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Nordic Capital builds on its existing Healthcare sector track record with further expansion into US market

Nordic Capital

and announces latest investment in US-based provider of life sciences software

The Advisor to the Nordic Capital Funds announces its further expansion into the US, building on Nordic Capital’s reputation as a leading investor in global healthcare and already established track record in the US market. After ten years of Nordic Capital successfully investing in the US healthcare space, the Advisor to the Nordic Capital Funds will open new offices in New York during the Autumn of 2019. The initiative is led by Dr Raj Shah M.D, Partner and Co-Head of Healthcare. Thomas Vetander, Partner and an experienced member of the Healthcare team will relocate from Stockholm to New York later this year.

Nordic Capital is one of the most active and experienced investors in healthcare globally and enjoys a long track-record of investing in US-based healthcare companies and building industry leaders. Since inception in 1989, Nordic Capital has invested over EUR 5.4 billion in healthcare companies, of which c. EUR 1.4 billion has been invested into US-based healthcare companies.

Dr Raj Shah M.D, Partner at the Advisor to the Nordic Capital Funds, said: “The US is a key global market for healthcare companies and offers opportunities that are consistent with Nordic Capital’s healthcare investment strategy for both new investments as well as existing portfolio companies. Nordic Capital has been investing in the US healthcare market for many years and establishing an advisory office in the US for healthcare is a natural evolution. We look forward to building on Nordic Capital’s thirty-year track record in global healthcare investment.”

Thomas Vetander, Partner at the Advisor to the Nordic Capital Funds, added: “Nordic Capital favours segments that are well placed to achieve long term growth driven by favourable sector trends such as changing population demographics, continued technological and scientific innovation, and public and private cost pressures. Nordic Capital looks to partner with businesses where it can bring a powerful combination of capital and strong operational skills to accelerate growth and support positive transformative change.”

Nordic Capital Fund IX’s latest investment is US-based ArisGlobal, a leading global provider of life sciences software that is transforming the way today’s most successful life sciences companies develop medical breakthroughs and bring new drugs to market. In January 2019 Nordic Capital Fund IX acquired Orchid Orthopedic Solutions, a world leader in design and manufacture of orthopaedic implants based in Holt, Michigan. Another US based portfolio company is ERT, a Nordic Capital Fund VIII investment, which is a Pennsylvania-based data and technology company offering solutions to minimise risk and uncertainty for its customers’ clinical trials.

To date, Nordic Capital has invested a total of EUR 14 billion, of which approx. 40% has been deployed in healthcare globally.

Footnote: “Nordic Capital” or the “Nordic Capital Funds” refers to any, or all, Nordic Capital branded or associated funds or investment vehicles and their respective management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as the Advisor to the Nordic Capital Funds.

Media contacts:

Nordic Capital

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com


About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial Goods & Services and Consumer. Key regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey. They are advised by several advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which is referred to as the Advisor to the Nordic Capital Funds. For further information about Nordic Capital, please visit www.nordiccapital.com

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Nordic Capital acquires ArisGlobal, a leading global provider of life sciences software

Nordic Capital

  • As a leading healthcare and technology investor, Nordic Capital will further support and accelerate ArisGlobal’s growth

Nordic Capital Fund IX today announced an agreement to acquire US-headquartered ArisGlobal, a leading global provider of innovative SaaS software solutions, which are transforming the way the most successful life sciences companies handle drug safety, clinical development, regulatory compliance, and medical affairs. Drawing on its deep understanding of both the healthcare and technology sectors, Nordic Capital will support ArisGlobal’s continued development. The founders of ArisGlobal will remain as minority shareholders.   

ArisGlobal is a visionary technology company that has successfully developed a next-generation platform that uses advanced cognitive computing and machine learning to automate all core functions of drug safety, regulatory compliance and medical affairs. Currently, more than 200 life sciences companies such as AstraZeneca, NovoNordisk, Merck and Novartis, CROs and government health authorities, as well as 40 of the top 50 global biopharmaceutical companies, rely on ArisGlobal’s solutions. Benefiting from deep expertise, longstanding customer relationships and a 30-year track record, ArisGlobal assists clients in maintaining regulatory compliance, managing and mitigating risk, and improving operational efficiency.

