Monthly Archives: December 2017

Altor to divest Norsk Gjenvinning to Summa Equity

Altor

Altor Fund III (“Altor”) has signed an agreement to divest Norsk Gjenvinning, Norway’s leading waste management company, to Summa Equity (“Summa”). Norsk Gjenvinning was acquired by Altor in 2011.

Norsk Gjenvinning is the leading Norwegian waste recycler and provides services for all types of waste, operating along the whole value chain from collection through processing/recycling to selected downstream solutions. In recent years, Norsk Gjenvinning has focused on continuous operational improvement and organizational development.

“It has been an exciting six years for Altor with Norsk Gjenvinning”, says Pål Stampe, partner at Altor Equity Partners and board member of Norsk Gjenvinning. “The company has seen significant changes during this period, driven by development of industrial processes across the waste management value chain. Over the last couple of years, we have seen these effects translate into strong earnings growth”.

Chairman of Norsk Gjenvinning, Ole Enger, has been an important contributor in driving operational improvements in the company. Enger will continue as chairman when Summa becomes new majority shareholder. “Summa Equity´s acquisition of the company is a recognition of the work all employees in the company has put in over the last years”, says Ole Enger. “I am impressed with the momentum in operational improvements; however, the work of industrializing the company is not over and needs continued focus. I look forward to being part of the journey going forward and ensuring continuity in the work ahead.“

“Norsk Gjenvinning has greatly benefited from being owned by Altor and we have had an exciting development together”, says Erik Osmundsen, CEO of Norsk Gjenvinning. “We are confident that Summa Equity will be a good owner of Norsk Gjenvinning and look forward to working with them to develop Norsk Gjenvinning further.”

The transaction is subject to customary regulations and approvals.

For more information, please contact:
Pål Stampe, Partner at Altor Equity Partners, +47 976 98 923
Tor Krusell, Head of Communication at Altor Equity Partners, +46 70 543 87 47
Erik Osmundsen, CEO of Norsk Gjenvinning, +47 915 47 885

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.6 billion in more than 40 companies. The investments have primarily been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Sbanken ASA, Carnegie Investment Bank, HellyHansen, SATS/Elixia, Rossignol and Spectrum. For more information, visit www.altor.com.

Norsk Gjenvinning
Norsk Gjenvinning (“NG”) is Norway’s leading waste management company, collecting about 1.8 million ton waste yearly. NG provides services for all types of waste and operates along the whole value chain from collection through processing/recycling to selected downstream solutions. NG has ca 40 facilities and employs about 1,200 people in Norway, Sweden, Denmark and UK. For more information, visit www.norskgjenvinning.no.

 

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Nordic Capital completes the sale of Luvata Group

Nordic Capital

Nordic Capital Funds V and VI (together “Nordic Capital”) announce that they have completed the sale of their North American Tubes operations, the final remaining operating units of Luvata Group, (“Luvata”), provider in metal solutions manufacturing and related engineering services. Nordic Capital completes the sale of Luvata Group Image

Nordic Capital acquired Luvata in 2005 from Outokumpu Oyj, and the Group has evolved from a fabrication-based business to a solutions-driven company, earning leadership positions in many of the industries it serves today. The sale of the North American Tubes operations to Waybill USA Inc., together with the divestments in the last 18 months of other Luvata divisions as separate entities to Mitsubishi Materials Corporation, Modine Manfacturing Company, and Zhejiang Hailiang Co. Ltd, completes the sale of Luvata Group.

The parties have agreed not to disclose the financial terms of the transaction.

 

Media contacts:

Elin Ljung, Director of Communications and Sustainability

Advisor to the Nordic Capital Funds

Tel: +46 8 440 50 50

e-mail: elin.ljung@nordiccapital.com

 

Nordic Capital

Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

 

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PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Hercules
PSW Group has been awarded a frame agreement for Capping & Containment with Spirit Energy Norway. The agreement has a firm duration of 1 year with 2 annual optional periods.
Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, began trading as an independent oil & gas operator earlier this December. By combining forces the company is now one of the largest independent E&P companies in North-West Europe with more than 70 exploration licenses across the continent.

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Under the new agreement, PSW Group will be responsible for the provision of a capping stack and related well control equipment, well incident team and emergency response services. The agreement may be applied to any license where Spirit Energy Norway is the operator. “We are very pleased to be awarded this contract as we have have strategically developed our capping stack services in response to industry demands, enabling us to provide a safe and efficient response to a well control incident”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is 24/7-365 maintained and operationally prepared at the PSW Subsea & Drilling base at Mongstad. With this strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Group will have the Arctic Capping Stack at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days

For futher information, please contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

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Eurazeo and Primavera Capital Group complete acquisition of Worldstrides

Eurazeo

Eurazeo, a leading global investment company listed in Paris, in partnership with Primavera Capital Group, a major China-based investment firm, has announced the completion of the acquisition of WorldStrides, a premier experiential education provider serving students of all ages. The partnership will accelerate WorldStrides’ global expansion and growth through program diversification and investment in sales and marketing, furthering the company’s 50+ year mission to ignite personal growth for students through educational travel and study abroad.

