M&A Deal Summary

Axcel and ATP Private Equity Partners Acquire Phase One

On June 17, 2019, private equity firms Axcel and ATP Private Equity Partners acquired software company Phase One from Silverfleet Capital

Acquisition Highlights
  • This is Axcel’s 3rd and ATP Private Equity Partners’ 2nd transaction in the Software sector.
  • This is Axcel’s 36th and ATP Private Equity Partners’ 6th transaction in Denmark.

M&A Deal Summary
Date 2019-06-17
Target Phase One
Sector Software
Buyer(s) Axcel
ATP Private Equity Partners
Sellers(s) Silverfleet Capital
Deal Type Secondary Buyout

Target

Phase One

Frederiksberg, Denmark
Phase One is a provider of image processing software for professionals, prosumers, and companies. Phase One is also the world leader in digital medium format cameras for professional photographers and industrial applications. Phase One was established in 1993 and is based in Frederiksberg, Denmark.

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Buyer(S) 2

Buyer

Axcel

Copenhagen, Denmark

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Axcel Management AS is a private equity firm focused on mid-market buyouts in Denmark and Sweden. Axcel primarily seeks companies with a strong Danish or Swedish base and international potential. The Firm looks to invest in companies with revenues of DKK 250 million (€ 35 million) to DKK 4 billion (€ 535 million). Axcel prefers majority positions. Axcel Management A/S was formed in 1994. The Firm is based in Copenhagen with an additional office in Stockholm.

DEAL STATS #
Overall 49 of 64
Sector (Software) 3 of 4
Type (Secondary Buyout) 5 of 11
Country (Denmark) 36 of 46
Year (2019) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-12 Ball ApS

Billund, Denmark

Ball Group manufactures women's fashions aimed at two segments: plus-size clothing (sizes 42+) and standard-size clothing. Ball Group markets such brands as Zizzi, Zizzi Jeans and ZayIn in the plus-size segment and Culture and Pulz in the standard-size range.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 SteelSeries

Copenhagen, Denmark

SteelSeries is a manufacturer of professional gaming mice, headsets, keyboards and other peripherals for PC, Mac and Xbox 360 platforms. SteelSeries improves performance through first-to-market innovations and technologies that enable gamers to play harder, train longer, and rise to the challenge. SteelSeries was founded in 2001 and is based in Copenhagen, Denmark.

Buy -
Buyer

ATP Private Equity Partners

Category Private Equity Firm
Founded 2001
PE ASSETS 10.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

ATP Private Equity Partners is a Danish institutional investment firm focused on investing in private equity funds across Europe, North America, and select emerging markets. The Firm is supported by ATP, Denmark's largest pension fund. In addition to investing in private equity funds, ATP also looks to for co-investment situations. ATP Private Equity Partners was formed in 2001 and is headquartered in Copenhagen, Denmark.

DEAL STATS #
Overall 43 of 44
Sector (Software) 2 of 2
Type (Secondary Buyout) 17 of 17
Country (Denmark) 6 of 6
Year (2019) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-15 Fieldbrook Foods

Dunkirk, New York, United States

Fieldbrook Foods is a U.S manufacturer of private label frozen novelty ice cream products. The company offers high quality products ranging from ice cream sandwiches, cups, cones and ices to stick novelties.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-19 HTGroup

Zaratán, Spain

HTGroup is a provider of medical transport services for both the public and private sectors, with a fleet of more than 2,000 ambulances that serve more than 18 million people. HTGroup is based in Zaratán, Spain.

Sell -

Seller(S) 1

SELLER

Silverfleet Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1985
PE ASSETS 2.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Silverfleet Capital is an independent private equity firm that invests in market leading businesses in growing sectors. Silverfleet looks to acquire companies headquartered in Western Europe or US-based businesses with a substantial European presence. Target companies are typically valued between €75 and €500 million and operate in sectors spanning business and financial services, healthcare, leisure, and retail/consumer. Silverfleet Capital was formerly known as PPM Capital, operating under Prudential plc. Silverfleet has offices in London, Paris, Munich, and Chicago.

DEAL STATS #
Overall 31 of 42
Sector (Software) 1 of 1
Type (Secondary Buyout) 18 of 24
Country (Denmark) 2 of 3
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-25 Care Fertility

Nottingham, United Kingdom

Care Fertility is a fertility services provider. The company operates nine CARE branded clinics and 13 satellite facilities providing extensive coverage across the UK and the Republic of Ireland. Care Fertility was founded in 1997 and is based in Nottingham. United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-01 Quantios

Fleet, United Kingdom

Quantios provides entity management, client accounting, practice management, compliance, and workflow software for trust, fund and corporate service providers around the world. The Company serves over 360 customers and 26,000 users in over 30 jurisdictions, through eleven offices worldwide in key jurisdictions including Australia, Guernsey, Jersey, Luxembourg, Singapore, and the United Kingdom. Quantios was founded in 1996 and is based in Fleet, United Kingdom.

Buy -
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