Latour acquires NODA, a leading Swedish software company in energy efficiency

Latour logo

Investment AB Latour (publ) has, through its subsidiary Bemsiq, signed an agreement to acquire all shares in NODA Intelligent Systems AB, a leading Swedish software company in system-wide energy optimization for district heating grids and intelligent heat control for residential buildings. Bemsiq made its first investment in NODA in October 2015, and owned 29 per cent of the shares in the company prior to today’s transaction. The sellers are, among others, the Sixth Swedish National Pension Fund and the founders. Closing will take place immediately.

NODA has its head office in Karlshamn, Sweden, and is active in the European market, with focus on Sweden, Poland, Germany, France and the United Kingdom. The company develops and provides the product Smart Heat Grid, which is an advanced system to reduce peak loads and balance the load profile in district heating networks. The company’s second product, Smart Heat Building, employs a self-learning and adaptive model to reduce both energy consumption and power need in buildings. NODA has 15 employees and net sales in 2016 amounted to SEK 5 m, where a majority is recurring license fees.

“I am very happy that NODA will become a wholly owned company in Bemsiq and Latour. It opens new and exciting opportunities for deepened collaboration with the other Bemsiq companies, especially in product development and international sales”, says Patrick Isacson, CEO of NODA. “NODA will now have a long-term owner and better possibilities to expand our business in the European market.”

“NODA is an exciting company with a high technology level and a market leading position in digitalization of district heating grids. We are especially impressed by their leading role in three projects within Horizon 2020, the EU Framework Programme for Research and Innovation”, says Pär Arvidsson, CEO of Bemsiq.

Göteborg, October 11, 2017

INVESTMENT AB LATOUR (PUBL)

Jan Svensson, CEO

For further information, please contact:
Pär Arvidsson, CEO, Bemsiq AB, +46 70 324 72 53

Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 49 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 8 billion in 2016.

 

Admincontrol sold to Visma

Hercules
Herkules Private Equity Fund IV is pleased to announce the fund’s first exit through the sale of Admincontrol to Visma. The Admincontrol investment yielded an IRR of 61% and a money multiple of 3.2x.
Admincontrol, the leading provider of cloud based board portal and virtual data room solutions in the Nordic countries is sold to the Norwegian Software company Visma.During Herkules’ ownership, Admincontrol has transformed from being a Norwegian contender to the leading Nordic supplier of cloud based board portal and virtual data room solutions. The company currently has over 2 000 customers and close to 40 0000 active users in Norway, Sweden, Denmark, Finland, the Netherlands and the UK.In April 2015, Herkules acquired a majority stake in Admincontrol.As part of the value creation plan to accelerate growth outside Norway, Admincontrol acquired its Swedish and Danish agents. Following the acquisitions, Admincontrol increased investments in local sales and customer support resources. This has boosted the number of new customers and revenue per customer. The recently introduced pricing model has grown revenue retention to 101%, all while growing revenue per customer by 11%. To ensure the company’s growth prospects, Admincontrol has doubled its R&D organization and continuously introduced new features and functionality to its solution offering. In addition, a plan for a broader international launch has been prepared.Revenues have almost doubled and EBITA almost tripled during Herkules’ ownership period. Revenues have grown from NOK 50 million in 2014 to NOK 97 million LTM as of Q2 2017. During the same period, EBITA has grown from NOK 8 million to NOK 22 million.Signing took place on 25 September 2017 with closing on 3 October 2017.The Admincontrol investment yielded an IRR of 61% and a money multiple of 3.2x to the Herkules Fund IV investors.

 

Contact information:Christian Petersen, CEO at Admincontrol, Telephone: +47 98 25 50 52Eilert Giertsen Hanoa, Director Visma SMB Software Unit at Visma, Telephone: +47 92 83 29 05Gaute Gillebo, Partner at Herkules Capital, Telephone: +47 45 83 00 00

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Gimv acquires 23.6 per cent of Cegeka shares

GIMV

Gimv is to take a 23.6 per cent interest in ICT company Cegeka. With this move, Cegeka aims to strengthen its position in existing markets and expand geographically. The ambition is to realise growth both organically and by means of a buy & build strategy. Outsourcing in general is at the heart of the expansion plans and is to be the engine for further growth. Gimv will become a shareholder besides CEO André Knaepen, the Limburg Reconversion Company (LRM) and the management of Cegeka.