ArisGlobal is headquartered in Miami, FL, USA, with regional offices in Europe, India, Japan and China. It has 1,200 employees globally and c. USD 100 million of annual revenues. In recent years, ArisGlobal has invested in transforming its traditional on-premise offering to a hosted solution sold through a SaaS model.

“This transaction is representative of our rapid growth in the global life sciences industry, which is further proven by the adoption of our LifeSphere platform by the U.S. FDA. We look forward to partnering with Nordic Capital to leverage our common vision, values and combined talents to offer the most innovative technology platform to the life science industry. Nordic Capital has extensive experience in the pharma IT market from previous investments, and a proven track-record building strong teams which can further accelerate ArisGlobal’s growth. Nordic Capital also has a long track-record of partnerships with founding families and is well positioned to support our continued growth over the years to come,” says Deepak Abbhi, Founder and Chairman of the Board of ArisGlobal.

“We are now embarking on a new chapter that will accelerate our ability to achieve our mission. Our unwavering focus on our customers’ needs will continue to be the core of who we are as a company. It drives the development of our LifeSphere platform. It fuels our passion for becoming the premier innovative technology company in the world. We share a closely aligned vision with Nordic Capital for the future of the industry and this partnership gives us immediate access to deep resources and expert guidance that will help us in our journey. I am more excited than ever about the future,” says Sankesh Abbhi, President and CEO of ArisGlobal.

“This investment lies at the heart of Nordic Capital’s investment strategy as a leading healthcare and technology investor. We have followed the pharmacovigilance market closely for several years and know the industry well. ArisGlobal has a top-quality management team and its success is based on its commitment to develop leading and innovative cloud-based software that help organisations maintain regulatory compliance, manage and mitigate risk, and improve operational efficiency. ArisGlobal’s SaaS native software is becoming the preferred choice for life sciences companies because it enables them to quickly implement cost-effective solutions for drug safety reporting, regulatory compliance, and medical affairs,” says Daniel Berglund, Principal at the Advisor to the Nordic Capital Funds.

“The US is a key global market for healthcare companies and offers opportunities that are consistent with Nordic Capital’s investment strategy. ArisGlobal is a company that fits well within the portfolio and is well placed to achieve long term growth driven by favourable sector trends such as continued technological and scientific innovation, serving an attractive innovation driven customer base. We look forward to partnering with ArisGlobal where Nordic Capital can deploy its unique combination of capital and strong operational skills to accelerate growth and support positive transformative change.” says Dr Raj Shah, Partner, Co-Head of Healthcare at the Advisor to the Nordic Capital Funds.

The parties have agreed to not disclose any financial details. The transaction is subject to customary regulatory approvals.

Since inception in 1989, Nordic Capital has made 28 healthcare platform investments across Europe and North America and an additional 14 investments in the Technology & Payments sector, supporting active value creation agendas to build industry winners. Previous investments in the US include ERT, a leading provider of high-quality patient safety and efficacy endpoint data collection solutions for use in clinical drug development, and Orchid Orthopedics Solutions, a leader in the design and manufacture of implants to the global orthopaedic market.

The investment in ArisGlobal coincides with the Advisor to the Nordic Capital Funds expanding into the US, where it will open a permanent office in New York during the Autumnof 2019, building on Nordic Capital’s reputation as a leading investor in global healthcare and already established track record in the US market.

Footnote: “Nordic Capital” or “Nordic Capital Funds” refers to any, or all, Nordic Capital branded or associated funds or investments vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as the Advisor to the Nordic Capital Funds.

