Nordic Capital increases its shareholding in Nordax

Nordic Capital increases its shareholding in Nordax ImageNordic Capital Fund VIII (“Nordic Capital”)1 has entered into a call option agreement with the investment company R12 Kapital (“R12”) which entitles Nordic Capital to acquire an additional 2.94% of the shares in Nordax Group AB (publ) (“Nordax”), subject to receiving approval by the Swedish Financial Supervisory Authority (“SFSA”). Nordic Capital is currently the largest shareholder in Nordax with a shareholding of 9.96%. The call option agreement entered into with R12, together with the already existing call option arrangement in place with Carnegie, entitle Nordic Capital to acquire a further total of 12.44% of the shares in Nordax.

Nordax is a leading niche bank in Northern Europe with approximately 120,000 loan customers and 28,000 savings customers. Nordax is focused on large, long duration personal loans and deposit accounts. Nordic Capital is one of the longest established and most active private equity investors in the Nordic region, with a strong track record from investments in the financial services sector, including Resurs Bank, Lindorff and Nordnet. Nordic Capital holds majority or minority positions in private or public companies, and acts as an active owner, contributing to the long term development of such companies through representation on the Board of Directors.

Nordic Capital

Nordic Capital has entered into a call option arrangement with R12 through which Nordic Capital has the right to acquire all Nordax shares currently held by R12. It is the intention of Nordic Capital to exercise this call option upon receipt of necessary approvals from the SFSA. Until SFSA approval has been obtained, and prior to any exercise of the call option, there will be no voting cooperation, veto rights or other agreements or understandings between Nordic Capital and R12 as regards exercise of influence over Nordax. A filing for SFSA approval that will give Nordic Capital the right to exercise such option was made when Nordic Capital acquired its initial shareholding in Nordax in October 2017.

 

[1] Nordic Capital refers to Nordic Capital Fund VIII and any, or all, of its predecessor funds depending on the context.

 

Press contact:

Elin Ljung, Director of Communication and Sustainability
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 10
e-mail: elin.ljung@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region 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, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 11 billion through eight funds. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

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Nordic Capital becomes the largest shareholder in Nordax Group AB (publ)

Nordic Capital becomes the largest shareholder in Nordax Group AB (publ) Image

Nordic Capital Fund VIII (“the Fund”) has acquired 9.96% of the listed shares in Nordax Group AB (publ) (“Nordax”). In addition the Fund has entered into a call option agreement which entitles Nordic Capital Fund VIII to acquire an additional 5.04% of the shares, subject to approval by the Swedish Financial Supervisory Authority.

Established in 2003 and operating from a centralised platform in Stockholm, Nordax is a leading niche bank in Northern Europe with approximately 120,000 loan customers and 28,000 savings customers. Nordax is focused on large, long duration personal loans and deposit accounts. Nordax was listed on Nasdaq Stockholm on 17 June 2015 and currently has a total market capitalisation of approximately SEK 5bn (based on the last price paid for the Nordax share on 12 October 2017).

Nordic Capital[1] is one of the longest established and most active private equity investors in the Nordic region, investing in five core sectors comprising Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail. Nordic Capital has a strong track record from investments in the financial services sector, including Resurs Bank, Lindorff and Nordnet. Nordic Capital holds majority or minority positions in private or public companies, and typically acts as an active owner, contributing to the long term development of the company through representation on the Board of Directors.

“Nordic Capital has extensive experience and an excellent track record in the financial services sector, and sees Nordax as an interesting company with strong potential and a great management team. There is rapid underlying growth in this market niche and opportunity for companies like Nordax to take new steps in digitalization and product development. Nordic Capital has strong expertise in these areas and looks forward to becoming a committed shareholder in Nordax” says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.