Since his management buy-out in 1992, André Knaepen has grown Cegeka from a local to a pan-European IT service provider with branches in ten countries. Today the company employs over 4,000 people, together serving more than 2,500 customers. Since 2006, turnover has quadrupled to over 400 million euros and it is Cegeka’s ambition to continue on this impressive growth path in the coming years. It aims to double its size again within five years.

Tom Van de Voorde, Head of Smart Industries at Gimv, on the transaction: “We can see daily from Gimv’s portfolio that IT belongs at the heart of business operations and that there is a need for players who can empathise with their customers. From our experience in ICT, we can particularly appreciate Cegeka’s continuous innovation and customer awareness. From the first contacts, we were very impressed by the growth path that the company – led by a broad and motivated management team – has taken in the last ten years. Our investment will make extra resources available with which we will give a boost to Cegeka’s ambition.”

“This capital operation is necessary to further realise Cegeka’s ambition. In the first place, we will continue investing in the development of our service range, as we want to stay ahead of the market. In our geographical expansion, we will concentrate first on those countries where we are already active. There is scope there for aligning our services more with the needs of our customers”, says Cegeka CEO André Knaepen. “We want to grow in Europe, but that will never be at the expense of our local approach. That is the DNA and the strength of Cegeka. It is from those strong customer relations that we will provide growth and sustainability for medium-sized and large organisations. This operation is a major strategic step which was supported by the team of Degroof Petercam Corporate Finance”

“LRM has been a shareholder of Cegeka since 1999 and has seen the company grow in recent years to become a top European player. With the involvement of Gimv, Cegeka will have the opportunity to gear up and realise its growth ambitions faster”, says Stijn Bijnens, CEO LRM.

The ‘Centrum voor Overheidsinformatica’ (COI), which used to be an important actor in the computerization of the Flemish Government, has supported the first European growth phase of Cegeka. With Gimv joining the capital of the company, COI will now revert to its core tasks.

 

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Transaction Update: Bregal Unternehmerkapital supports SHD AG growth

Bregal unternehmerkapital

Andernach-based software specialist SHD AG has partnered with Bregal Unternehmerkapital as a new strategic investor. SHD is a leading developer and vendor of enterprise resource planning (ERP) and graphical planning software for furniture and kitchen retailers. Together with Bregal as new majority owner, the company now plans to further strengthen its market position and expand its European presence. The previous owners (funds advised by Elvaston Capital, and the SHD management team) will continue to retain a stake in the company.

Corporate website SHD AG With this investment, Bregal Unternehmerkapital continues to expand its involvement in the software industry. With SHD, Bregal has once more added an enterprise to its portfolio, whose innovation, technological capabilities and services place it at the forefront of market developments. Founded in 1983, SHD is the market leader for ERP systems for furniture retailers, supporting this industry its transition to the digital future. The company’s products greatly facilitate and accelerate key processes for its customers – in addition to ERP applications, the product portfolio includes intelligent controlling of warehouse logistics in furniture retailing as well as graphical planning and visualisation software for kitchens, bathrooms and interior design. Finally, the SHD product portfolio offers financial and human-resources management software for a wide range of industries.

Bregal Unternehmerkapital aims to support SHD AG with capital, know-how and Bregal’s network of experts as it continues on its path of organic, sustainable development. Suitable acquisitions will also be considered in order to achieve additional scaling and synergy effects, and thus further strengthen SHD’s market position. With the European market currently offering promising conditions, Bregal is looking forward to a fruitful working relationship in this promising field.

Press contact:

IRA WÜLFING KOMMUNIKATION
Dr. Reinhard Saller
Phone: +49 89 2000 30-30
bregal@wuelfing-kommunikation.de

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Almi Invest sells holdings in Green Switching to Korys

Almi Invest

Almi Invest makes an exit and sell its holdings in the Gothenburg-based cleantech company Green Change to the Belgian investment company Korys.

