourcing, compliance, and advisory group backed by HgCapital. The transaction was closed on May 2nd, 2023.

The net debt-free purchase price of the business is a maximum of EUR 20 million, consisting of the fixed purchase price of EUR 15 million and the earn-portion of a maximum of EUR 5 million. In 2022, the revenue of the transferring business was EUR 11.2 million and the operating profit was EUR 1.5 million. The business includes employees and customers in Finland, Sweden, Norway, and Denmark.

After the divestment Solteq will focus even more on providing superior software solutions and IT expert services for the energy sector, retail, and e-commerce, whereas Azets has ambitions to become a major implementation partner and provider of Microsoft Dynamics 365 Business Central based services and solutions, leveraging its wide customer base and presence across Europe.
2023
Advisor to
and its fully owned subsidiary
in the divestment of its Planning and Surveying business in Sweden to
The deal:
Nordhaven advised Sikri Group ASA in divesting its Planning and Surveying (P&S) business unit to Sweco
Nordhaven advised Sikri Group ASA (Sikri Group), and its fully owned subsidiary Metria AB, in the divestment of Metria AB’s Planning and Surveying (P&S) business area in Sweden to Sweco Sverige AB. The divestment will sharpen Sikri Group’s focus on its core business, software and software related services.

P&S comprises a leading consultancy business related to urban and community planning, aerial photography and laser scanning as well as surveying services related to the entire construction value chain. The unit had 110 employees at the end of 2022, and 2022 revenue of SEK 138 million.

“We see strong demand for data driven solutions that simplify and streamline processes for the public sector and the real estate industry. Sikri Group is well positioned as a leading Nordic software provider in these sectors and following the divestment of P&S, we will sharpen focus even further on our core business, which is software and services directly related to our software offering,” said CEO of Sikri Group Nicolay Moulin.

Sikri Group gained a strong footprint in the Swedish market through the acquisition of the Swedish software and geoinformation company Metria in April 2022. Following the divestment of P&S, Metria will be fully focused on geodata, property and real estate data, software and services. Key customers are Swedish government agencies, municipalities, finance institutions, telcos, and energy companies. Excluding the P&S business area, Metria’s annual recurring revenue (ARR) was SEK 113 million at the end of 2022.

“We are strengthening our focus on being the market leader in digital data and analysis services within GIS, geodata, business and real estate information. Meanwhile, Metria’s planning and surveying operations become part of Sweco, which brings new opportunities for the business' customers and employees,” said CEO of Sikri Group Nicolay Moulin.

The transaction will be consummated as a carve-out of the P&S business from Metria. Closing of the transaction is subject to certain third party approvals being obtained and that the P&S business is being separation ready as agreed between the parties and is expected to take place 2 May 2023.
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Business services
2023
Financial advisor to
on EUR 20 million hybrid bond issuance
The deal:
Nordhaven advised Pihlajalinna in the issuance of a EUR 20 million hybrid bond
Nordhaven acted as financial advisor for Pihlajalinna Plc in the issuance of EUR 20 million hybrid capital securities ("hybrid bond").

Pihlajalinna is one of the leading providers of private healtcare and wellbeing services in Finland. In 2022, Pihlajalinna had revenues of 690.5 million euros and employed over 7,000 personnel. Pihlajalinna's shares are listed on Nasdaq Helsinki Oy.

The hybrid bond is subordinated to the company's other debt obligations and will be treated as equity in Pihlajalinna's IFRS consolidated financial statements. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the current shareholders.
I am very pleased with the investor demand for this transaction despite the exceptional market conditions. The transaction supports the company's capital structure and strategy execution. We thank Nordhaven for a well managed process on a tight timeline. Their holistic understanding of the issuance process was essential for us as a debut bond issuer. We are once again very satisfied with Nordhaven's work"
—  Mikko Wirén, interim CEO and founder of Pihlajalinna
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Healthcare services
2023
Advisor to
and its owners on the sale to
The deal:
Vihtan's further growth supported by its sale to Rebellion Capital
Nordhaven advised Vihtan and its owners in the sale of the company to Swedish compounder investor Rebellion Capital. Following the transaction, the company will have additional resources to expand into other geographical markets as well as invest in growing in new business areas in their domestic market. The transaction was the first acquisition by Rebellion Capital in the Finnish market.