 

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager,
The Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

ArisGlobal

Sam Stein, VP, Marketing & Commercial Strategy
Tel: +1-786-814-0365
e-mail: sstein@arisglobal.com


About ArisGlobal

ArisGlobal is a visionary technology company that’s transforming the way today’s most successful life sciences companies develop breakthroughs and bring new products to market. ArisGlobal’s LifeSphere® drug development platform integrates cognitive computing technologies to automate the core functions of the product lifecycle. Designed with deep expertise and a long-term perspective that spans more than 30 years, the LifeSphere platform delivers actionable insights, boosts efficiency, ensures compliance, and lowers total cost of ownership through a multi-tenant SaaS model. ArisGlobal is headquartered in Miami, Florida, USA, with regional offices in Europe, India, Japan and China.  For more information about ArisGlobal, please visit www.arisglobal.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial Goods & Services and Consumer. Key regions are the Nordics, Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 14 billion in over 100 investments. The most recent fund is Nordic Capital Fund IX with EUR 4.3 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds and vehicles are based in Jersey. They are advised by several advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as the Advisor to the Nordic Capital Funds. For further information about Nordic Capital, please visit www.nordiccapital.com

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H.I.G. Europe to Acquire Polyurethane Systems Business from Covestro

H.I.G. Europe

HAMBURG – June 17, 2019 – H.I.G. Capital, LLC (“H.I.G.”), a leading global private equity investment firm with over €26 billion of equity capital under management, is pleased to announce that an affiliate has signed a definitive agreement to acquire the European Polyurethane Systems Business (the “Company”) in a carve-out transaction from Covestro AG. The transaction is subject to clearing by the relevant antitrust authorities with closing anticipated for the second half of 2019.

The European Polyurethane Systems Business operates four systems houses in Germany, Denmark, the Netherlands and Spain. It employs approximately 250 full-time employees and generates annual sales of approximately €230 million. Systems houses develop and formulate tailor-made ready-to-use chemical blends for the production of a wide range of polyurethane products such as insulation materials, foams, shoe soles, and building materials. The Company serves a wide range of small- and mid-sized customers across Europe and will be led by Dr. Jörg Schottek, an experienced executive in the chemical industry.

“Tailor-made polyurethane solutions are used in a wide range of applications across a large number of industries. Systems houses offer vital value-add to customers by providing product development, technical support and supply chain services. Polyurethanes are highly versatile materials and new applications are constantly being developed, which provides further demand for the services the Company offers,” said Dr. Johannes Natterer, Managing Director at H.I.G.

“Following the carve-out from Covestro, the Company will be a leading independent polyurethane systems business in Europe and we aim to further expand its pan-European footprint organically and through add-on acquisitions,” Dr. Holger Kleingarn, Managing Director at H.I.G., commented. “The business will continue to have strong ties with Covestro as a key supplier of raw materials. We are pleased that with Dr. Jörg Schottek, we have attracted a highly experienced CEO in the chemical industry to run the business.”

Dr. Jörg Schottek added: “The polyurethane systems business of Covestro is known for providing innovative solutions and market-leading services to clients across Europe. As an independent company, we will build on this position and will continue to strive for product excellence, flexibility and impeccable customer service. I look forward to working together with the Company’s experienced and successful management team.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused / value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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Priveq – new growth partner for Parfym.se

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Priveq

Parfym Sverige AB (“Parfym.se”), one of the largest online players within beauty in the Nordics, has chosen to incorporate Priveq Investment (“Priveq”) as a new growth partner. The founder and the current CEO will continue to be a part of the ownership group.

Parfym.se was founded in 2005 as an online challenger to traditional perfumeries. Today Parfym.se is one of the largest beauty e-tailers with three websites and operation in Sweden and Finland. The company offers a complete assortment within beauty – hair care, makeup, skincare and fragrances, with a brand portfolio including both strong international and local brands in different price segments.

“We are very pleased to team up with Parfym.se and contribute to the company’s continued growth journey. We have followed the company for a long time and are impressed by its strong market position and how it since the start of the company has managed to balance high growth with double digit profit margins in a highly competitive segment” says Maria Perez Hultström, Investment Manager at Priveq.

”Our team is looking forward to have Priveq as our partner – strengthening our continued development We are convinced that Priveq with its broad competence will contribute going forward and we are looking forward to an exciting future together” says Darko Drašković, CEO at Parfym.se.

“As founder of Parfym.se, I am pleased to bring in Priveq as partner. I am looking forward to, together with Priveq, continue the development that Parfym.se has had up until today” says Per Ejerhed, founder and former majority owner of Parfym.se.