Green Replacement develops software that enables unified system of monitoring, analysis and optimization of large-scale renewable energy plants. The company has two software-based services, Breeze and Bright, which streamlines the operation of wind and solar power plants. With a single system for large-scale operation of renewable energy saves time and money, while electricity production increases.

Almi Invest, which invested in the company in 2009, now sells its stake to Belgian Korys.

– We have been active owner of Green Change since its inception eight years ago, said Robert Hellman, investment manager at Almi Invest. Meanwhile, the company has evolved to become an established international player with rapid growth. It feels good to hand over the baton to a competent investor Korys.

Green Change has nearly 20 percent market share in Sweden, 15 percent in Benelux and Finland, as well as over 10 percent in the United Kingdom, Uruguay and South Africa. The company is also growing in Germany, which is Europe’s largest market for wind power. The next step is to continue to grow in its core markets with strong presence in North America.

Green Byte has 35 employees and its head office in Gothenburg.

– This is the latest in a series of positive exits for us, says Almi Invest’s CEO Mikael Karlsson. It is very funny to note that our portfolio now reached the level of maturity that our companies are attractive to both Swedish and international investors.

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Nordic Capital and MFEX management acquire MFEX, a leading independent fund platform in Europe and Asia

Nordic Capital and MFEX management acquire MFEX, a leading independent fund platform in Europe and Asia. ImageNordic Capital Fund VIII “Nordic Capital” and MFEX management has signed an agreement to acquire the majority of the shares in MFEX­­, a leading European B2B open architecture fund distribution platform. Nordic Capital sees great potential in supporting the acceleration of MFEX’s growth agenda across Europe and Asia and the consolidation in the sector.

MFEX is a leading B2B open architecture fund distribution platform with EUR 72 billion of assets under administration as of July 30, 2017. MFEX provides infrastructure for mutual fund distribution, facilitating access between fund companies and distributors. The Company is one of the largest independent fund platforms in Europe, connecting over 800 fund companies from 40 legal domiciles to over 100 distributors from 30 countries. MFEX was founded in 1999, is headquartered in Stockholm, and has offices in Paris, Geneva, Singapore and Umeå.

Nordic Capital had followed MFEX’s development for some years, which after contacts with management and key shareholders, subsequently led to a primary buyout together with management.

Going forward, Nordic Capital will support MFEX’s continued growth by investing in the organisation and its product offering. The Company’s growth potential is underpinned by strong underlying market growth, accelerated by an increasing regulatory focus on transparency, and a shift towards open architecture platforms. MFEX holds a strong market position, as evidenced by several notable contract signings with global financial institutions over the last few years, and is well positioned to benefit from the supportive tailwinds in the market.

As part of the transaction, Nordic Capital is injecting substantial equity into MFEX to position the Company as a natural consolidator of the fund platform industry in Europe and Asia. In addition, MFEX will benefit from Nordic Capital’s significant industry expertise and long history of successful growth oriented investments, in order to pursue its growth strategy.

“MFEX already has a strong platform for driving growth and the potential to become a global leader. It is well established as a high quality independent alternative in the European and Asian markets, and ranked highly by market participants for its quality of service, high flexibility, technical innovation and transparent pricing model. We share management’s ambition to leverage its attractive value proposition. Nordic Capital has a long history and proven experience in growing businesses within the financial services sector and looks forward to supporting the management team in building a pan-European leader in fund distribution services,” says Christian Frick, Partner, NC Advisory AB, advisor to the Nordic Capital Funds.

“We are delighted to partner with Nordic Capital to take MFEX to the next level. Market participants, distributors and fund companies alike tell us they need more transparency and independent providers with no conflicts of interests. This is exactly what MFEX stands for,” says Olivier Huby, Co-CEO of MFEX.

Oliver Lagerström, Co-CEO of MFEX, adds “By teaming up with Nordic Capital we get support to leverage, and further develop our leading fund distribution technology. With MFEX’s passion to combine transparency and technology we have modernised the industry and experienced strong organic growth. We are pleased to welcome Nordic Capital and we look forward to together continuing our transformation of the fund distribution proposition and undertaking M&A as a driver to expand in Europe and Asia.”