Eurazeo and Primavera Capital Group reached an agreement in November 2017 to purchase the company. Eurazeo’s total investment is $469 million, representing a majority equity stake of approximately 80%.

WorldStrides reported over $580m in Revenue and Adjusted EBITDA

1margin of 13% in the Fiscal Year ending June 30, 2017.

 

About WorldStrides

WorIdStrides, headquartered in Charlottesville, Va., is the largest educational student travel company and study abroad organization in the United States. The company was founded in 1967 to provide middle school travel programs to Washington, D.C., and has grown to provide educational programs for more than 400,000 students annually from more than 7,000 universities and K12 schools to over 100 countries around the world. The organization’s full suite of programs is tuned to learners at stages from elementary through post-graduate levels, and feature specializations like performing arts, sports and study abroad.

About Eurazeo

With a diversified portfolio of approximately ~€7 billion in assets under management, of which €1 billion is from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paolo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP -Reuters: EURA.PA 1

Reflects the cash collected for trips not yet departed and the approximate costs for those trips.

 

About Primavera Capital Group

Primavera Capital Group is a China-based investment management firm. Founded by Dr. Fred Hu, a renowned economist and prominent investor, and formerly a partner and Chairman of Greater China at Goldman Sachs Group, the firm’s investment team has over 30 outstanding professionals with global M&A and capital market experience, strong industry expertise, deep local knowledge, and a unique network of relationships with policy makers, leading CEOs and influential entrepreneurs. Primavera employs a flexible investment strategy of control/buy-outs, growth capital and cross-border transactions. Primavera’s investments capitalize on China’s emergence as the world’s biggest consumer market. The firm targets investments in the financial services, consumer, education, health care, and TMT sectors, where Primavera has significant expertise and experience. Primavera has built a high -quality portfolio consisting of leading companies in some of the world’s fastest – growing and most innovative industries.

 

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3i announces sale of ATESTEO generating a euro money multiple of 4.4x

3I

3i Group plc (“3i”) announces the sale of ATESTEO, an international drivetrain testing specialist, to IHO Holding GmbH & Co. KG (“IHO Holding”), holding company of the Schaeffler family. Proceeds to 3i are estimated to be €307m subject to closing adjustments, representing a euro money multiple of 4.4x. This compares to a valuation of €207m (£182m) at 30 September 2017.

Founded in 1986 and headquartered in Alsdorf near Aachen, Germany, ATESTEO is the world leader in independent drivetrain testing. It has about 800 employees and 135 testing benches in Germany, Japan, China and North America. Based on cutting-edge testing technology, the company offers a cost efficient alternative to in-house durability testing for automotive OEMs and their suppliers. Its customers include virtually all the leading OEMs and transmission manufacturers.

In 2013, 3i invested in ATESTEO in an all equity deal. Since then, the company has delivered a number of growth initiatives and improvements to its systems and processes, leading to operational and financial out-performance. It has transitioned from a founder-owned business to a world leader in global testing services with a clear competitive advantage in lab-based testing. Its EBITDA has more than doubled, and it has seen a 30% increase in testing capacity. Over the course of 3i’s ownership, the business has been refinanced twice, and has invested €45m in capex for growth.

In 2017, ATESTEO made two strategic acquisitions to expand its testing services portfolio. The acquisition of TÜV SÜD’s Engine/Drivetrain Technology and Components Testing division increased group capacity by 10%, whilst the acquisition of straesser expanded the company’s offering in the field of road testing. ATESTEO has also expanded in the high growth Chinese market, doubling its capacity there since 2013 with an increase in its number of testing benches from 10 to 20.

Ulf von Haacke, Partner & Head of Industrial at 3i Germany, commented:

“During our investment period, ATESTEO has cemented its leading market position in the independent drivetrain testing space and has increased its exposure to hybrid and electric vehicle technologies. Today, the company is well positioned to lead the way in testing the quality of increasingly electrified and autonomous automotive technology. We would like to thank Wolfgang Schmitz and his team for their commitment, and we wish them well in the future.”

Wolfgang Schmitz, Chairman of the Management Board of ATESTEO, added:

“The 3i team has been a huge support in helping us to advance our international expansion and expand our footprint into growth markets such as China. We look forward to working with IHO Holding, who will enable us to further develop our offering and navigate the rapid changes taking place in the sector.”