For further information, please contact:

Maria Perez Hultström, Investment Manager, Priveq
Tel: +46 (0)70 928 01 42
maria.hultstrom@priveq.se

About Parfym.se
Parfym.se is a Nordic online player within beauty offering a complete assortment with over 200 established brands in different price segments. The company was founded in 2005 in Sweden and has since expanded to Finland and has become a favorite among the customers. Parfym.se operates three websites targeting different customer segments and has a turnover exceeding SEK 200m. The head office is located in Stockholm, Sweden.

Visit www.parfym.se for more information.

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AURELIUS portfolio company Hellanor AS renamed NDS Group – Nordic Distribution and Service Group

Aurelius Capital

  • New branding marks important milestone in the modernization of the company
  • Aspiration to be a Nordic one-stop-shop with highest customer orientation

Munich, 12 June 2019 – Hellanor AS, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8), will be renamed NDS Group after its carve-out from the Hella Group. The rebranding of the Norwegian automotive aftermarket wholesaler taken over by AURELIUS in December 2018 marks an important milestone in the complete renewal and modernization of the company. The rebranding will be completed by early August 2019. All services and deliveries will continue unchanged during this period.

“Our customers become best in their business”, is the core vision and stands for the high customer orientation of the wholesale solution & service provider. Janno Gröne, CEO of NDS Group: “The NDS Group will be a reliable and professional partner helping its customers to be ready for the future. In September 2019 we will launch a specialized ERP system for Automotive Workshops, which demonstrates our position as an innovative solution provider in the technical distribution space. It is our mission to grow a sustainable and innovative business to the benefit of all partners. As a fast and agile company with passionate employees we will help of customers be the best and create high customer value in the Nordic region.”

After the carve-out from the Hella Group the company has been streamlined and turned into a dynamic stand-alone business. The comprehensive development and investment plan includes the launch of a new B2B order platform, a CRM system and the modernization of the logistic set-up. NDS is launching a private label range and established its own sourcing platform in Far- East. The workshop equipment division “Automateriell” has expanded into the Heavy-Duty sector winning one of the biggest contracts in the market.

ABOUT NDS

NDS is the second largest automotive aftermarket wholesaler in Norway, with its headquartered in Skytta near Oslo. NDS supplies its customers, typically automotive workshops, car dealerships and local wholesalers, with spare parts from its central warehouse in Skytta as well as from 19 branches across the country. In addition, NDS offers workshop franchise concepts to its clients under its own AutoMester brand as well as for third-party concepts such as Bosch Car Service. Within its AutoMateriell business segment NDS supplies workshop equipment of leading equipment OEMs such as John Bean and MAHA.

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Bure acquires 24.4% of ScandiNova Systems AB

Bure

Bure has entered into agreements with the intention of acquiring 24.4% of the shares in ScandiNova Systems AB (“ScandiNova”) by way of rights issue and acquisition of shares from Industrifonden and SEB Venture Capital. Bure will also offer to acquire shares from other existing shareholders which could increase Bure’s ownership. The transaction is conditional upon approval of the rights issue at ScandiNova’s EGM.

ScandiNova is a world leader in the development and production of Pulsed Power Systems with high power levels (also known as modulators). The company’s products are among others used for linear accelerators in radiotherapy (cancer treatment), science applications and in industrial applications such as cargo scanning. ScandiNovas headquarter and production is in Uppsala and the company has circa 70 employees. The company exports to over 40 countries mainly in Europe, North America and Asia.

”We have followed ScandiNova for a long time and see opportunity in being part of taking the company to the next level. ScandiNova has developed a world leading technology for pulsed modulators which they have successfully commercialized for medical and industrial applications. ScandiNova has a unique position towards customers in radiotherapy for cancer treatment which is a very exciting market” says Henrik Blomquist, CEO of Bure.

“We welcome Bure as an owner in ScandiNova and are looking forward to a long-term cooperation in our continued growth journey. Bure has shown that they are good owners of technologically intensive companies and their experience will contribute to a good development of the company” says Fredrik Mella, CEO of ScandiNova.