The transaction was executed by way of a reversed book building process where a total of 15% of the capital was acquired by Nordic Capital (9.96%) and Carnegie Investment Bank AB (“Carnegie”) (5.04%). Nordic Capital has entered into a call option arrangement with Carnegie to which Nordic Capital has the right to acquire all of the Nordax shares currently held by Carnegie. It is the intention of Nordic Capital to exercise this call option upon receipt of necessary approvals from the SFSA. Until SFSA approval has been obtained, and prior to any exercise of the call option, there will be no voting cooperation, veto rights or other agreements or understandings between Nordic Capital and Carnegie as regards exercise of influence over Nordax. A filing for SFSA approval that will give Nordic Capital the right to exercise the option will be made today.

Press contact:

Elin Ljung, Director of Communication and Sustainability

NC Advisory AB, advisor to the Nordic Capital Funds

Tel: +46 8 440 50 50 e-mail: elin.ljung@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region 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, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 11 billion through eight funds. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

 

[1] Nordic Capital refers to Nordic Capital Fund VIII and any, or all, of its predecessor funds depending on the context.

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EQT VII to acquire leading specialist mortgage provider BlueStep Bank

  • EQT VII to acquire Sweden based BlueStep Bank, the leading specialist mortgage provider in the Nordic region
  • BlueStep Bank has pioneered the specialist mortgage market in Sweden and Norway, providing more than 29,000 customers with loans since 2005
  • EQT VII will support BlueStep Bank on its continued growth and transformation journey by investing in the organization and supporting further expansion

The EQT VII fund (“EQT VII”) and Bregal Investments (“Bregal”) announced today that EQT VII has entered into an agreement to acquire BlueStep Holding AB (“BlueStep Bank” or “the Company”) from funds managed by Bregal Capital LLP and advised by EMK Capital LLP, and other owners.

Since its foundation in 2005, BlueStep Bank has pioneered the specialist mortgage market in Sweden and Norway. By a differentiated approach to customer on-boarding and loan underwriting, focusing on the customer’s underlying loan servicing ability, BlueStep Bank has provided more than 29,000 customers with loans since inception, building a loan portfolio of SEK 13 billion. BlueStep Bank is headquartered in Stockholm, Sweden and has approximately 200 employees.

“We are very excited to become part of the EQT family”, says Öyvind Thomassen, CEO of BlueStep Bank. “EQT’s entrepreneurial approach, vast sector knowledge and digital capabilities will be of valuable support in our continued growth ambitions”.

Albert Gustafsson, Partner at EQT Partners, Investment Advisor to EQT VII, adds: “We are impressed by BlueStep Bank’s operations, track record and management team. The Company has created the specialist mortgage market in the Nordic region and has a market leading position today. We are convinced that EQT VII is the right partner to support the development of BlueStep Bank by focus and investment into further growth.”

Patrik Johnson, Partner at Bregal Capital LLP and EMK Capital LLP said: “BlueStep Bank is a responsible lender serving an important and growing niche. We are grateful to the management team for their significant achievement in building BlueStep Bank into what it is today and believe that they together with EQT have many exciting opportunities ahead of them”.

The transaction is subject to ownership approval from the Swedish Financial Supervisory Authority and from competition authorities, and is expected to close during fourth quarter of 2017. The parties have agreed not to disclose the transaction value.

Contacts:
Albert Gustafsson, Partner at EQT Partners, Investment Advisor to EQT VII +46 8 506 553 44
Öyvind Thomassen, CEO BlueStep Bank +46 8 501 005 04
EQT Press Office +46 8 506 553 34

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About BlueStep Bank
BlueStep Bank AB (publ) is a Swedish bank with presence in Sweden and Norway. The bank is specialized in catering for the growing share of the population that are not being served by traditional banks. BlueStep focuses on understanding each customers’ situation and their future financial capabilities. BlueStep offers both lending products and deposits. The company has been operating since 2005 and have approximately 200 employees. The Company has its headquarter in Stockholm, an office in Helsingborg and a branch office in Oslo, Norway. BlueStep Bank is licensed by the Swedish Financial Supervisory Authority.

