M&A Deal Summary

KKR, Montagu and Cinven Acquire Visma

On September 25, 2010, private equity firms KKR, Montagu and Cinven acquired software company Visma from HgCapital and ICG for 11.0B NOK

Acquisition Highlights
  • This is KKR’s 3rd, Montagu’s 1st and Cinven’s 2nd transaction in the Software sector.
  • This is KKR’s 63rd, Montagu’s 4th and Cinven’s 24th largest (disclosed) transaction.
  • This is KKR’s 1st, Montagu’s 1st and Cinven’s 1st transaction in Norway.
Investment Fate
  • Visma was sold to a consortium of financial buyers in 2017.

M&A Deal Summary

Date 2010-09-25
Target Visma
Sector Software
Buyer(s) KKR
Montagu
Cinven
Sellers(s) HgCapital
ICG
Deal Type Secondary Buyout
Deal Value 11.0B NOK

Target

Visma

Oslo, Norway
Visma offers software and services that simplify and digitize core business processes in the private and public sectors. Visma was founded in 1985 and is based in Oslo, Norway.

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Buyer(S) 3

Buyer

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 84 of 503
Sector: Software M&A 3 of 23
Type: Secondary Buyout M&A Deals 10 of 113
Country: Norway M&A 1 of 4
Year: 2010 M&A 9 of 13
Size (of disclosed) 63 of 110
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-06 NXP Semiconductors

Eindhoven, Netherlands

NXP Semiconductors is a provider of semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. NXP Semiconductors was founded in 2006 and is based in Eindhoven, Netherlands.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-11 Colonial Pipeline

Atlanta, Georgia, United States

Colonial Pipeline is a refined products pipeline in North America, running from supply centers in the Gulf Coast to customers located along the Eastern seaboard of the United States. Colonial Pipeline was founded in 1962 and is based in Atlanta, Georgia.

Buy -
Buyer

Montagu

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1968
PE ASSETS 11.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Montagu is an independent private equity firm focused on European management buyouts and growth capital transactions. The Firm seeks opportunities valued between €100 million and €1 billion. Sectors of interest include healthcare, medical products, financial services, software, IT, information services, and education. Montagu dates back to 1968 and is based in London.


DEAL STATS #
Overall 74 of 119
Sector: Software M&A 1 of 7
Type: Secondary Buyout M&A Deals 11 of 30
Country: Norway M&A 1 of 2
Year: 2010 M&A 2 of 2
Size (of disclosed) 4 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-09-15 Host Europe

Cologne, Germany

Host Europe is a provider of hosting and domain services to consumers and small and medium enterprises (SMEs). It offered an end-to-end product suite including domain services, application hosting, cloud hosting, and managed hosting. Host Europe was founded in 1997 and is based in Cologne, Germany.

Buy £222M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-01 Hansen Protection

Moss, Norway

Hansen Protection is design and production of textile products safeguarding people, property and the environment. Hansen Protection was founded in 1976 and is based in Moss, Norway.

Buy -
Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 120 of 186
Sector: Software M&A 2 of 7
Type: Secondary Buyout M&A Deals 19 of 57
Country: Norway M&A 1 of 1
Year: 2010 M&A 3 of 4
Size (of disclosed) 24 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Truvo

Berchem, Belgium

Truvo (formerly World Directories) publishes directories in Belgium, Holland, Ireland and Portugal.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-12-02 EnServe Group

Borehamwood, United Kingdom

EnServe Group Ltd. is a provider of infrastructure support services to the Utility sector, operating principally in the UK and with a growing international presence.

Buy €424M

Seller(S) 2

SELLER

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 24 of 97
Sector: Software M&A 5 of 24
Type: Secondary Buyout M&A Deals 10 of 36
Country: Norway M&A 1 of 1
Year: 2010 M&A 2 of 3
Size (of disclosed) 4 of 36
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-03 TeamSystem

Pesaro, Italy

TeamSystem is a provider of accounting, payroll, and business management software for accountants and small and medium-sized enterprises. TeamSystem offers a broad range of mission-critical, on-premise and cloud solutions to a diversified base of its customers. TeamSystem was founded in 1979 and is based in Pesaro, Italy.

Buy €565M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-03 ATC Group BV

Amsterdam, Netherlands

ATC provides fiduciary, management and administration services to multinational corporations, financial institutions and funds managers.

Buy -
SELLER

ICG

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 113 of 225
Sector: Software M&A 3 of 6
Type: Secondary Buyout M&A Deals 47 of 86
Country: Norway M&A 2 of 4
Year: 2010 M&A 12 of 13
Size (of disclosed) 15 of 74
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-09 Helicon Cable Holdings

Rye Brook, New York, United States

Helicon Cable (also known as Jetbroadband) is a cable system operator that is predominately focused on rural areas in the eastern United Sates.

Sell $148M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-11-22 Welzorg Group BV

Almere, Netherlands

Welzorg is the Dutch market leader in the rental, distribution and maintenance of mobility aids (e.g. wheelchairs and scooters). The company has a network of 43 sales outlets throughout the Netherlands. Main customers include municipalities and healthcare institutions.

Sell -