Founded in 2010 by Kimmo Haukilehto, Vihtan operates in the growing area of design, production and sales of glass products for various interior spaces within the renovation and new build markets. Vihtan is the domestic market leader in glass products such as walls, doors, and other dividers for bathrooms and saunas, and is quickly winning market share in glass products for dry indoor spaces in various end markets as well. The company's success has been built on a differentiated business model and strong sourcing operations. Over the years Vihtan has shown double-digit sales growth and a stable, over 20%, EBITDA margin. In 2022 the company had sales of 12.4 MEUR and EBITDA of 2.4 MEUR.

Rebellion Capital is a Swedish based compounder investor in small and medium-sized niche businesses within the Infrastructure as well as Industry & Trade sectors. The Rebellion team has a long track record of successfully developing companies, and key team members previously held positions with Serendipity Capital. Rebellion is a long-term owner, with its primary objective being to build an industrial group consisting of niche companies with robust cash flows and the potential for sustainable growth. With the conclusion of this Vihtan transaction Rebellion has now invested in 16 companies.
Selling the company that you have founded and developed is most often a once-in-a-lifetime experience. It was very professional and fun to work with Nordhaven, and I value their creativity in getting our transaction done. The outcome was very good for both the owners and the company. I can highly recommend Nordhaven as an advisor for entrepreneurs thinking of selling their life work."
—  Kimmo Haukilehto, Vihtan CEO and Founder
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Consumer services
2023
Financial advisory to
on debt financing
The deal:
Nordhaven’s Debt & Capital Advisory team provided advice for publicly listed healthcare services company Pihlajalinna relating to debt financing.
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Healthcare services
2022
Advisor to
on the sale of its Baltic business unit to
The deal:
Nordhaven advised HKScan Corporation in the sale of its Baltic business unit to Maag Grupp
Nordhaven advised HKScan in the divestment of its Baltic business area to Estonian Maag Grupp. HKScan is a Northern European food company with several heritage brands in the Nordics. The sale of HKScan's business in the Baltics is expected to be finalized in the second half of 2023, subject to regulatory approvals in Estonia and Latvia. The debt-free purchase price is EUR 90 million, of which EUR 20 million is conditional on the combined performance of the separately defined meat business, subject to the transaction and Maag Grupp's Baltic meat business in the following years.

HKScan's consumer brands in the Baltics are Rakvere, Tallegg, Rigas Miesnieks, Jelgava and Klaipedos Maistas. The company's production units are located in Rakvere, Tabasalu and Viiratsi in Estonia, and Jelgava in Latvia. In 2021, HKScan's net sales for the Baltic business amounted to EUR 170 million (Q1-3/2022: EUR 143.6 million), EBIT was EUR -5.4 million (Q1-3/2022: EUR -26.6 million) and the average number of employees in the three countries was some 1,500. HKScan has operated in the Baltics since the summer of 1998.

Maag Grupp is an over 25 years old Estonian food company operating in the meat and dairy business. Maag's net sales in 2021 totaled EUR 233 million and it employed some 1,000 people in Estonia, Poland and Finland. The company is known for its consumer brands Tere, Farmi, Deary, Rannarootsi, Rannamõisa and Pouttu.
We thank Nordhaven for very well executed transaction process. Nordhaven's knowledge of the food industry, as well as cross-border and public M&A, were essential in order to achieve the transaction and financial result"
—  Markku Suvanto, EVP, Administration and Legal at HKScan Corporation
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Consumer services
2022
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The deal:
Nordhaven advised in a major European consolidation transaction in forestry and wood processing
Nordhaven acted as the sole financial advisor for Pölkky Oy and its owners in the sale of the company to Pfeifer Group GmbH. The combined entity has approximately EUR 1.4 billion in turnover and 13 plants in four countries.

Pölkky Oy is Northern Finland's largest private wood processing company, with around 420 employees and an annual turnover of approximately EUR 200 million. The company was founded in 1968 and is currently held by the 3rd generation of the Virranniemi family.

Pfeifer Group GmbH is an Austrian 3rd generation family company with approximately 2,200 employees across eight locations in Austria, Germany, and the Czech Republic. The company is the European market leader in shuttering panels and pallet blocks as well as one the largest producers of sawn timber, pellets, formwork beams, and glulam. The key strategic rationale for the transaction is synergistic growth as well as diversification of Pfeifer Group's operations.
This transaction secures the execution of Pölkky's growth strategy going forward. The outcome for the sellers and for the future of Pölkky is excellent! We are once again extremely satisfied with Nordhaven's outstanding work - including their thorough understanding of the forest industry and our business"
—  Petteri Virranniemi, CEO of Pölkky Oy
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Nordhaven advised HKScan Corporation in the sale of its Baltic business unit to Maag Grupp
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