More info: www.bluestepbank.com  

About EMK Capital
EMK Capital LLP is an independent private equity firm, established to continue the investment track record of Edmund Lazarus (previously Founder and Managing Partner of Bregal Capital) and Mark Joseph (previously Founder and Partner at Oakley Capital Private Equity) and to continue to manage portfolio companies of Bregal Capital. EMK is focused on investing in businesses with unrecognised and/or hard to realise value and where EMK can support management teams in executing transformative change. The firm closed its first fund in May 2017 at its hard cap of £575 million.

More info: www.emkcapital.com

About Bregal Investments
Bregal Investments is a global private equity firm which has over US $10 billion in invested or committed capital. The firm invests through several dedicated funds including: Bregal Freshstream, a UK and Benelux focused middle market private equity fund, Bregal Unternehmerkapital, Equity Capital for mid-sized companies in German-speaking Europe, Bregal Partners, a North American middle market private equity fund, Bregal Energy, an Energy-focused private equity fund, Bregal Sagemount, a U.S. private equity fund for growth companies, Bregal Private Equity Partners, a global investor in private equity funds and secondaries.

More info: www.bregal.com

 

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EFG International completes integration of BSI in Luxembourg

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EFG International today announces that it has completed the legal and operational integration of BSI in Luxembourg by way of a merger, including the BSI branch in Italy.
In line with the previously announced gradual process to integrate BSI into EFG, the acquired business from BSI’s entity in Luxembourg, including the BSI branch in Italy, has been migrated to EFG Bank in Luxembourg.
BSI (Europe) S.A, the official name of BSI in Luxembourg, is now legally and operationally integrated into EFG Bank (Luxembourg) S.A. The combined business has its registered office in 56, Grand-Rue, L-1660 Luxembourg, and will now operate in the market solely under the EFG name.
By way of this merger, EFG further strengthens its presence in Luxembourg, remaining focused on providing superior service with a long-term perspective in wealth and asset management.
With this step, the EFG brand will also be introduced in Italy for the first time. For the combined business, Italy is one of the strategic markets, and EFG is present in Milan, Como and Genoa.

About EFG International
EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International’s group of private banking businesses operates in around 40 locations worldwide. Its registered shares (EFGN) are listed on the SIX Swiss Exchange.
EFG International AG, Bleicherweg 8, 8001 Zurich, Switzerland
www.efginternational.com

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Meniga raises €7.5M round led by Industrifonden

We are excited to announce that we are leading a €7.5 million equity round in Meniga, a pioneer in digital banking technology globally, reaching more than 40 million users across close to 20 countries. The round enables further expansion into data-driven personal finance, transaction data analytics and card-linked offers for leading banks, in the trillion-dollar financial service sector. 

 The €7.5M equity round is led by Industrifonden with participation from current investors including Velocity Capital and Frumtak Ventures. The investment enables continued development of Meniga’s cutting-edge digital banking platform and strengthens the sales team.

– Meniga has a proven track-record and is in a unique position for further growth as an innovative digital partner to banks and advertisers, transforming the way they use transaction data. We are particularly excited about the opportunities in data-driven digital banking and proud to support the exceptional Meniga team, says Sofia Ericsson Holm, investor at Industrifonden, responsible for the Meniga investment.

Meniga’s digital banking platform helps banks use personal finance data to enrich their online and mobile customer experiences. Founded in 2009, Meniga has pioneered the market for white-label digital banking solutions to become the preferred digital partner to world-leading banks, including Santander, Commerzbank and ING Direct. Meniga’s team is headquartered in London, with offices in Reykjavik as well as Stockholm, where its development team is located.

– We have never seen higher demand for our solutions and innovation capabilities. The funding allows us to accelerate growth and partner with more banks to help them transform the way customers engage with them via digital channels. Industrifonden is a great fit for Meniga and their team brings decades of experience to help us on our journey, says Georg Ludviksson, CEO Meniga.

– Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when banks are forced to re-think their customer strategy and business models, continues Sofia, who will join Meniga’s board of directors effective immediately.

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