The financial services sector is a core investment vertical for Nordic Capital. Supported by its industry-leading advisory financial services team, Nordic Capital has in 2017 to date completed the take private of Nordnet, a publicly listed pan-Nordic digital savings platform, and the combination of Lindorff with publicly listed Intrum Justitia to create the industry leading provider of credit management services. The acquisition of MFEX further bolsters the high level of transaction activity that the Nordic Capital Funds have achieved since the beginning of 2016, with twelve successful exits and six new completed platform investments.

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

The investment is subject to approval by the relevant authorities.

 

Press contacts:

Nordic Capital

Katarina Janerud, Communication Manager, NC Advisory AB, advisor to the Nordic Capital Funds Tel: +46 8 440 50 50 e-mail: katarina.janerud@nordiccapital.com

MFEX

Oliver Lagerström, Co-CEO, MFEX
Tel: +46 8 559 036 80 e-mail: oliver.lagerstrom@mfex.com,

Olivier Huby, Co-CEO, MFEX
Tel: +33 6 618 760 72 e-mail: olivier.huby@mfex.com

 

About MFEX

MFEX, independent experts in global fund distribution, offers a complete solution for fund distribution. Banks and other distributors of funds use MFEX to access the world’s largest fund range with trading, rebates and fund information from 800 fund companies and 50,000 funds that MFEX cooperates with. MFEX is independent with full transparency between distributors and fund companies. Our distributors include, among others, KBC Bank, Société Générale, Keytrade Bank, Handelsbanken, Nordea, Carnegie, Pictet, Danske Bank, Citibank, Groupe Edmond de Rothschild and Bank of Singapore. MFEX has its head office in Stockholm and offices in Paris, Geneva, Singapore, and Umeå. MFEX’s primary regulator is the Swedish Financial Supervisory Authority (Finansinspektionen). For more information please see www.mfex.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 bn through eight funds. The Nordic Capital Funds are based in Jersey and are advised by six advisory companies, 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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Cinven to sell CPA Global

Cinven

International private equity firm, Cinven, today announces it has agreed to sell CPA Global, the world’s leading Intellectual Property (‘IP’) management and technology company, to Leonard Green & Partners, L.P. (‘LGP’), a leading US buyout firm, for an undisclosed consideration.

CPA Global is the world’s leading provider of IP software, services and data & analytics for corporates and law firms. The business manages more than two million patents for more than 10,000 customers across the globe. The business has 23 offices worldwide and operates from its headquarters in Jersey, Channel Islands.

CPA Global

Cinven acquired CPA Global in March 2012 as part of its strategy of investing in world-class European-headquartered companies where it can support global growth using its sector expertise and Asian portfolio capabilities.

Cinven acquired the business directly from a group of IP law firms who had originally established the company.  Under Cinven’s ownership, CPA Global has achieved strong growth, accelerated its global expansion, and led a successful transformation into a technology-led business.

Over the past five years, Cinven has worked closely with CPA Global’s management team to:

  • Achieve double-digit organic EBITDA growth in the company’s core business of IP software and renewals, driven by consistent increases in the total global stock of patents;
  • Drive significant investment in CPA Global’s technology platform, software suite and IP data and analytics proposition;
  • Develop new innovative products for IP professionals to automate IP processes and workflows (including CPA Global File, and CPA Global’s proprietary IP PlatformTM);
  • Complete six bolt-on acquisitions in the IP management sector, including three in the United States, two in Europe, and one in Asia;
  • Accelerate the company’s geographic expansion, particularly in China and South Korea, both organically and through acquisitions; and
  • Transition to a best-in-class management team, led by CEO, Simon Webster, and CFO, Ben Gujral.

Stuart McAlpine, Managing Partner at Cinven, said:

“Cinven acquired CPA Global because we saw an exceptional company in a highly attractive market, with an opportunity to transform the business from a service provider into a technology-led business, as Cinven has done with other successful investments, such as Amadeus.”

