Nordic Capital has sold its remaining holding in Menigo

Jul 06, 2016

Nordic Capital Fund VI (“Nordic Capital”) has sold its remaining 33 per cent ownership in Menigo Foodservice AB (“Menigo”). During Nordic Capital’s ownership, Menigo has been transformed into a strong and profitable company, leading the development of the Swedish food service market. Nordic Capital’s final divestment is part of Sysco’s acquisition of Menigo’s majority owner Brakes Group, creating the world’s largest food service group.

“During Nordic Capital’s ownership, Menigo was transformed from a loss-making division to a strong and profitable stand-alone company with a leading role in the development of the Swedish food service market. Menigo underwent an extensive operational improvement program impacting many areas of its business, including optimising the logistical set-up, expanding the private label range and improving its customer interface. I would like to thank the management teams of both Menigo and the Brakes Group for a successful collaboration in taking Menigo to where the company is today,” says Peter Hansson, board member of Menigo and Senior Advisor, NC Advisory AB, advisor to the Nordic Capital Funds.

After Nordic Capital’s acquisition of the division ICA Meny from the ICA Group in 2006, Menigo was rebranded as a stand-alone company and a leading company within the Swedish food service industry. Menigo’s transformation included investments in operational improvement not least in new distribution hubs and a new IT system. Today, Menigo operates from seven warehouse locations in Sweden, serving 15,000 customers with daily deliveries of frozen and chilled foods, fresh meat, fruit and vegetables.

In February 2010, Nordic Capital sold a majority stake in Menigo to the Brakes Group, one of Europe’s leading suppliers of food, drinks and catering equipment to the food service sector, which became the new principal owner of Menigo while Nordic Capital retained 33 per cent ownership in Menigo. Menigo has continued to operate as an independent company in the Swedish market while benefiting from being a part of a larger group.

Nordic Capital’s current divestment is part of Sysco’s acquisition of Brakes Group that was announced on February 22 and closed on July 5, 2016.

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Lubbers Logistics Group completes the acquisition of Wagenborg Nedlift division

Lubbers Logistics Group, the logistics provider to the oil and gas drilling industry, has completed the acquisition of the Special Transport divisions of Wagenborg Nedlift in the Netherlands and Wagenborg GmbH in Germany as per July 1, 2016. The acquired divisions will be fully integrated into the Lubbers organization and will continue under the brand name Lubbers. The acquisition is part of Lubbers’ strategy to further strengthen its position in the European energy logistics market. The divestment allows Wagenborg Nedlift, a specialist in horizontal and vertical heavy transport, to focus on its niche market: lifting, heavy transport and assembly.

Through the acquisition Lubbers Logistics Group expands its workforce by 89 employees and adds 73 trucks and 165 trailers to its existing truck and trailer fleet. The combination enables Lubbers to further expand its European network and by leveraging the expertise of the Wagenborg Nedlift employees, Lubbers expects to further optimize the service to its customers.

The divestment enables Wagenborg Nedlift to focus on its core activities: lifting, heavy transport and assembly. In addition, Wagenborg Nedlift secures good future prospects for the Special Transport division employees who will relocate to Lubbers.

In the coming transition period as well as in the more distant future, there will (continue to) be close cooperation between the two companies, in which the interests of the customer and the quality of service will come first and foremost.

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Credo Partners invests in SYSCO

