Transactions

 
“We are confident that we have extensive experience in the type of transaction you are contemplating.”
2022
Advisor to
on the sale to
backed by
The deal:
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. The Group 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.

“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.
"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!”
—  Minna Åman-Toivio, CEO and majority owner of Pamark
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Business services
2022
Advisor to
on the sale of
to
The deal:
Nordhaven advised Nasdaq Helsinki-listed Reka Industrial in the sale of Reka Cables to French Nexans
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”.
—  Markku E. Rentto, Chairman of the Board in Reka Industrial
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Industrials services
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.

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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Industrials services
2022
Advisor to
backed by
on the sale to
The deal:
Nordhaven advised fast-growing Neptune Software, backed by Standout Capital, in the sale to Triton
Neptune Software is a global leading low-code platform with 3.5 million end-users. The platform is used by customers such as Vodafone, Johnson & Johnson and Hitachi.

Founded in Norway in 2011, Neptune offers a best-in-class SaaS solution to industrialise the development of custom business applications, saving customers time and money on development, integration and operations.

“Neptune Software has an attractive SaaS business in a segment that has significant growth potential. LCNC platforms could cover some 75 percent of newly developed business applications by 2025, and the fundamental scarcity of IT-talent and need for efficiencies within organisations make LCNC platforms essential going forward. With this investment we aim to back the company´s further commercial development while also expanding its presence in key geographies”, says Per Frankling, Investment Advisory Professional at Triton and member of the TSM II Investment Advisory committee.

Neptune Software today employs about 100 full-time employees across offices in Norway, Germany, the UK, and the USA, and has partners in 40 countries globally.

“Co-operating with an international investor such as Triton enables us to further develop our global business ambitions and scale important parts of our commercial organization while continuing to service our current clients with the existing product range. Furthermore, Triton's deep experience from sectors which are also at the core for us will benefit our future client offering.” says Andreas Grydeland Sulejewski, Co-founder and CEO at Neptune Software.

About Neptune Software
Neptune Software is a rapid application development platform vendor with more than 650 enterprise customers and over 3.5 million licensed end users globally that empowers IT departments to deliver tangible business outcomes. With its Neptune DXP, Neptune Software offers a leading low-code, SAP-centric, enterprise app development platform to digitize and optimize business processes and user interfaces – at scale and with ease.

Neptune DXP provides a fast and cost-effective way to industrialize the development of custom applications – saving companies time and money on development, integration, and operations. More information www.neptune-software.com

About Triton
Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvement and growth.

The 49 companies currently in Triton's portfolio have combined sales of around EUR 18 billion and employ around 104,000 employees. Triton has raised EUR 15.6 billion from 180≈ investors, including public and private pension funds, endowments and sovereign wealth funds.
2022
Advisor to
backed by
on the acquisition of
The deal:
Nordhaven advised Sogelink, backed by Keensight Capital, in the acquisition of Focus Software
Sogelink joins forces with Focus Software to strengthen its position as a European Construction Technology leader, with the support of Keensight Capital.

Sogelink, a leading provider of software solutions for infrastructure, construction, and property management professionals, acquired Focus Software, a Norwegian leader in Building Information Modelling (BIM) software, to continue reinforcing its leading pan-European construction technology offer.

Established in 1996 and headquartered in Billingstad, near Oslo (Norway), Focus Software is a market leading Building Information Modelling software company. It provides its software solutions to a wide array of clients and over 16,000 users, ranging from private companies (home builders, architects, landscape architects) and engineering consultants in the infrastructure and building sector, to public authorities.

Focus Software is composed of around 50 highly skilled professionals that have developed and integrated various early stages construction design solutions throughout the years. These include software solutions such as applications and cloud-based collaborative tools for such tasks as presenting digital plan data with the authorized and correct geometry, and for preparing land acquisition drawings, tender specifications on graded networks, or building specifications according to specific regulations or frameworks. Since its inception 25 years ago by six co-founders, Focus has grown significantly through strong organic growth. Its customer base is well-developed in the Nordic region, notably in Norway and Sweden.

Fatima Berral, CEO of Sogelink, commented: “Focus Software was a natural fit to complete Sogelink’s offer on the project design segment, which intervenes upstream in the value chain. Together, we share a common client culture oriented towards public authorities, construction companies, architects and civil engineers that will help us develop the Group’s presence in the Nordics. Gaining access to this new geography will allow Sogelink to enter a very dynamic and innovative construction market and to reinforce itself in the engineering & BIM software segment.”

