Armada Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Armada has acquired 3 companies. It has also invested in 2 others.

Armada’s most common sectors for investment are internet software and services (12%) and restaurants (12%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (52%) and growth capital (23%). In total, Armada has invested in 6 different countries.

In the last 3 years, Armada has exited 4 companies. The Firm’s most common exit type is trade sale (40%). Armada’s largest (disclosed) exit occurred in 2014 when it sold Apotek Hjärtat AB for $675M.

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M&A Summary

  • M&A Total Activity37
    • M&A Buy Activity27
    • M&A Sell Activity10
  • Total Sectors Invested 18
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 21

Armada

Bernhardinkatu 5 A,
Helsinki, 00130
Finland
+358 40 700 2876
www.armadamezzanine.com
ilkka.santti@armadacredit.com

Armada Mezzanine is an independent mezzanine firm focused on financing buyouts, recapitalizations, and expansions of small and medium-sized Nordic companies. Armada generally targets companies valued from €20 to €150 million with stable cash-flows, attractive growth opportunities, and sustainable competitive advantages. Sectors of interest include industrial products, services, and technology. Armada Mezzanine was established in 2000 and has offices in Helsinki and Stockholm.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Consumer Products, Consumer Services, Distribution, Electrical Equipment, Energy Services and Equipment, Information Services, Leisure, Life Science, Manufacturing, Metals/Mining, Restaurants, Retail, Safety/Security, Software, Technology Hardware, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value 20 150
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 19 3 2 1 1 1 27
Sell (0.8/yr) # 6 - 2 1 1 - 10
vol $856M $856M
  37

Most Recent M&A

Company Date Value Type
Global Attraction SPI AB 2020-01-07 - Buyout (LBO, MBO, MBI)
Malmö, Sweden · www.globalattractions.com
Bastard Burgers 2019-12-18 - Buyout (LBO, MBO, MBI)
Luleå, Sweden · www.bastardburgers.se
Cambio Healthcare Systems AB 2019-02-04 - Secondary Buyout
Linköping, Sweden · www.cambio.se
Envirotainer AB 2018-07-12 - Secondary Buyout
Upplands Väsby, Sweden · www.envirotainer.com
Pincho Nation AB 2018-01-23 - Growth Capital
Goteborg, Sweden · www.pinchos.se
Prosero Security Group AB 2017-10-31 - Buyout (LBO, MBO, MBI)
Årsta, Sweden · www.prosero.com
Admincontrol AG 2017-10-04 - Add-on Acquisition
Oslo, Norway · www.admincontrol.com
Silmäasema Fennica Oy 2017-06-13 - IPO
Helsinki, Finland · www.silmaasema.fi
Cordel Norden AS 2017-03-03 - Growth Capital
Ålesund, Norway · www.cordel.no
Holmes Place Health Clubs GmbH 2016-11-30 - Growth Capital
Berlin, Germany · www.holmesplace.de
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WA WallVision Sweden AB 2010-09-09 Wall & Deco' S.R.L 2017-11-22 1
Boras, Sweden · www.wallvision.com Cervia (RA), Italy · www.wallanddeco.com
Origo Group AB 2016-09-08 Markör Marknad & Kommunikation AB 2016-09-08 2
Linköping, Sweden · www.origogroup.com Stockholm, Sweden · www.markor.se
Origo Group AB 2016-09-08 CMA Research AB 2016-09-08 1
Linköping, Sweden · www.origogroup.com Linköping, Sweden · www.cmaresearch.se

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 1 (8%) - 3 (11%) -
Restaurants 3 (25%) - 3 (11%) -
Consumer Products 1 (8%) - 2 (7%) -
Consumer Services 1 (8%) - 2 (7%) -
Metals/Mining - - 2 (7%) -
Retail - - 2 (7%) -
Software 1 (8%) - 2 (7%) -
Building Materials - - 1 (4%) -
Business Services 1 (8%) - 1 (4%) -
Distribution - - 1 (4%) -
Electrical Equipment 1 (8%) - 1 (4%) -
Information Services 1 (8%) - 1 (4%) -
Information Technology - - 1 (4%) -
Leisure 1 (8%) - 1 (4%) -
Manufacturing - - 1 (4%) -
Real Estate - - 1 (4%) -
Safety/Security 1 (8%) - 1 (4%) -
Test/Measurement Equipment - - 1 (4%) -
Total 12 - 27 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 9 (75%) - 13 (48%) -
Norway 2 (17%) - 5 (19%) -
Finland - - 5 (19%) -
Germany - - 2 (7%) -
Portugal 1 (8%) - 1 (4%) -
Denmark - - 1 (4%) -
Domestic - - 5 (19%) -
Cross-border 12 (100%) - 22 (81%) -
Total 12 - 27 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (50%) - 14 (52%) -
Growth Capital 3 (25%) - 6 (22%) -
Secondary Buyout 1 (8%) - 3 (11%) -
Divestiture - - 2 (7%) -
Consolidation 1 (8%) - 1 (4%) -
Venture 1 (8%) - 1 (4%) -
Total 12 - 27 -

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (50%) 181M (21%)
Trade Sale 3 (30%) 675M (79%)
IPO 1 (10%) -
Trade Sale - Public Company 1 (10%) -
Total 10 $856M

Deal Values

sell # Total
$100M to $1B 2 $856M
TOTAL $856M
Largest Apotek Hjärtat AB
$675M (2014-11-12)

M&A Connections

Deals %
Acquired from
PE Firm(s)
60%
3 60%
Strategic(s)
40%
2 40%
Exited to
PE Firm(s)
50%
4 50%
Strategic(s)
50%
4 50%

Investor Summary

Size

Middle-Market

PE Assets

300M EUR

Established

2000

Specialist/Generalist

Generalist

Leadership

Ilkka Santti

Managing Partner

Jan Wiklund

Managing Partner

Johan Svaxén

Partner

Kenneth Grönholm

Director, Risk Management

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