“During our ownership, Cinven and CPA Global’s management team have driven this transformation as well as consolidated the sector through a buy-and-build strategy. CPA Global is now in a strong position to continue taking advantage of the market opportunity.”

Anthony Cardona, Principal at Cinven, added:

“Cinven and CPA Global’s entrepreneurial management team have led CPA Global’s transition to a technology-led business, by investing in the company’s software suite and technology platform, and extending into other parts of the IP process such as patent filing and patent data & analytics.”

“Cinven also supported CPA Global’s global expansion – with the support of our Portfolio team in Asia – and executed multiple bolt-on acquisitions across the world.  We wish the company and its management team, led by Simon Webster, success in its next stage of growth.”

Simon Webster, Chief Executive Officer, CPA Global, commented:

“Cinven has provided huge support to CPA Global over the past five years. Our investment in technology has enabled us to provide an unrivalled integrated technology platform for end-to-end IP management for both corporates and law firms. In addition, we have successfully built our proposition to span the entire IP lifecycle, providing products and services to customers to support innovation, ensure patent protection, and enable companies to commercialise their IP. We would like to thank the Cinven team and are now looking forward to the next exciting phase of our growth.”

This transaction follows Cinven’s recent sale of HEG, the web hosting provider, to GoDaddy Inc. in the US in April 2017.  During 2017, Cinven has also realised its investments in SLV, the residential and technical lighting provider (Germany); Avio Space Propulsion, the international operator of space launchers and space propulsion (Italy); and will complete the partial realisation of Visma, the provider of business critical software (Nordics and Benelux).

The completion of the sale of CPA Global is subject to customary regulatory approval.

Advisors to Cinven on this transaction included: Goldman Sachs (M&A), J.P. Morgan (M&A), Freshfields Bruckhaus Deringer (legal), Boston Consulting Group (commercial), Ernst & Young (financial), BDO (tax).

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Inside Secure completes the acquisition of Meontrust

Vendep

Aix-en-Provence, France, August 28, 2017 – Inside Secure (Euronext Paris: INSD), at the heart of security solutions for mobile and connected devices, today announced it has completed the acquisition of Meontrust, a Finland-based cybersecurity emerging-growth company, in an all-cash cash transaction of up to 5 million euros.

Meontrust has developed MePIN™, a flexible authentication, identification and authorization technology, ideally suited for the financial, insurance, retail and telecom markets. MePIN dynamically authenticates a user with a tap, PIN, fingerprint or face recognition, depending on the service provider. It runs on all major operating systems and is flexible to serve small to very large customers. The MePIN solution is provided as an on-premise deployment or as a cloud-based service with customers paying on a subscription or “pay-per-use” basis.

Meontrust’s authentication capability is vital in serving the strong demand seen from banks to meet the more stringent authentication requirements for all online payments imposed by the European Union by 2018. These include PSD2 (Payment Services Directive) and GDPR (General Data Protection Regulation). This acquisition is a significant step in accelerating the deployment of Inside Secure strategy.

For more information

Indside Secure Press Release

Vendep Capital

Vendep Capital Fund invests primarily in Finnish startups offering software to B2B customers. In April 2017, Vendep Capital launched a new €40 million fund aimed at SaaS startups. The fund was raised from Finnish private and institutional investors such as Tesi (Finnish Industry Investment Ltd) and The Finnish Innovation Fund Sitra. The fund may make investments alone or as part of a syndicate.

www.vendep.com

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Vendep Capital invests in Brella

Tesi

Brella, developer of a networking application for business events that was founded in Jyväskylä, Finland, in 2016, has raised €1.2 million in private equity. The lead investor was Vendep Capital together with a team of international angel investors, including from the USA, France and Finland.

The investment will allow Brella to expand its operations in the USA, which is already the conmpany’s most important market. In addition, the company will be able to hire over a dozen product developers, as well as sales and marketing staff, in Finland.

The idea for the service was born when the company’s founders attended numerous business events while studying but generally came away from these events with a lot of marketing material instead of good contacts.

Markus Kauppinen, CEO of Brella, explains: “Events have been the best way to bring together people and ideas for thousands of years, yet until now no one has created a service that could intelligently analyse event visitors and their needs in advance, making it easier to find the best contacts among all the people attending the event.”