Pål Eskerud, Chief Executive Officer at Focus, added: “We are very proud to integrate the Sogelink Group in which we have found a solid and trusted partner to keep on developing our presence throughout Europe. We believe they are the best fit for us at Focus Software, and we are looking forward to working together and sharing our knowledge to further shape the future of construction technology.”

Jean-Michel Beghin, Managing Partner, & Arjan Hannink, Partner at Keensight Capital, continued: “With this second acquisition, along with the acquisition of LOCATIQS Group, Sogelink is growing at a fast pace to consolidate its position as a real European leader in construction technology. Keensight Capital is proud to have contributed once again to this acquisition process and will continue to support the Group in its future development endeavors."
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised Convert and its owners in the sale to Pearl Group, backed by Norvestor
Convert and Pearl Group have entered into an agreement to form a new e-commerce powerhouse. Combined, Convert and Pearl Group will build a leading e-commerce company combining best-in-class customer journey and technology to ensure customers’ need. The new entity will be named PearlConvert.

PearlConvert will have 110 employees in Oslo, Riga and Gdansk. Pearl Group will after the acquisition have 330 employees in Norway, Sweden, Finland, Latvia, Poland, Ukraine, and Singapore.

“Convert is a company that has proven a lot, to where they have now emerged as a leading player within e-commerce in Norway and delivered a large number of e-commerce solutions to reputable companies such as Bohus, Eplehuset and Bjørklund. However, the most important factor for us at Pearl is the competence and culture we met there. The focus on how we can create value for customers, and a strong culture of innovation and development was an important reason why we found each other", says Geir Thoresen, CEO of Pearl Group.

"I cannot imagine a better partner for Convert than Pearl Group. Together we will offer our customers unique solutions and competitive terms from a professional environment that is stronger than ever. Our employees will have new development opportunities and exciting new challenges", says Torkel Johannessen, CEO of Convert.

Convert is one of the largest agencies within digital commerce in Norway, with over 75 employees. The company delivers market-leading technology and focuses on long-term customer relationships and value creation for its customers. This has resulted in strong and steady growth since its inception in 2015, with a number of widely respected companies on the customer list.

Pearl Group has developed e-commerce solutions for many of the region's most well-known companies. The solutions include sophisticated "click and retrieve" features that were already experiencing strong growth that further intensified during the corona pandemic. The company sees a large and continuously growing market for its services in the Nordic region and has medium-sized and large companies with advanced IT needs as its main target group.

"Pearl Group will grow to a turnover of 1.5 billion NOK by 2026. PearlConvert will be an important part of this development", concludes Geir Thoresen.
2022
Advisor to
on the sale to
backed by
The deal:
Nordhaven advised the Shareholder of The Pure Water Company in the sale to Waterlogic
The Pure Water Company is a supplier of water purifier systems for Office & Horeca in Norway and UK, with recent expansion into Sweden and Denmark. The Pure Water Company offers a unique solution for customers who recognize the benefits of having a fully integrated water system built into their building’s infrastructure, providing purified water to multiple dispense points through a single, secure unit.

The acquisition of the business expands Waterlogic’s reach and foothold in the Nordic market and will provide an excellent opportunity to introduce and offer an even wider range of hydration solutions

Mattias Källemyr, CEO Waterlogic Nordic, says, “We are continuing our growth in the Nordic region and can now offer additional solutions that are already trusted and well-recognised in the market. This is strategically important for us as a company, but also provides greater choices for our customers.”

Carsten Albæk, CEO / Head of Sales of The Pure Water Company, says, "We are very excited to join Waterlogic and together we become a unique alternative for customers in all segments. The bespoke water solutions that Pure Water provides will add the last piece of the puzzle to Waterlogic’s ability to offer a complete range of water solutions.”

About The Pure Water Company:
Since its inception in 1997, The Pure Water Company has provided water purification systems to a wide range of customers, from start-ups and large enterprises to restaurants and hotels in Norway, Denmark, Sweden and the UK. Pure Water provides water purifier systems through both traditional under-the-counter solutions and also water purifier systems that are fully integrated into a building’s infrastructure.

