Armada Mergers and Acquisitions Summary

Private Equity Profile

Armada’s most common sectors for investment are retail (14%) and consumer services (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and growth capital (22%). In total, Armada has invested in 5 different countries.

In the last 3 years, Armada has exited 3 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity32
    • M&A Buy Activity23
    • M&A Sell Activity9
  • Total Sectors Invested 15
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 19

Armada

Bernhardinkatu 5 A,
Helsinki, 00130
Finland,
358 2078 09843
www.armadamezzanine.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 2006 and has offices in Helsinki and Stockholm.


Investment Criteria

Sectors of Interest: Automotive, Building Materials, Business Services, Chemicals, Distribution, Energy Services and Equipment, Life Science, Manufacturing, Metals/Mining, Retail, 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 (0.2/yr) # 22 1 - - - - 23
Sell (0.6/yr) # 6 - 1 1 1 - 9
vol $856M $856M
  32

Most Recent M&A

Company Date Value Type
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
Admincontrol AG 2017-10-04 - Add-on Acquisition
Oslo, Norway · www.admincontrol.com
Holmes Place Health Clubs GmbH 2016-11-30 - Growth Capital
Berlin, Germany · www.holmesplace.de
Olivia AS 2015-12-22 - Buyout (LBO, MBO, MBI)
Oslo, Norway · www.oliviarestauranter.no
Daldata AS 2015-08-12 - Secondary Buyout
Tynset, Norway · www.daldata.no
Admincontrol AG 2015-03-21 - Buyout (LBO, MBO, MBI)
Oslo, Norway · www.admincontrol.com
EET Europarts A/S 2015-02-23 181M DKK Secondary Buyout
Birkerod, Denmark · www.eetgroup.com
Ocab Group 2015-02-02 - Growth Capital
, Sweden · www.ocab.se
Apotek Hjärtat AB 2014-11-12 675M SEK Add-on Acquisition
Solna, Sweden · www.apotekhjartat.se
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
WA Wallvision AB 2010-09-09 Wall & Deco' S.R.L 2017-11-22 1
Boras, Sweden · www.wallvision.se Cervia (RA), Italy · www.wallanddeco.com
Crayon Group Holding AS 2012-04-25 Anglepoint Group, Inc. 2015-09-25 4
Oslo, Norway · www.crayon.com Santa Clara, California · www.anglepoint.com
Crayon Group Holding AS 2012-04-25 Atria Technologies Pte Ltd 2015-07-23 3
Oslo, Norway · www.crayon.com Singapore, Singapore · www.atria-tech.com/en/
Crayon Group Holding AS 2012-04-25 Software Wholesale International 2015-07-18 2
Oslo, Norway · www.crayon.com Longmont, Colorado · www.software-intl.com
Crayon Group Holding AS 2012-04-25 Kryptos Networks Pvt Ltd. 2014-08-21 1
Oslo, Norway · www.crayon.com Chennai, India · www.kryptosnetworks.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 2 (14%) - 3 (13%) -
Consumer Services 2 (14%) - 2 (9%) -
Information Technology 2 (14%) - 2 (9%) -
Internet Software and Services 1 (7%) - 2 (9%) -
Manufacturing 1 (7%) - 2 (9%) -
Metals/Mining 1 (7%) - 2 (9%) -
Restaurants 2 (14%) - 2 (9%) -
Building Materials - - 1 (4%) -
Consumer Products 1 (7%) - 1 (4%) -
Distribution - - 1 (4%) -
Electrical Equipment - - 1 (4%) -
Energy Services and Equipment 1 (7%) - 1 (4%) -
Real Estate 1 (7%) - 1 (4%) -
Software - - 1 (4%) -
Test/Measurement Equipment - - 1 (4%) -
Total 14 - 23 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 4 (29%) - 8 (35%) -
Finland 4 (29%) - 6 (26%) -
Norway 4 (29%) - 5 (22%) -
Germany 1 (7%) - 2 (9%) -
Denmark 1 (7%) - 2 (9%) -
Domestic 4 (29%) - 6 (26%) -
Cross-border 10 (71%) - 17 (74%) -
Total 14 - 23 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (43%) - 11 (48%) -
Growth Capital 4 (29%) - 5 (22%) -
Secondary Buyout 3 (21%) - 4 (17%) -
Divestiture - - 2 (9%) -
Going Private 1 (7%) - 1 (4%) -
Total 14 - 23 -

Exits by Deal Type

Type Total # Value
Secondary Sale 5 (56%) 181M (21%)
Trade Sale 3 (33%) 675M (79%)
Trade Sale - Public Company 1 (11%) -
Total 9 $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)
71%
5 71%
Strategic(s)
29%
2 29%
Exited to
PE Firm(s)
50%
4 50%
Strategic(s)
50%
4 50%