Credo Partners
Oslo/Haugesund, Monday July 4th, 2016
The Norwegian investment company Credo Partners acquires 60% of the shares in SYSCO. The founders and key employees will keep the remaining 40% of the shares.
SYSCO is a leading supplier of IT services and software to the energy utility sector.
SYSCO has established itself as a leading specialist within IT-solutions for energy utility companies– a customer segment facing significant investments, regulatory change and technological development that will drive the need for
support and upgrade of IT systems. SYSCO has a particular competitive edge
within Oracle technology, which is the technological foundation for a large part of the IT systems in the energy utility sector.
The company already has 70 of 130 power distribution companies as its customers, giving it a strong
platform for further growth. SYSCO was founded in 2004, and had revenues of NOK 162
million and EBITDA of NOK 25 million in 2015.
SYSCO is a highly attractive platform for further growth, within a well -defined niche for IT services and software for the Nordic energy utility sector, says Managing Partner in Credo Partners, Gudmund Killi- We been looking for a partner who can strengthen SYSCO for further growth, and Credo represents the experience and competence we truly
believe will increase our ability to execute on our ambitious goals, says Frank Vikingstad, CEO of SYSCO.
No change for employees
The new ownership in SYSCO will not have any immediate implications for the company’s employees, suppliers or customers. Today’s highly competent management will continue leading the company, and the board of directors will be strengthened by new members from Credo as well as by external industry experts.
About the transaction
Credo Invest Nr 10 AS will own ca. 60% of the shares in SYSCO.
The transaction will be closed by the end of July.
The parties have agreed not to disclose the purchase price for the shares.
About Credo Partners
Credo Partners is a Norwegian investment company, which since 2003 has developed
companies through demanding situations.
Credo is today established as a leading player in Norway for value creation in small and medium sized enterprises.
Credo Partners’ other investments include Labflex, OptimarStette, Made for Movement, Variér, LOG and Kymar,
and former investments include Stokke and ForaForm.

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Norvestor invests in Eneas

Norvestor VIIL.P.(“Norvestor”), a fund managed by Norvestor Equity AS, has signed an agreement to invest in Eneas Group AS(“Eneas”)

Eneas is a leading independent energy intermediary for SMEs in the Norwegian and Swedish electricity markets. The Company offers its customer base of approximately 20,000 SMEs active energy procurement services, usually only available to larger corporates. The customer value proposition is built on convenient and independent electricity sourcing, protection against energy price volatility, green energy certificates, and extensive market knowledge with a 20-year track record.

In 2016, Eneas also expanded organically into Finland, a market with similar characteristics as the Norwegian market.

Eneas is experiencing strong growth and generated pro-forma sales of NOK 478 million in 2015, and has 170 employees.

“Through our unique methodology for targeting the SME segment and solid value proposition towards customers, we see a significant market potential for Eneas.

We are very happy to have joined forces with Norvestor, and look forward to work together to realise significant growth opportunities, further strengthen our offering and geographical footprint” says Thomas Hakavik, founder and CEO of Eneas.

“We have followed Eneas and its management team for several years and we believe that Eneas represents an exciting investment opportunity with its strong market position, attractive value proposition towards customers and outstanding sales capabilities targeting a large addressable market” says Fredrik Korterud, Partner at Norvestor Equity and chairman designate in Eneas.

Following the acquisition, Norvestor will become the largest shareholder in Eneas with about 80% of the shares. Management and employees in Eneas will invest a significant stake, and hold the remaining shares. The transaction is expected to close in August 2016, subject to customary closing conditions, including approval from the Norwegian Competition Authorities.

For further information:

Fredrik Korterud, Partner Norvestor Equity

Telephone: +4740211402

Email: Fredrik.korterud@norvestor.com

Thomas Hakavik,

CEO Eneas

Telephone: +47913 68 511

Email: thomas@eneas.no

Eneas was founded in 1995 and has grown to become Scandinavia’s leading independent electricity intermediary for SMEs, Serving customers in industry, commercial and government segments. Eneas has170 employees located in offices in Drammen and Trondheim. In 1998 Eneas expanded into Sweden and has since then been able to steadily grow their customer base through their Energy Audit, Energy Broker and Smart Metering service offerings.

Today, Eneas has over 20,000 SME customers across Sweden and Norway, and established a foothold in Finland in February 2016.

Read more at www.eneas.no

 

Norvestor Equity AS is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 60 investments with 249 follow-on M&A transactions, in addition to executing 41 exits including 14 IPOs. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in Norway and Sweden, with potential to achieve a leading Nordic or international position either through organic growth, through acquisitions or by expanding into new countries. Funds advised and managed by Norvestor are currently invested in the following portfolio companies; Life Europe, Johnson Metall, Sentech (formerly Advantec Sensing), Apsis, Aptilo, Cegal, Marine Aluminium, Crayon, ABAX, Robust, iSurvey, Future Production, Nomor, PG Flow Solutions, Roadworks, Permascand, Phonero, 4Service and Hydrawell.