About Waterlogic:
Waterlogic is a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers. Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor.
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Business services
2022
Financial advisory to
The deal:
Nordhaven’s Debt & Capital Advisory team provided financial advice to Kemijoki.

Kemijoki Oy is the most important producer of hydropower and regulating power in Finland.
2022
Advisor to
on the sale to
The deal:
Nordhaven advised Dunning, Kruger & Associates in the sale to The North Alliance
Nordhaven advised Finnish digital design, engineering and business consultancy firm Dunning, Kruger & Associates (DK&A) and its owners in the sale to The North Alliance (NoA) backed by Norvestor. DK&A becomes the founding partner of NoA Finland together with Bob the Robot that was also acquired by NoA in a parallel transaction.

DK&A's designers and engineers enable some of the most respected brands to deliver real value to their customers by shipping solutions that actually matter. The company’s clients include Deutsche Bahn, Kesko, Sector Alarm, OP and Wella. DK&A was founded in 2016 and employs 75 people in Helsinki (HQ), Oulu, Wrocław, Poland, and Germany.

NoA is a Scandinavian-born creative-tech player. NoA’s full range of capabilities cover all levels of strategic transformation and helps connect the entire customer journey through business consulting, advertising and communications, digital products and platforms, brand experiences and data-driven marketing. NoA was founded in 2014 and currently employs approx. 1200 people across Denmark, Sweden, Norway, Poland and now Finland. A fund managed by Norvestor invested into NoA in 2018.

With the help of Clairfield’s technology team, buyers were introduced from 12 countries.
Having already seen several similar M&A processes from the past my experience is that they rarely are enjoyable. Against all odds — this process with Nordhaven was. The process went exactly according to the original schedule. We had global reach of over 100 buyer candidates, which we downscaled for 25 best options and met all of them. Iconic global brands having lot of interest on our company. Among the candidates we were able to find the perfect business and culture fit – a buyer we wanted to sell our company to. What can a client say when expectations are exceeded, except “Hell yeah!”? We have nothing but respect for the Nordhaven team. They did their part better than we could even imagine”.
—  Tom Jacobsson, CEO of DK&A
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Business services
2022
Advisor to
on its EUR 77 million syndicated loan
The deal:
Nordhaven advised Pölkky on its EUR 77 million syndicated loan
Nordhaven advised Pölkky Oy on its 5-year EUR 77 million syndicated loan. EUR 18 million was used for refinancing the existing debt and the remaining EUR 59 million facilities amount is available for capital expenditure and working capital. Pölkky 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.

This financing enables us to execute our EUR 92 million investment program until 2024, in line with our strategy. We are very satisfied with both the outcome and Nordhaven’s excellent work”, says Petteri Virranniemi, CEO of Pölkky Oy. “Nordhaven’s team managed the whole process from planning to execution in a highly professional manner. I can highly recommend Nordhaven”, adds Tuomas Anttila, CFO of Pölkky Oy.
This financing enables us to execute our EUR 92 million investment program until 2024, in line with our strategy. We are very satisfied with both the outcome and Nordhaven’s excellent work. Nordhaven’s team managed the whole process from planning to execution in a highly professional manner. We can highly recommend Nordhaven.
—  Petteri Virranniemi, CEO of Pölkky Oy & Tuomas Anttila, CFO of Pölkky Oy
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Industrials services
2022
Advisor to
on the sale to
The deal:
Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel
Nordhaven advised the owners of Classic Pizza and Hangon Makaronitehdas in the sale to Restel.

Classic Pizza was founded in Hanko the in mid-1990s, whereas Hangon Makaronitehdas was established five years ago. The owners, Juha Toivanen and Merja Rahkola-Toivanen, developed and expanded the unique casual dining concepts to the main cities and ski resorts in Finland and as of today the chains have a total of 23 restaurants. The success of the chains is based on quality, superior ingredients, and service offered by committed employees. In 2019 (pre-COVID) combined revenue of the chains was approximately EUR 15 million.

