Nordic Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Nordic Capital has acquired 27 companies. It has also invested in 4 others.

Nordic Capital’s most common sectors for investment arehealthcare services (10%) and medical products (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (50%) and secondary buyout (28%). In total, Nordic Capital has invested in 10 US states and 14 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Inovalon Holdings for $7.3B.

In the last 3 years, Nordic Capital has exited 7 companies. The Firm’s most common exit type is trade sale (33%). Nordic Capital’s largest (disclosed) exit occurred in 2011 when it sold Nycomed Pharma AG for $10.8B.

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M&A Summary

  • M&A Total Activity185
    • M&A Buy Activity120
    • M&A Sell Activity65
  • Total Sectors Invested 33
  • Total Countries Invested 14
  • M&A Buy/Sell Connections 60
  • M&A Advisors 21

Nordic Capital

Mäster Samuelsgatan 21, 9th floor,
Stockholm, SE-111 44
Sweden
+46 8 440 50 50
www.nordiccapital.com
info@nordiccapital.com

Nordic Capital is a private equity investment firm that targets middle-market company investments located in Scandinavia and Northern Europe. Nordic seeks investments across a wide range of industries and prefers situations where there are 'opportunities for new industrial combinations, strategic repositioning, international expansion and operational improvements'. Nordic Capital was formed in 1989 and has offices in Stockholm, Copenhagen, London, Oslo, and Helsinki.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Automotive, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Distribution, Electrical Equipment, Energy Services and Equipment, Environmental, Financial Services, Food, Healthcare Services, Information Technology, Life Science, Machinery, Manufacturing, Marine, Marketing, Medical Products, Metals/Mining, Packaging, Publishing, Retail, Safety/Security, Software, Staffing, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Going Private, Secondary Buyout, Stake Purchase

Geographic Preferences: United Kingdom, Western Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue 50 -
Target EBITDA - -
Investment Size - -
Enterprise Value - -
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (7.0/yr) # 85 4 7 8 6 10 120
vol $12.4B $355M $8.1B $20.9B
Sell (2.6/yr) # 52 6 2 1 - 4 65
vol $18.3B $1.7B $744M $258M $2.4B $23.4B
  185

Most Recent M&A

Company Date Value Type
Acino International AG 2021-09-16 - Add-on Acquisition
Zurich, Czech Republic · www.acino.swiss
Qred AB 2021-09-13 - Growth Capital
Stockholm, Sweden · www.qred.com
Inovalon Holdings, Inc. 2021-08-19 7.3B USD Going Private
Bowie, Maryland · www.inovalon.com
Duco Technology Ltd. 2021-07-15 - Growth Capital
London, United Kingdom · www.du.co
United Veterinary Care 2021-04-23 - Secondary Buyout
Palm Beach Gardens, Florida · www.unitedveterinarycare.com
Itiviti AB 2021-03-29 2.4B EUR Divestiture
Stockholm, Sweden · www.itiviti.com
MFEX Mutual Funds Exchange AB 2021-03-26 - Add-on Acquisition
Stockholm, Sweden · www.mfex.com
LEO Pharma AS 2021-03-23 - Growth Capital
Ballerup, Denmark · www.leo-pharma.com
Sort Group AB 2021-03-08 - Secondary Buyout
Stockholm, Sweden · www.sortera.se
Boost.ai 2021-03-08 - Buyout (LBO, MBO, MBI)
Stavanger, Norway · www.boost.ai
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
eResearch Technology, Inc. 2016-03-08 BioClinica, Inc. 2020-12-10 5
Philadelphia, Pennsylvania · www.ert.com Princeton, New Jersey · www.bioclinica.com
GHD GesundHeits GmbH 2014-06-19 Profusio GesundHeits GmbH Germany 2017-12-19 1
Ahrensburg, Germany · www.gesundheitsgmbh.de Greven, Germany · www.profusio.de
Unilabs AB 2007-08-07 Alpha medical a.s. 2017-02-09 2
Geneva, Switzerland · www.unilabs.com Martin, Slovakia · www.alphamedical.sk
eResearch Technology, Inc. 2016-03-08 Exco InTouch Ltd. 2016-12-08 4
Philadelphia, Pennsylvania · www.ert.com Sawbridgeworth, United Kingdom · www.excointouch.com