– ENDS –

Download this press release  

For further information, contact:

3i Group plc
Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

 

Notes to editors:

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.

About ATESTEO

ATESTEO GmbH, headquartered in Alsdorf, is the worldwide leading independent service provider for drivetrain testing with about 800 employees and 135 drivetrain testing test benches in Germany and China. Its customers include virtually all automotive and transmission manufacturers. The company offers quality assurance through efficient endurance tests and functional tests of manual and automatic transmissions, differentials, as well as hybrid and electric powertrains.

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OpenSolution teams up with Finnpos

ik-investment-partners

OpenSolution, a leading Nordic payment solution provider owned by IK Small Cap I Fund, has reached an agreement to acquire Finnpos, an electronic payment solutions company based in Finland. Terms of the transaction were not disclosed.

OpenSolution offers a full service product and software portfolio to its client base, including restaurants, casinos and arenas. The company covers the entire value chain of payment solutions, making it a single point of contact for over 8,000 customers throughout Scandinavia. The acquisition of Finnpos extends OpenSolution’s geographic reach and bolsters the company’s position as a key player in the Nordic region.

Finnpos is a leading payments solution provider for restaurants and petrol stations in Finland, generating sales of approximately €10m. The company has major and local oil companies chains as well as both larger and smaller restaurants as customers. It has 64 employees and is headquartered in Tampere, Finland and with a sales office in Helsinki.

Combined sales of the group will be above MEUR 30 (2017).

Christian Johansson, CEO and founder of OpenSolution, said: “Through the acquisition of Finnpos, OpenSolution will become a true Nordic player and market leader within our chosen verticals. Their product portfolio will undoubtedly add to the company’s capabilities, and we are looking forward to working closely with Markku and the Finnpos team.”

Markku Piippo, CEO of Finnpos, said: “Joining forces with OpenSolution allows us to expand our services to our Nordic customers in Finland and throughout the market. With our combined product portfolios and our joint capabilities in product development, we become a stronger partner to our customers. We are truly excited about this opportunity.”

For further questions:

Christian Johansson
CEO, OpenSolution
+46 703 188530
christian.johansson@opensolution.se

Markku Piippo
Current CEO, Finnpos Systems
+358 40 5068700
markku.piippo@finnpos.fi

About OpenSolution
OpenSolution is a leading Nordic payment solution provider. By controlling the development of unique and innovative payment software OpenSolution is a preferred full service partner to numerous leading actors within the Nordic markets. References include arenas, transportation companies, aviation groups, Guide Michelin restaurants, leading casinos and many more. For more information, visit www.opensolution.se

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Nordstjernan to invest in Mama Mia

logo

Nordstjernan is expanding in the health and medical care sector by acquiring a majority of the shares in Barnmorskegruppen MAMA MIA Aktiebolag (“Mama Mia”) as an add-on acquisition for Lideta Hälsovård (“Lideta”). The sellers, the Wahlström family, will become partners in the company that will consist of both Lideta’s and Mama Mia’s operations. The current CEO of Lideta, Hugo Lewné, will continue as CEO of the group. At the same time, Mama Mia’s CEO Eva Laurin will become part of Lideta’s management team.

Mama Mia provides maternity and child health care services at seven clinics in Stockholm and Malmö, and primary health care at two clinics in Stockholm under the brand To Care. The company, founded in 1988 by Christina Wahlström, has grown rapidly over the last few years and with a little over 170 employees, its annual sales for the previous fiscal year were just under SEK 200 million. With this acquisition, Lideta is strengthening its position in maternity and child health care services, as well as in primary health care.

Tomas Billing, CEO of Nordstjernan, says:
“We look very positive at Mama Mia’s business and brand. Nordstjernan’s ambition is to develop a high-quality company in Swedish health and medical care over several years.”

Eva Laurin, CEO of Mama Mia, says:
“We are very pleased to have Nordstjernan as majority shareholder in Mama Mia. Our family looks forward to continuing to develop the company together with Nordstjernan and Lideta.”

The parties have agreed not to publish the terms of the transaction.

Tomas Billing
President and CEO
Nordstjernan AB

Questions will be answered by:

Tomas Billing, CEO, Nordstjernan
Telephone: +46 8 788 50 18
E-mail: tomas.billing@nordstjernan.se

Hugo Lewné, CEO, Lideta Hälsovård
Telephone: +46 42 453 04 90
E-mail: hugo@lideta.se

Eva Laurin, CEO, Mama Mia
Telephone: + 46 707 70 00 29
E-mail: eva.laurin@mamamia.se

Nordstjernan is a family-controlled investment company that creates growth in value through long-term and active ownership of Nordic companies. More information about Nordstjernan is available at www.nordstjernan.se 

Lideta Hälsovård is a medical care company that engages in primary care in Stockholm and southern Sweden. More information about Lideta is available at www.lideta.se 

Mama Mia provides maternity health care, child health care, and primary health care services in Stockholm and Malmö. More information about Mama Mia is available at www.mamamia.se

 

 

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NPM Capital completes Abird growth phase

NPM Capital

On 20 December 2017, Boels Rental acquired NPM Capital’s Abird stock. Abird is starting a new growth phase as a specialized division under the wings of the larger rental company.