Restel is a leading restaurant operator in Finland with more than 200 restaurants and approximately EUR 200 million revenue. Restel is owned by Tradeka. Restel’s target is to provide consumers quality experiences, and the acquisition is based on its strategy to grow through acquisitions, with a focus on strong brands.
We thank Nordhaven for a very well managed process. In addition to the excellent financial result, we are happy that the chains got a strong and responsible owner who is committed to the values of the businesses that the owners have developed almost 30 years.
—  Merja Rahkola-Toivanen, owner of Classic Pizza
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Consumer services
2021
Advisor to
on its EUR 39 million sustainability-linked loan
The deal:
Nordhaven advised Terra Patris on its EUR 39 million sustainability-linked loan
Nordhaven advised Terra Patris on refinancing its debt portfolio with a syndicated EUR 39 million sustainability-linked loan. The new 3-year loan facilities agreement with two one-year extension options includes the following sustainability targets:

• Share of renewable electricity out of Group’s total electricity consumption
• Group’s personnel’s average annual sick leave days

Terra Patris Oy is a Finnish family-owned company with subsidiaries in the leisure marine industry, construction equipment industry, contract manufacturing, and forestry industry.
Sustainability is increasingly important for our industrial clients and other stakeholders. Linking the loan margin to our sustainability targets gives us further incentives and discipline – we are happy to also have financiers as our sustainability stakeholders. Nordhaven’s advice from the project launch to final execution was highly value-adding, and we are grateful for their thorough support.
—  Turkka Hirvonen, CEO of Terra Patris group
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Industrials services
2021
Advisor to
on its divestment of its Voice and Contact Centre business units to
and
The deal:
Nordhaven advised Techstep in their divestment of its Voice and Contact Centre business units
Techstep Norway AS and Techstep Sweden AB (fully owned subsidiaries of Techstep ASA) have entered into an agreement to divest their Voice & Contact Center business units in Norway to Zisson AS, and in Sweden to Soluno Communications AB, respectively.

The Transaction is structured as an asset purchase with customary closing conditions, including the parties entering into transitional service agreements from the time of closing.

The transaction marks the fourth M&A transaction where Nordhaven has advised Techstep.

About Techstep ASA
Techstep is purpose-built to become a leading Managed Mobility Services provider. Techstep provides a complete Managed Mobility Services-offering that presents enterprises and their employees with access to efficient, secure, and value-creating mobile work solutions – wherever and whenever they choose to work. Customer benefits include reduced IT complexity and costs, improved employee capabilities and engagement, as well as increased productivity and sustainability. Techstep has more than 350 employees based in Norway, Sweden, Denmark and Poland, serving more than 2,000 customers across different industries and sectors.
This is part of the ongoing transformation of the company and a natural step on our journey towards becoming a leading provider of Managed Mobility Services based on our own software. By streamlining our product portfolio, we ensure a sharp focus and greater value for our customers.
—  Børge Astrup, Techstep CEO
2021
Advisor to
backed by
on the acquisition of
The deal:
Nordhaven advised 1881 Group / Kistefos in the acquisition of Tjenestetorget
1881 Group AS, backed by Kistefos, has signed an agreement to acquire Tjenestetorget AS with affiliates from ABBH AS. Tjenestetorget offers digital pricing comparison services towards customers and generates leads to companies in Norway and Denmark. The transaction strengthens 1881 Group’s position and strategy as the leading provider of directory services via internet. In 2021, Tjenestetorget is estimated to have a turnover of NOK ~110m.

The transaction marks another acquisition where Nordhaven has advised 1881 Group and Kistefos.

About 1881 Group
Norway's leading provider of personal and corporate information (phone numbers, addresses, real estate prices, company financials, etc) – both digital and traditional. Used weekly by more than 1.5-2.0 million Norwegians. Fully owned by the private investment company Kistefos. Revenue 2020 of NOK ~400m and EBITDA of NOK ~95m.

About Tjenestetorget
Tjenestetorget was founded in Norway in 2004 and consists of Tjenestetorget, Anbudstorget, Tjenestetorget Finans and Tjenestetorvet (Denmark). Tjenestetorget delivers leads comparisons on products and services. Since 2004, Tjenestetorget has supported more than 1 million users across Norway and Denmark, collaborating with 500+ suppliers.
“Our most important job is to provide information and help to the Norwegian population and companies. Tjenestetorget with affiliates are strong companies, which fit perfectly with our existing product offering. The interaction will broaden and strengthen our product offering to all our users. We have had strong growth in recent years. Getting 1881 on the team gives us bigger muscles and an incredible number of new opportunities. We are now part of a larger digital and highly innovative environment. We look forward to developing further together.
—  Asgeir Ohr, CEO of 1881 Group & Anders Wetting, CEO of Tjenestetorget
2021
Financial advisory to
The deal:
Nordhaven’s Debt & Capital Advisory team provided financial advice to Panostaja.