Read more at www.norvestor.com

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Lubbers Logistics Group completes the acquisition of Wagenborg Nedlift division

AAC Logo

Lubbers Logistics Group, the logistics provider to the oil and gas drilling industry, has completed the acquisition of the Special Transport divisions of Wagenborg Nedlift in the Netherlands and Wagenborg GmbH in Germany as per July 1, 2016. The acquired divisions will be fully integrated into the Lubbers organization and will continue under the brand name Lubbers. The acquisition is part of Lubbers’ strategy to further strengthen its position in the European energy logistics market. The divestment allows Wagenborg Nedlift, a specialist in horizontal and vertical heavy transport, to focus on its niche market: lifting, heavy transport and assembly.

Through the acquisition Lubbers Logistics Group expands its workforce by 89 employees and adds 73 trucks and 165 trailers to its existing truck and trailer fleet. The combination enables Lubbers to further expand its European network and by leveraging the expertise of the Wagenborg Nedlift employees, Lubbers expects to further optimize the service to its customers.

The divestment enables Wagenborg Nedlift to focus on its core activities: lifting, heavy transport and assembly. In addition, Wagenborg Nedlift secures good future prospects for the Special Transport division employees who will relocate to Lubbers.

In the coming transition period as well as in the more distant future, there will (continue to) be close cooperation between the two companies, in which the interests of the customer and the quality of service will come first and foremost.

About Wagenborg Nedlift: Wagenborg Nedlift is an expert in providing accurate, efficient and secure solutions for challenging logistical issues and offers a complete package of logistics services for lifting, heavy transport and assembly. Wagenborg Nedlift is active throughout Europe and beyond, including the oil and gas industry, petrochemical industry, the energy sector and the sectors construction and infrastructure. www.wagenborg.com

About Lubbers Logistics Group: Since 1929, Lubbers Logistics Group delivers professional and reliable transportation in the energy sector and has a European-wide network, with thirteen offices in eight different countries. Lubbers offers a number of adjacent logistics services such as drilling rig relocations, project management, recruitment services and offshore container rental. www.lubbers.net

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Adelis creates Danish market leader in IT outsourcing by merging IT Relation, Front-data and DSI-NEXT

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Adelis

Adelis Equity Partners (“Adelis”) has acquired majority stakes in IT Relation, Front-data and DSI-NEXT. The companies’ management teams continue as minority shareholders in the new setup.

The combined businesses will be the largest provider of IT outsourcing services to small businesses in Denmark with around DKK 300 million in revenues, 200 employees and offices in Herning, Århus, Odense and Copenhagen.

”With the combination of IT Relation, Front-data and DSI-NEXT, we have made four investments and three add-on acquisitions in Denmark since establishing Adelis less than three years ago. We are impressed by the three companies’ niche focus on small businesses, their consistent growth, and their strong cultures that make them leaders in this industry,” said Steffen Thomsen of Adelis.

“This acquisition creates a strong platform for growth. We have experience with similar companies where we have focused on finding the best platform in terms of a scalable business model combined with a strong company culture and a skilled management team,” Joel Russ of Adelis added.

The three businesses will continue activities under their own brands as part of the IT Relation Front-data Group and have access to capital and knowledge that will make it possible to accelerate their positive business development.

“We are pleased and proud to be able to work with Adelis given their significant experience building strong businesses through consolidation. Furthermore, they can contribute with their insights from previous technology investments, including within hosting. We are looking forward to the cooperation,” said Henrik Kastbjerg, CEO of IT Relation.

”I am delighted that we have created a strong foundation to deliver top-class service to our customers and to attract and retain the best employees,” said Jens Søgaard, founder of Front-data.

In connection with the transaction, Henrik Kastbjerg will become Group CEO of IT Relation Front-data. Jens Søgaard will become a member of the board, which will be chaired by former CEO of KMD, Lars Monrad-Gylling.