Today the service has users in over thirty countries around the world, and its customers include Slush, Samsung, Microsoft and TechCrunch.

The company’s aim is to enable 100 million new business contacts by 2020.

“Networking is valued in the USA even more than it is in Finland. Unlike in Finland, it is often difficult to find the contact information for decision-makers, so events offer a rare opportunity to actually meet them,” says Jyrki Paananen, COO of Brella.

“As the lead investor, we wanted to support a great team and invest in their ambitious growth plan. The market demand for this service was proven by Brella’s tremendous international growth in its first year, when it attracted almost a hundred clients,” says Sakari Pihlava, General Partner, Vendep Capital.

 

Further information:

Markus Kauppinen, CEO, Brella
+358405749287
markus@brella.io

Sakari Pihlava, General Partner, Vendep Capital
+358407713941
sakari.pihlava@vendep.com

Brella is a networking application for business events. The service helps event visitors to grow their business network and meet relevant people by means of an intelligent matchmaking algorithm. The mobile and web application has helped hundreds of thousands of people to find jobs, colleagues, investors, and other business contacts. www.brella.io

Vendep Capital Fund invests primarily in Finnish startups offering software to B2B customers. In April 2017, Vendep Capital launched a new €40 million fund aimed at SaaS startups. The fund was raised from Finnish private and institutional investors such as Tesi (Finnish Industry Investment Ltd) and The Finnish Innovation Fund Sitra. The fund may make investments alone or as part of a syndicate. www.vendep.com

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal flow in Finland. Our investments under management total 1 billion euros and we have altogether 723 companies in portfolio. www.tesi.fi // @TesiFII

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HgCapital’s Mercury 1 Fund agrees sale of Sequel Business Solutions to Verisk Analytics

HgCapital

21 August 2017, London: HgCapital is pleased to announce that it has sold Sequel Business Solutions (‘Sequel’), a provider of software and services to the Lloyd’s of London and the broader insurance markets, to Verisk Analytics (Nasdaq: VRSK), a leading data analytics provider serving customers in property/casualty insurance, natural resources, and financial services. Headquartered in Jersey City, NJ USA, Verisk Analytics operates in 29 countries and is a member of Standard & Poor’s S&P 500® Index.

HgCapital partnered with the management of Sequel in July 2014 to support the acquisition from its founder. The deal represented the fourth investment for the Mercury 1 fund and resulted from HgCapital’s ongoing focus on the insurance software sector.

Led by CEO Mario Garcia and with HgCapital’s support, Sequel has transformed over this period. Its core Eclipse product set has been broadened to a full suite supporting all the complex risk activities of insurers and brokers, including risk aggregation, claims management and re-insurance; customer numbers have tripled; and Sequel’s business model has rapidly transitioned to recurring revenue. Over the past three years, the company has seen compound revenue growth of 14% per annum.

Following this sale, the Mercury 1 Fund will have delivered combined returns of 3.0x of invested cost and a c. 44% gross IRR on all realised investments, including proceeds from the prior sales of Zitcom to Intelligent (announced in June 2017 for 3.3x and 141% gross IRR) and Relay Software to Applied Systems (announced in August 2016 for 2.1x cost and 39% gross IRR). The Mercury 1 Fund has now delivered in aggregate 83% of invested cost on all realised investments.

Sequel

Mario Garcia, CEO of Sequel, said: “I would like to thank HgCapital for being a great partner as we developed Sequel into the leading provider of software to the complex insurance market. They had a transformative impact on our business. We are thrilled to join Verisk, whose data and technology capabilities will allow us to continue to deliver first class service to our customers.”

Sebastien Briens, Partner at HgCapital, commented: “We are delighted that Sequel can continue to flourish with such a strong and capable partner. We are proud to have been associated with Mario and his team in driving the growth of Sequel in the past three years, and believe that the business is very well positioned to be successful within the property/casualty insurance markets.”

HgCapital and Sequel were advised by Quayle Munro, Linklaters and Deloitte.

 

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