Panostaja is an investment company developing Finnish SMEs in the role of an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. Panostaja’s shares are quoted on the Nasdaq Helsinki Stock Exchange. In the 2020 financial year, the Group’s net sales totaled MEUR 159.
2021
Advisor to
on the sale to
The deal:
Nordhaven advised the shareholders of Greene in a sale to Norvestor backed VENI Energy Group
Nordhaven advised Greene and its shareholders in the sale of the company to VENI Energy Group which is backed by Nordic private equity investor Norvestor. Greene is one of the leading energy sourcing service providers in the Nordics, serving approximately 3,000 Finnish and Swedish SMEs with over 500 GWh of energy annually. In addition, the company provides services related to green energy sourcing and certificates.

Through the transaction, VENI Energy Group became the clear market leader in Finland and the transaction strengthened its strategic position in the Swedish markets. The combined entity has further capacity and capabilities to develop services for Greene’s customers.

VENI Energy Group is a leading Nordic player in energy services and sourcing, securing annually more than 8TWh of electricity for more than 40,000 corporate customers in Finland, Sweden and Norway. In addition to energy sourcing services VENI Energy Group offers protection against energy price volatility, energy invoice audits, energy management and smart metering services to property owners. VENI Energy Group has a sales level of approx. €100 million.
Our business model is complex, and the argumentation of our outlook is not the simplest. Nordhaven played very crucial role in helping the potential buyers to truly understand our business and its potential. In this case this was the largest contributor to the outstanding outcome of the sales process.
—  Matti Koskelo, Chairman and one of the owners of Greene
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Industrials services
2021
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The deal:
Nordhaven advised the fast growing SaaS company Moment in the sale to Monterro
Moment offers a tool for project management, time management, time log, resource planning, quality assurance, and invoicing. It has enjoyed a yearly growth of 50 percent for five consecutive years, and is expected to continue this trend going forward.

“We search for Nordic B2B software companies with potential to become global leaders in their niche, and we’re happy to have found Moment,” says Erik Syrén, partner at Monterro and future Chairman of the board of Moment. “We have a strong belief in the product and the people, and we look forward to working closely to develop the company.”

“Monterro stood out from the rest of the investors”, says Eivind Bøhn, CEO of Moment. “They don’t just offer their capital, but also their expertise. Monterro has extensive knowledge of the software industry — and adds valuable competence. We feel confident in our choice and that our partnership will push us forward and support our growth.”

Moment is well established, with loyal customers in the domestic market and in Iceland as well as in 15 other countries. Its clients include architecture firms, engineers and creative agencies, IT and consultancy businesses, and accounting firms. Moment plans to expand and grow outside Norway.

"Until now, Moment’s good reputation has given us a solid growth in Norway. Our ambition is to be the Nordic leader within a couple of years. We will grow organically or through add-on acquisitions. We’re now establishing a sales organization in Stockholm, and will build an extensive customer base in the Nordics. We’re already seeing the benefits of partnering with Monterro,” says Eivind Bøhn.

Since its founding ten years ago, Moment has focused on building a solution to its customers’ problems. Moment streamlines customers' operations by adding time and focus to core business and delivery items.

Eivind Bøhn continues: “By working closely with our customers, we’ve developed a product that simplifies our customers’ jobs. Our technology integrates with more than 50 systems, allowing users to move seamlessly between them. I’m proud of the good partnership and close co-operation we have with our customers — all of whom appreciate Moment.”

About Moment
Moment develops and offers a market leading software solution that enables users to get control of their projects and resources. Project management, time management, quality assurance, resource planning and invoicing exist in one, easy-to-use system. We let the data flow between the systems of choice and eliminate manual routines. Moment can be integrated with more than 50 systems, and the company works closely together with its customers to get an understanding of their needs and to improve the functionality. Moment’s vision is to be the preferred project management system in the world.

About Monterro
Monterro is a B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders and global players within their niches. The team has successfully developed and led companies such as Pointsec, Episerver, Orc Software, Palette, and Lime – and they bring this operational experience to the Monterro portfolio, supporting the companies in all aspects of growth.
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