Nykredit has provided debt financing for the transaction. Clearwater International advised IT Relation on the transaction.

Further details concerning the transaction will not be published.

For further information:

Steffen Thomsen, Adelis Equity Partners, +45 40 28 34 09, steffen.thomsen@adelisequity.com

Joel Russ, Adelis Equity Partners, +46 73 543 90 68, joel.russ@adelisequity.com

Henrik Kastbjerg, IT Relation, +45 20 69 67 00, hvk@itrelation.dk

Jens Søgaard, Front-data and DSI-NEXT, +45 27 63 85 00, js@frontdata.dk

 About IT Relation

IT Relation was founded in 2003 and within a short period, the company has become one of the leading suppliers of it outsourcing services in Denmark. IT Relation currently has 115 employees, with offices in Herning and outside Copenhagen. For more information, please visit www.itrelation.dk .

About Front-data and DSI-NEXT

Front-data and DSI-NEXT have been part of JS Holding where the two companies have built up leading positions within each of their markets, Front-data within IT Outsourcing/Hosting and DSI-NEXT within Sharepoint, .net development and business intelligence solutions. In combination, Front-data and DSI-NEXT have 95 employees and offices in Århus, Odense and Copenhagen. Please visit www.frontdata.dk and www.dsinext.dk .

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is approximately €400 million. For more information please visit www.adelisequity.com.

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Bure has acquired shares in Lauritz.com Group A/S

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2016-06-29 16:21

Bure Equity AB (publ) (“Bure”) has, in connection with the IPO of Lauritz.com Group A/S (‘Lauritz”), acquired 4,595,333 shares corresponding to 11.3 percent of the total number of shares and votes in the company. Lauritz is listed on NASDAQ OMX First North Premier Stockholm.

Bure Equity AB (publ)

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Prism Medical LTD. agrees to be acquired by Handicare Group AB

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Handicare

6/28/2016

June 27, 2016 – Prism Medical Ltd. and Handicare Group AB today announced that they have entered into an arrangement agreement pursuant to which Handicare will acquire all of the outstanding common shares of Prism Medical. Pursuant to the Arrangement Agreement, shareholders of Prism Medical will receive $12.50 in cash for each Prism Medical Share, which represents a 31.6% premium to the closing price of the Prism Medical Shares on the TSX Venture Exchange on June 27, 2016 of $9.50 and a premium of 34.2% to the 20-trading day volume weighted average trading price of the Prism Medical Shares on the TSXV. The total equity purchase price is approximately $62 million on a fully diluted basis.

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Adelis portfolio company Nordomatic acquires dominus

Adelis

Adelis Equity Partners Fund I (“Adelis”) portfolio company Nordomatic AB acquires dominus A/S, the leading Danish building management systems company, together with the management of the two companies.

Adelis Equity Partners Fund I (“Adelis”) portfolio company Nordomatic AB acquires dominus, the leading Danish building management systems company, together with the management of the two companies. The seller is Trefor A/S.

dominus A/S, which was acquired from the founders by Trefor A/S in 2010, has a track record of consistent strong profitable growth and is the leading provider of open building management systems in the Danish market. The company’s 72 employees are based in six locations across Denmark.

For Nordomatic, the acquisition means that the group will have turnover of approximately SEK 500 million and 250 employees.

“dominus has had the ambition to grow in the Nordics and now we have the opportunity to take this step by becoming part of a more specialized group. We will continue to invest behind and develop our business in Denmark and look forward to doing this with a financially strong partner that knows our industry well. We see even greater opportunities for developing our technology as well as our employees,” says Toke Juul, CEO of dominus A/S.

“During the past few years, Nordomatic has developed from essentially being a Stockholm-focused business to becoming the nation’s largest specialist within building automation with presence in eleven cities in Sweden. The merger with dominus is yet one more exciting step in our strategy of building a leading Nordic player within the area of ‘smart buildings’. We are very impressed both by the market position and the competence and commitment of dominus’ employees and look forward to continuing to build on the company’s strong brand in Denmark,” says Olov Schagerlund, CEO of Nordomatic AB.