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 9 (17%) - 12 (10%) 1.9B (9%)
Medical Products 5 (10%) 846M (9%) 10 (8%) 4.9B (24%)
Software 8 (15%) 302M (3%) 9 (8%) 302M (1%)
Life Science 2 (4%) - 7 (6%) 414M (2%)
Manufacturing - - 7 (6%) -
Information Technology 3 (6%) 7.3B (77%) 6 (5%) 7.3B (35%)
Consumer Products 1 (2%) 719M (8%) 6 (5%) 2.2B (10%)
Business Services 3 (6%) - 5 (4%) 2.6B (12%)
Financial Services 2 (4%) - 5 (4%) 260M (1%)
Distribution 1 (2%) - 5 (4%) -
Retail 3 (6%) - 5 (4%) -
Automotive 1 (2%) - 4 (3%) -
Consumer Services 1 (2%) - 4 (3%) -
Internet Software and Services 4 (8%) - 4 (3%) -
Safety/Security 2 (4%) 355M (4%) 3 (3%) 355M (2%)
Apparel/Textiles 1 (2%) - 3 (3%) 231M (1%)
Food 1 (2%) - 3 (3%) -
Metals/Mining 1 (2%) - 3 (3%) -
E-Commerce 1 (2%) - 2 (2%) 310M (1%)
Environmental 1 (2%) - 2 (2%) -
Marine 1 (2%) - 2 (2%) -
Transportation - - 2 (2%) -
Packaging - - 1 (1%) 140M (1%)
Building Materials - - 1 (1%) -
Chemicals - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment 1 (2%) - 1 (1%) -
Furniture - - 1 (1%) -
Machinery - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Publishing - - 1 (1%) -
Staffing - - 1 (1%) -
Total 52 $9.5B 120 $20.9B

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 12 (23%) 355M (4%) 51 (43%) 4.7B (22%)
Denmark 7 (13%) - 13 (11%) -
United States 7 (13%) 7.3B (77%) 11 (9%) 11.4B (54%)
  Florida 2 (4%) - 2 (2%) -
  Maryland 1 (2%) 7.3B (77%) 1 (1%) 7.3B (35%)
  Texas 1 (2%) - 1 (1%) -
  Pennsylvania 1 (2%) - 1 (1%) -
  Michigan 1 (2%) - 1 (1%) -
  Massachusetts 1 (2%) - 1 (1%) -
  New Jersey - - 1 (1%) 4.1B (20%)
  Ohio - - 1 (1%) -
  New York - - 1 (1%) -
  Indiana - - 1 (1%) -
Norway 6 (12%) 302M (3%) 11 (9%) 2.9B (14%)
Germany 6 (12%) - 7 (6%) -
United Kingdom 5 (10%) 719M (8%) 6 (5%) 719M (3%)
Switzerland 3 (6%) - 6 (5%) -
Finland 2 (4%) - 4 (3%) -
Netherlands 2 (4%) - 4 (3%) -
France 1 (2%) - 3 (3%) -
Canada 1 (2%) 846M (9%) 1 (1%) 846M (4%)
  Ontario 1 (2%) 846M (9%) 1 (1%) 846M (4%)
Czech Republic - - 1 (1%) 414M (2%)
China - - 1 (1%) -
Italy - - 1 (1%) -
Domestic 12 (23%) 355M (4%) 51 (43%) 4.7B (22%)
Cross-border 40 (77%) 9.2B (96%) 69 (58%) 16.3B (78%)
Total 52 $9.5B 120 $20.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 16 (31%) - 59 (49%) 231M (1%)
Secondary Buyout 23 (44%) 1.0B (11%) 33 (28%) 5.1B (24%)
Divestiture 4 (8%) 355M (4%) 11 (9%) 5.0B (24%)
Going Private 3 (6%) 8.1B (86%) 6 (5%) 10.6B (51%)
Growth Capital 3 (6%) - 4 (3%) -
Consolidation 1 (2%) - 3 (3%) -
Stake Purchase 1 (2%) - 2 (2%) -
PIPE - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 52 $9.5B 120 $20.9B

Exits by Deal Type

Type Total # Value
Secondary Sale 15 (23%) 3.7B (16%)
Trade Sale 14 (22%) 976M (4%)
IPO 13 (20%) -
Trade Sale - Public Company 12 (18%) 16.3B (70%)
Sold to Management 5 (8%) -
Merger 4 (6%) -
Divestiture 1 (2%) 2.4B (10%)
Bankruptcy 1 (2%) -
Total 65 $23.4B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
4
Citigroup Investment Banking
2
Carnegie Investment Bank AB
2
Legal Deals
White & Case LLP
5
Accura Advokatpartnerselskab
3
Kirkland & Ellis LLP
2

Deal Values

buy # Total
> $1B 5 $17.4B
$100M to $1B 9 $3.6B
TOTAL $20.9B
Largest Inovalon Holdings, Inc.
$7.3B (2021-08-19)
sell # Total
> $1B 6 $19.1B
$100M to $1B 9 $4.2B
< $100M 1 $78M
TOTAL $23.4B
Largest Nycomed Pharma AG
$10.8B (2011-05-19)

M&A Connections

Deals
Acquired from
Investor(s)
27%
32 (27%)
Strategic(s)
8%
10 (8%)
Exited to
Investor(s)
23%
15 (23%)
Strategic(s)
40%
26 (40%)

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