The holding in ScandiNova will be reported in Bure Growth, which is a wholly-owned subsidiary of Bure that invests in growth companies.

In connection with the transaction Bure will be represented on the board of ScandiNova.

Bure Equity AB (publ)

Contact at Bure:

Henrik Blomquist, CEO
Tel. +46 (0)8 614 00 20

This information is information that Bure Equity AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14.30 CET on 11th June 2019.

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EQT to sell Press Ganey

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eqt

  • EQT VII to sell Press Ganey, a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US, to a consortium of funds managed by affiliates of Ares Management Corporation, Leonard Green & Partners, and other co-investors
  • During EQT’s ownership, Press Ganey has enhanced its position as the key thought leader and partner to US healthcare organizations in helping them transform care and achieve improved financial, operational and clinical performance
  • The sale of Press Ganey marks the first portfolio company exit by EQT’s US Private Equity strategy

The EQT VII fund (“EQT” or “EQT VII”) has entered into an agreement to sell Press Ganey (“the Company”) to a consortium of funds managed by Leonard Green & Partners, L.P. (“LGP”), affiliates of Ares Management Corporation (NYSE: ARES), and other co-investors.

Press Ganey is a leading provider of safety, quality, patient experience and workforce engagement solutions for healthcare organizations in the US. The Company serves over 41,000 healthcare facilities, more than 75% of US acute care hospitals and over 2,500 outpatient facilities. EQT VII acquired Press Ganey in a public-to-private transaction in 2016, marking EQT VII’s first direct investment in North America.

Together with the management team, EQT has supported Press Ganey in its journey to transform healthcare through measurement, integrated analytics, and advisory services. During EQT’s ownership, Press Ganey grew revenue organically and completed multiple strategic acquisitions, strengthening Press Ganey’s position in the US healthcare market. With EQT’s support, Press Ganey introduced its integrated suite of transformational solutions and developed PGO 2.0, the Company’s next generation digital platform, enabling cross domain analytics across the continuum of care.

Pat Ryan, Executive Chairman of Press Ganey, said: “The team at Press Ganey has been fortunate to have a fantastic partnership with EQT, and they have played a critical role in our success. We will always be appreciative of their vision, insight and friendship. We look forward to working with our new partners at Ares and LGP as we continue on our successful growth journey and further our mission to reduce patient suffering.”

Eric Liu, Partner at EQT Partners and Investment Advisor to EQT VII, said: “Press Ganey plays an integral role in the US healthcare system and we have been proud to support its mission of delivering safe, high quality care for patients, and supporting the caregivers that serve them. It has been a pleasure to partner with the management team, which has done a fantastic job in continuing to advance thought leadership and product innovation across the industry.”

The transaction is subject to customary approvals and is expected to close in the third quarter of 2019.

Barclays and Goldman Sachs acted as joint financial advisors and Simpson Thacher & Bartlett acted as legal advisor to EQT and Press Ganey.

Contact
Eric Liu, Partner at EQT Partners, Investment Advisor to EQT VII, +1 917 281 0850
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Press Ganey
Recognized as a leader in performance improvement for nearly 30 years, Press Ganey partners with more than 41,000 healthcare facilities worldwide to create and sustain high-performing organizations, and, ultimately, improve the overall healthcare experience. The company offers a comprehensive portfolio of solutions to help clients operate efficiently, improve quality, increase market share and optimize reimbursement. Press Ganey works with clients from across the continuum of care – hospitals, medical practices, home care agencies and other providers.