“We have a very positive view on the market for building automation and ’smart buildings’. Following our acquisition of the leading Swedish player Nordomatic in March 2016, we are very pleased with being able to, in a short period of time through the acquisition of dominus, create a group with a leading position also in Denmark. We are looking forward to working with group management to continue the growth in both countries, as well as over time building a presence in other Nordic countries,” says Jan Åkesson at Adelis.

The parties have agreed not to disclose the terms and conditions of the transaction, which is expected to close during the summer of 2016.

For further information:

Jan Åkesson, Adelis Equity Partners, +46 8 525 200 01, jan.akesson@adelisequity.com

Torbjörn Torell, Chairman Nordomatic, +46 70 577 40 40, torell.torbjorn@gmail.com

About Nordomatic

Nordomatic is the leading independent provider of energy-efficient smart building solutions to property owners and general contractors. Nordomatic has offices in Stockholm, Solna, Södertälje, Linköping, Norrköping, Jönköping, Kalmar, Växjö, Borås, Göteborg and Malmö. Nordomatic has 175 employees and revenue of SEK 330m. For more information please visit www.nordomatic.se .

About dominus

dominus was founded in  1997 by the Juul family and has in a short period of time positioned itself as one of the leading suppliers for building management systems in Denmark. dominus has 72 employees and offices in Herning, Århus, Ålborg, Kolding and Copenhagen. For more information, please visit www.dominus.dk .

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is approximately €400 million. For more information please visit www.adelisequity.com .

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AddSecure sold to ABRY Partners

Viking Venture is pleased to announce the sale of portfolio company AddSecure to ABRY Partners, a Boston US based private equity firm. AddSecure is the Nordic market leader providing secure mission-critical machine to machine communications for security and other applications across a wide range of verticals including healthcare, public safety, transportation and utilities. 

AddSecure manages a highly secure communications platform enabling the automated control and remote monitoring and management of sensors and other devices deployed in the field.

The company was established after the merger of the Viking Venture backed company Safetel AS and Multicom Security in 2014. Safetel AS was founded in 2000 based on a fundamental belief that mobile communication networks would be well suited to provide secure critical communication. Safetel received funding from Viking Venture, B. Skaugen AS and Follum Invest and grew quickly to become a strong Nordic player.

Following the merger, AddSecure has grown into employing around 120 people, having 120,000+ active subscribers and a strong network of over 1,000+ channel partners in Norway and Sweden. The company had revenues of SEK 374 mill. in 2015 with an EBITDA of SEK 124 mill.

“AddSecure is a great example of how we can develop world class Norwegian technology into internationally leading businesses through organic and inorganic growth”, said Erik Hagen, Managing Partner at Viking Venture.

“AddSecure has managed to achieve a unique position within the Scandinavian secure communications market. Scandinavian tech companies are at the forefront of global development, and we truly believe AddSecure has the potential to establish itself as an international M2M communications player in the coming years”, said Rob Nicewicz, Principal at ABRY Partners.

Read more in Adresseavisen June 17 2016 (only in Norwegian).

About Viking Venture
Viking Venture is one of the leading Nordic venture funds and invests in growth companies within IT and Oil and Gas with a potential to grow internationally. Viking Venture is managing funds with NOK 1.4 and has invested in 40 companies. Viking Venture is based in Trondheim, Norway and has presence in the US and the UK. See www.vikingventure.com.

About AddSecure
AddSecure is a leading Nordic company within secured critical communication systems. The business emerged at the beginning of the 1970s and has today more than 100 000 business clients and 120 employees in Scandinavia. The company’s communications services for alarm and mobile data protects life, property and public functions. The offered solutions are flexible, easy to install and increases the clients’ competitive strength. The ambition is to be the preferred choice in the Nordics and a leading player in the Northern Europe. For more information please visit www.addsecure.com

About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $61 billion of transactions, representing investments in over 550 properties.

Contact persons:
Erik Hagen, Managing Partner Viking Venture +47 920 22 430
erik.hagen@vikingventure.no

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