M&A Deal Summary

Nordic Capital, BlackRock Capital Investment, abrdn Private Equity and NB Private Equity Partners Acquire Trustly

On March 14, 2018, private equity firm Nordic Capital, business development company BlackRock Capital Investment, private equity firm abrdn Private Equity and asset manager NB Private Equity Partners acquired internet software and services company Trustly from Alfvén & Didrikson

Acquisition Highlights
  • This is Nordic Capital’s 3rd, BlackRock Capital Investment’s 2nd, abrdn Private Equity’s 1st and NB Private Equity Partners’ 2nd transaction in the Internet Software and Services sector.
  • This is Nordic Capital’s 47th, BlackRock Capital Investment’s 1st, abrdn Private Equity’s 1st and NB Private Equity Partners’ 1st transaction in Sweden.

M&A Deal Summary

Date 2018-03-14
Target Trustly
Sector Internet Software and Services
Buyer(s) Nordic Capital
BlackRock Capital Investment
abrdn Private Equity
NB Private Equity Partners
Sellers(s) Alfvén & Didrikson
Deal Type Secondary Buyout

Target

Trustly

Stockholm, Sweden
Trustly is an online payment provider that enables direct account-to-account payments, in partnership with merchants across Europe. The Company processes more than 3.5 million payments with payment volumes of ~SEK 6 billion each month. Trustly was founded in 2008 and is based in Stockholm, Sweden.

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Buyer(S) 4

Buyer

Nordic Capital

Stockholm, Sweden

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 31.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Nordic Capital is a private equity investment firm that targets mid to large-sized company investments located in Northern Europe as well as the US. 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 is based in Stockholm, Sweden.


DEAL STATS #
Overall 95 of 142
Sector: Internet Software and Services M&A 3 of 8
Type: Secondary Buyout M&A Deals 26 of 46
Country: Sweden M&A 47 of 59
Year: 2018 M&A 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-13 Veonet

Munich, Germany

Veonet is a provider of ophthalmological care and outpatient treatment for major causes of blindness and visual impairment, offering diagnosis as well as surgical and non-invasive treatment of eye disorders. Veonet is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-11 AniCura

Danderyd, Sweden

AniCura is a family of well-known animal hospitals and clinics specialised in veterinary care for companion animals. Born out of the idea that sharing resources creates opportunities for better veterinary care, the company was established in 2011 by Fidelio Capital and The Animal Foundation in Greater Stockholm as the first merger of companion animal hospitals in the Nordic region. Today, AniCura is a role model within specialised veterinary care and a valued partner for pet owners and referring veterinarians across Europe. AniCura offers a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics.

Sell -
Buyer

BlackRock Capital Investment

New York, New York, United States

Investor Investor Investor Investor Investor


Category Business Development Company
Founded 2005
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

BlackRock Capital Investment is a publicly traded business development company (BDC) that provides middle-market companies with a variety of financing solutions. This includes senior and junior secured, unsecured and subordinated debt securities and loans, as well as equity. BlackRock Capital targets profitable companies with strong management and defensible market positions that may be underserved by traditional lending sources. The Firm looks to commit $10 to $50 million in businesses generating $10 to $50 million of EBITDA. BlackRock was formed in 2005 by BlackRock and Kelso & Company. The Firm has offices in New York City and Chicago.


DEAL STATS #
Overall 28 of 33
Sector: Internet Software and Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 10 of 11
Country: Sweden M&A 1 of 1
Year: 2018 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 LegalShield

Ada, Oklahoma, United States

LegalShield is a provider of legal plans and identity theft solutions to families and small businesses across the US and Canada. LegalShield was founded in 1972 and is based in Ada, Oklahoma.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-17 American Piping Products

Chesterfield, Missouri, United States

American Piping Products is a specialized distributor of seamless and welded pipe and tubular related products. American Piping Products serves international customers in a variety of end markets including energy, refining, petrochemical, power generation, and diversified industrial. American Piping Products was founded in 1994 and is based in Chesterfield, Missouri.

Sell -
DESCRIPTION

abrdn Private Equity is the direct infrastructure investment arm of asset manager abdrn plc (formerly Aberdeen Standard Investments). The Group looks to invest in operational assets and build a diversified portfolio across utilities, transport and energy infrastructure in Europe and North America. abrdn Private Equity operates out of Edinburgh and London.


DEAL STATS #
Overall 1 of 7
Sector: Internet Software and Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 2
Country: Sweden M&A 1 of 1
Year: 2018 M&A 1 of 2
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-04 NGT

The Hague, Netherlands

NGT owns and operates offshore pipeline system and one onshore gas treatment plant in Uithuizen (Netherlands). NGT is based in The Hague, Netherlands.

Buy -
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.


DEAL STATS #
Overall 19 of 39
Sector: Internet Software and Services M&A 2 of 3
Type: Secondary Buyout M&A Deals 8 of 20
Country: Sweden M&A 1 of 1
Year: 2018 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-05 Branded Cities

New York City, New York, United States

Branded Cities is an out-of-home media company with a premier set of assets in iconic locations. The company’s digital and static billboards span the United States and Canada in places that are difficult to replicate, including Times Square, the Las Vegas Strip and Toronto’s Yonge-Dundas Square. Branded Cities was founded in 1998 and is based in New York City, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-03 BeyondTrust

Johns Creek, Georgia, United States

BeyondTrust is a provider of secure access solutions. BeyondTrust enables customers to quickly access and protect endpoints, defend privileged credentials, and support technology end-users to help businesses fight cyber threats while speeding performance. BeyondTrust was founded in 2003 and is based in Johns Creek, Georgia.

Buy -

Seller(S) 1

DESCRIPTION

Alfvén & Didrikson is a growth-stage investment firm focused on small to mid-sized company investments in Northern Europe. The Firm will consider minority or majority positions and seeks situations where the team can add significant value. Alfvén & Didrikson was formed in 2010 and is based in Stockholm, Sweden.


DEAL STATS #
Overall 5 of 11
Sector: Internet Software and Services M&A 1 of 5
Type: Secondary Buyout M&A Deals 1 of 1
Country: Sweden M&A 5 of 10
Year: 2018 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-27 Transfer Galaxy

Orebro, Sweden

Transfer Galaxy develops a money transfer application that provides democratizing international payments by making remittances cheaper, safer and smarter. Transfer Galaxy was founded in 2014 and is based in Orebro, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-06 Joint Academy

Malmo, Sweden

Joint Academy connects patients with licensed physical therapists to deliver online treatments for chronic joint and back pain. Joint Academy treatments are clinically proven and give patients access to a personal, licensed physical therapist, a tailored treatment plan, interactive education about the condition, and progress tracking — all through a user-friendly app. Joint Academy was founded in 2014 and is based in Malmo, Sweden.

Buy -