More info: www.pressganey.com

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EQT Mid Market sells IP-Only to EQT Infrastructure

eqt

  • EQT Mid Market sells IP-Only, a Swedish high-growth fiber infrastructure provider, to EQT Infrastructure
  • During EQT Mid Market’s ownership, IP-Only has accelerated the transformation of the communication infrastructure landscape in Sweden and increased the fiber deployment pace to support the Swedish Government’s 2025 broadband targets
  • IP-Only has installed fiber connections to more than 200,000 households across Sweden, tripled the employee base and increased revenues and EBITDA by more than four and five times respectively

The EQT Mid Market and EQT Mid Market Europe funds (together “EQT Mid Market”) have agreed to sell IP-Only (or “the Company”), a Swedish high-growth fiber infrastructure provider for data communications, to the EQT Infrastructure IV fund (or “EQT Infrastructure”). The enterprise value amounts to SEK 18,250 million (EUR 1,7 billion) plus an earn-out of up to SEK 1,000 million (EUR 94 million). The transaction was signed following a competitive auction process with both industry and financial buyers.

EQT Mid Market acquired IP-Only in 2013 when the Company was a focused wholesale and enterprises data communications supplier. Today, IP-Only is a leading provider of mission critical fiber infrastructure, serving both the B2B and B2C segments with a high-capacity, nationwide network and connectivity to the other Nordic countries. From 2013 to 2018, the Company’s revenues increased with a yearly average of 34 percent, from SEK 452 million (EUR 42 million) to SEK 1,940 million (EUR 182 million) and adjusted EBITDA with a yearly average of 39 percent, increased from SEK 180 million (EUR 17 million) to SEK 930 million (EUR 87 million).

During EQT Mid Market’s ownership period, IP-Only has invested some SEK 9 billion (EUR 845 million) to expand its network and execute an ambitious consolidation strategy, including 15 private add-on acquisitions and two buy-outs from Stockholm Stock Exchange. In 2014, IP-Only launched a Fiber-to-the-home (“FTTH”) offering to meet the increasing demand for high-speed internet for households in Sweden. The Company has consequently played an important role in building the digital infrastructure for a connected society able to reach the Sustainable Development Goals. Today, IP-Only is the second largest fiber infrastructure provider in the Swedish FTTH market and the operator with most focus on the rural parts of Sweden.

Frida Westerberg, CEO of IP-Only, commented: “Together with EQT Mid Market, IP-Only has transformed from a local enterprise data communications provider, to a pan-Nordic, B2B and B2C provider of mission critical fiber infrastructure. IP-Only has taken a leading role to contribute to the Swedish Government’s broadband targets, meaning that 98 percent of the Swedish population will have broadband access by the end of 2025. We remain committed to execute on this mission and we now look forward to continuing our growth journey with EQT Infrastructure, leveraging on its deep industry knowledge and solid track-record from developing strong fiber assets.”

Johan Dettel, Partner at EQT Partners and Investment Advisor to EQT Mid Market, commented: “EQT Mid Market is proud of IP-Only’s development journey over the past six years, as they have transformed the fixed telecom infrastructure landscape in Sweden. We are impressed with what has been achieved under the leadership of Frida Westerberg and her team and IP-Only is now well-positioned to take the development to the next level. The Company plays a critical role in the digitalization of Sweden, also including its more rural parts, which is a prerequisite to enable digital inclusion, social progress and sustainable economic growth. IP-Only is an impactful company and defines what private equity is all about by combining investments and risks with significant contribution to the development of society.”

The transaction is expected to close in June 2019.

J.P. Morgan and SEB acted as financial advisors and White & Case as legal advisor to EQT Mid Market.

Contact
Johan Dettel, Partner at EQT Partners and Investment Advisor to EQT Mid Market, +46 8 506 55 350
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About IP-Only
IP-Only is a leading independent provider of fiber-based data communication and datacenter services in Sweden. IP-Only owns and operates a high-capacity fiber network linking the Nordic capitals as well as Sweden’s second and third largest cities Gothenburg and Malmo.

More info: www.ip-only.se

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H.I.G. Capital Closes $1.5 Billion* Bayside Loan Opportunity Fund

H.I.G. Europe

MIAMI – June 18, 2019 – H.I.G. Bayside Capital, the distressed debt and special situation affiliate of H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with over $31 billion of equity capital under management,** announced the final closing of H.I.G. Bayside Loan Opportunity Fund V (Europe) (the “Fund”). The Fund closed with aggregate capital commitments of $1.5 billion,* exceeding its target. The Fund will continue H.I.G.’s successful investment strategy of focusing on investments in small-cap, special situation credit opportunities in Europe. With offices in London, Hamburg, Madrid, Milan and Paris, H.I.G. Capital believes it has the largest platform in Europe focusing on investing in the lower end of the capital markets.