NPM Capital came on board in 2007 and, as major shareholder, has guided Abird’s professionalization and expansion to national coverage. In the past ten years, Abird has made four acquisitions in order to strengthen its position. According to Director Michel Hogervorst, the company is now ready for the next growth phase, in which it also wants to expand into surrounding European countries.

High quality services
Abird is specialized in the rental, sale and maintenance of industrial tools, welding equipment, lifting and hoisting equipment and air-, light- and power supply. It supplies products and services to a wide range of customers in the petrochemical industry, shipbuilding and heavy contracting. The service is focused on continuity of production for its clients and ensuring safety and quality and is therefore available round the clock. Abird develops bespoke solutions, and in addition to supplying equipment it also offers consumables and accessories and, if desired, it can provide in-house IT solutions.

The specialized nature of these activities are complementary to those of Boels Rental. With 400 branches, Boels is active throughout Europe in the rental of machines and tools. It has a number of specialized units and branches, which do not cover the area that Abird operates in. Abird will operate as an independent division of Boels Rental, under the supervision of Director Michel Hogervorst. The takeover has no consequences for employment, which is expected to grow further as a result of Abird’s planned expansion.

Managing Director of NPM Capital, Rutger Ruigrok reflects with satisfaction on Abird’s development over the past decade. “We have been involved in an impressive process of professionalization, which has seen Abird, through further specialization and broadening of its range of service, significantly strengthen its distinctive position in the market and expand on a national scale. A much larger generalist like Boels recognizes the potential of this position and can help Abird strike out into Europe.”

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Herkules IV acquires Eterni Gruppen AS

Hercules Capital

Herkules Private Equity Fund IV has acquired a majority share of Eterni Gruppen AS. Eterni is one of Norway’s leading temporary staffing service companies.
Herkules Fund IV has entered into an agreement to acquire the majority of the shares of Eterni Gruppen AS. The management will re-invest and retain a minority stake in the company. The closing of the transaction took place on 20 December 2017.

Founded in 2011 by Rune Myrseth, Eterni is one of the leading temporary staffing service companies in Norway. Over the past 5 years, Eterni has taken significant market shares and in 2016, the company was ranked the 6th largest staffing service company in Norway. The company is headquartered in Bergen, Norway, with additional sales offices in Oslo and Trondheim, and sourcing offices in Poland, Lithuania and Slovakia. Eterni has 37 employees and approximately 800 temporary workers on contract for clients. Eterni mainly serves two key industry verticals; the construction industry and the fish and food processing industry. Eterni’s management team has long experience from the industry and has established a highly commercial corporate culture. Eterni had revenues of NOK 355 million and an EBITA of NOK 22 million in 2016.

“Eterni is one of the leading providers of temporary staffing services in Norway. Together with the management team and all the employees we believe there is great potential to continue growing the business.” says Gaute Gillebo, partner at Herkules Capital.

For further information about Eterni, please visit http://www.eterni.no/

 

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Verdane VIII portfolio company Jupiter Bach has been elected Gazelle 2017 by Danish newspaper Borsen

Verdane Capital

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Jupiter Bach – Gazelle 2017

We are very proud to inform that Jupiter Bach has been awarded Gazelle 2017 by Borsen, the leading financial Magazine in Denmark. This is not something we have applied for, but a recognition we get as we have doubled the company’s revenue or result within a four year period.

More specifically Borsen is stating that “A Gazelle company has within 4 financial years had positive growth and has doubled the revenue or result. These are tough requirements – and it is impressive that you have been able to meet them. Gazelle companies daily defy challenges like low growth, demographic headwind, disruption and having to attract qualified manpower, but they are still able to create success. They generate new employment and progress, and add value for their owners and for the local community which they are a part of.

The award was given at a Boersen award event November 30 at Sonnerupgaard Gods in Hvalsoe, Denmark. Representatives from management and employees participated in the prestigious event.

Our election as Gazelle 2017 bears witness to our growth and positive development within the last 4 years.

We would like to express our gratitude to our loyal customers and devoted team of employees, who have all contributed to this development.

We will continue to work hard to continue this growth journey together with you, and remain

devoted to wind!

 

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