Sami Mnaymneh and Tony Tamer, Co-CEOs of H.I.G., commented: “We are delighted with the strong response by our limited partners, which reflects their confidence in the capability of our team and our differentiated strategy.”

John Bolduc, Executive Managing Director and head of H.I.G. Bayside Capital, commented: “Economic conditions in Europe remain challenging, especially for smaller businesses. Our pan-European credit team is well positioned to address this need and capitalize on the compelling investment opportunities available in the European credit markets. We have already committed 38% of the Fund in European special situation opportunities.”

Added Jordan Peer, Head of H.I.G. Capital Formation, “The Fund received strong global support in North America, Europe and Asia from institutional investors including consultants, endowment, foundations, sovereign wealth funds, financial institutions and public and corporate pensions. We are grateful for these long-standing partners for their commitment to multiple H.I.G. Bayside strategies, globally.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $31 billion of equity capital under management.** Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta and Stamford in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, Bogota and São Paulo. H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in growth investments, management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Including commitments from the Fund’s general partner and related parties, as well as related separately managed accounts.
** Based on total capital commitments managed by H.I.G. Capital and affiliates.

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Nordstjernan accepts bid for listed company Ramirent

Nordstjernan

The French equipment rental company Loxam SAS (“Loxam”) has today announced a public takeover bid to the shareholders of the equipment rental company Ramirent Plc (“Ramirent”), whose shares are listed on Nasdaq Helsinki. Nordstjernan AB (“Nordstjernan”) owns 21,863,716 shares in Ramirent, corresponding to 20.1 percent of the capital and voting rights in the company, and is thus the largest shareholder of Ramirent. The offer values Nordstjernan’s shareholding in Ramirent at EUR 197 million. Nordstjernan considers the bid attractive for both Ramirent and its shareholders and has therefore made a commitment to accept Loxam’s takeover bid subject to customary conditions.

Loxam was founded in 1967 and is currently the largest European company for rental of machinery and equipment to the construction sector, industry and retail, among others. The company reported sales of EUR 1,483 million and, in addition to its market-leading position in Europe, has a global presence with operations in South America, Africa and the Middle East, with a total of more than 200,000 customers.

Ramirent is one of Europe’s largest equipment rental companies, with leading market positions and nearly 300 customer centers in the Nordic region as well as Eastern Europe. Ramirent gained its current structure in 2004 when the company acquired NCC’s equipment rental operations Altima following the distribution of Altima to NCC’s shareholders. Nordstjernan was a driving force behind this merger, which created a leading equipment rental group with sales of just over EUR 300 million in 2004. The acquisition was paid for in shares and Nordstjernan, which has been the principal owner in NCC since 1928, thus also became the principal owner of Ramirent. Ramirent reported sales of EUR 712 million in 2018.

Ramirent’s second largest owner, Oy Julius Tallberg Ab (“Julius Tallberg”), with 11.4 percent of the capital and voting rights in Ramirent, has also undertaken to accept Loxam’s takeover bid subject to customary conditions.

“Ramirent operates in nine European countries and is the third largest player in Europe. We are satisfied with the company’s performance and our investment in Ramirent. A consolidation is currently underway at European level. The combination creates a pan-European leader and is based on industrial logic that enables Ramirent to take the next step, providing access to a larger customer base and a strong global platform. We consider Loxam’s offer of EUR 9.00 cash per share to be attractive. It corresponds to a premium of 65 percent over the most recent closing price of the shares and the Board of Directors of Ramirent recommends that the shareholders accept the offer. Nordstjernan and Julius Tallberg have therefore decided to support the offer by committing to accept the bid subject to customary conditions,” says Peter Hofvenstam, President of Nordstjernan.
Peter Hofvenstam
President and CEO
Nordstjernan AB

Questions will be answered by:

Peter Hofvenstam, CEO Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se

Stefan Stern, Head of Communications Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term and positive value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

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