Verdane Capital Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Verdane Capital has acquired 12 companies. It has also invested in 10 others.

Verdane Capital’s most common sectors for investment aresoftware (22%) and internet software and services (15%) . The Firm’s most common investment types include venture (29%) and buyout (lbo, mbo, mbi) (27%). In total, Verdane Capital has invested in 4 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Norstat ASA for $18M.

In the last 3 years, Verdane Capital has exited 8 companies. The Firm’s most common exit type is trade sale (71%). Verdane Capital’s largest (disclosed) exit occurred in 2018 when it sold Liaison Technologies for $310M.

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M&A Summary

  • M&A Total Activity119
    • M&A Buy Activity75
    • M&A Sell Activity44
  • Total Sectors Invested 25
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 45
  • M&A Advisors 6

Verdane Capital

Hieronymus Heyerdahlsgate 1,
Oslo, 0160
Norway
+47 24 13 70 00
www.verdanecapital.com
office@verdanecapital.com

Verdane Capital is a Norwegian private investment focused on acquiring portfolios of investments. In addition to secondary investing, Verdane also invests in co-investment pools as well as makes direct investments in individual growth companies. Sectors of interest include consumer products/services, software, energy, technology, and communications. Verdane provides support to portfolio owners to reduce exposure to private equity risk, achieve liquidity and free owners from the burden of managing direct investments. The majority of Verdane's investments are growth stage, however, the Firm can invest at any stage of development. Verdane was formerly known as Four Seasons Venture AS and was established in 1985. Verdane Capital is based in Oslo, with additional offices in Helsinki and Stockholm.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Communications, Consumer Products, Consumer Services, Energy Services and Equipment, Financial Services, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Machinery, Medical Products, Publishing, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout, Venture

Geographic Preferences: Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (6.4/yr) # 43 11 4 10 4 3 75
vol $18M $18M
Sell (2.4/yr) # 32 4 1 2 2 3 44
vol $618M $315M $933M
  119

Most Recent M&A

Company Date Value Type
Qbtech AB 2022-08-29 - Growth Capital
Stockholm, Sweden · www.qbtech.com
Scanmarket A/S 2022-06-01 - Add-on Acquisition
Solbjerg, Denmark · www.scanmarket.com
Inriver AB 2022-05-19 - Secondary Buyout
Malmo, Sweden · www.inriver.com
EVA Solutions Group Oy 2022-02-17 - Growth Capital
Tampere, Finland · www.evaglobal.com
Forsta Group 2022-02-07 - Add-on Acquisition
London, United Kingdom · www.forsta.com
Papirfly AS 2022-01-27 - Secondary Buyout
Sandnes, Norway · www.papirfly.com
MM Sports AB 2021-07-02 - Secondary Buyout
Gothenburg, Sweden · www.mmsports.se
Silva Sweden AB 2021-06-30 - Secondary Buyout
Bromma, Sweden · www.silva.se
Nordic Vehicle Conversion AB 2021-06-30 - Secondary Buyout
Backaryd, United States · www.nordicvehicle.se
Fiksu Ruoka Oy 2021-05-27 - Growth Capital
Espoo, Finland · www.fiksuruoka.fi
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 10 (17%) - 16 (21%) -
Internet Software and Services 10 (17%) - 11 (14%) -
Information Technology 5 (9%) - 8 (11%) -
Consumer Products 4 (7%) - 5 (7%) -
E-Commerce 3 (5%) - 5 (7%) -
Retail 4 (7%) - 4 (5%) -
Manufacturing 2 (3%) - 3 (4%) -
Business Services 1 (2%) - 2 (3%) 18M (100%)
Communications 1 (2%) - 2 (3%) -
Education 2 (3%) - 2 (3%) -
Marine 2 (3%) - 2 (3%) -
Medical Products 2 (3%) - 2 (3%) -
Staffing 2 (3%) - 2 (3%) -
Automotive 1 (2%) - 1 (1%) -
Chemicals - - 1 (1%) -
Digital Media 1 (2%) - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment 1 (2%) - 1 (1%) -
Financial Services 1 (2%) - 1 (1%) -
Food 1 (2%) - 1 (1%) -
Furniture 1 (2%) - 1 (1%) -
Healthcare Services 1 (2%) - 1 (1%) -
Renewable Energy 1 (2%) - 1 (1%) -
Technology Hardware 1 (2%) - 1 (1%) -
Transportation 1 (2%) - 1 (1%) -
Total 58 - 76 $18M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 32 (55%) - 38 (50%) -
Norway 9 (16%) - 12 (16%) 18M (100%)
Finland 7 (12%) - 8 (11%) -
Germany 5 (9%) - 7 (9%) -
United States 3 (5%) - 5 (7%) -
  Texas 1 (2%) - 2 (3%) -
  Oregon 1 (2%) - 1 (1%) -
  California - - 1 (1%) -
Denmark 1 (2%) - 3 (4%) -
United Kingdom - - 2 (3%) -
Netherlands 1 (2%) - 1 (1%) -
Domestic 9 (16%) - 12 (16%) 18M (100%)
Cross-border 49 (84%) - 64 (84%) -
Total 58 - 76 $18M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 15 (26%) - 22 (29%) -
Buyout (LBO, MBO, MBI) 16 (28%) - 20 (26%) -
Growth Capital 15 (26%) - 17 (22%) -
Secondary Buyout 5 (9%) - 7 (9%) -
Divestiture 3 (5%) - 4 (5%) -
Stake Purchase 3 (5%) - 3 (4%) -
Going Private - - 1 (1%) 18M (100%)
Consolidation - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 58 - 76 $18M

Exits by Deal Type

Type Total # Value
Trade Sale 20 (45%) 129M (14%)
Trade Sale - Public Company 12 (27%) 803M (86%)
Secondary Sale 7 (16%) -
IPO 2 (5%) -
Sold to Management 2 (5%) -
Merger 1 (2%) -
Total 44 $933M

Top M&A Advisors

Financial Deals
Jefferies LLC
1
Deloitte
1
Translink Corporate Finance
1
Legal Deals
Krogerus
1
Sidley Austin LLP
1
Advokatfirmaet Schjødt AS
1

Deal Values

buy # Total
< $100M 1 $18M
TOTAL $18M
Largest Norstat ASA
$18M (2008-01-03)
sell # Total
$100M to $1B 3 $760M
< $100M 7 $173M
TOTAL $933M
Largest Liaison Technologies, Inc.
$310M (2018-10-31)

M&A Connections

Deals
Acquired from
Investor(s)
8%
6 (8%)
Strategic(s)
5%
4 (5%)
Exited to
Investor(s)
16%
7 (16%)
Strategic(s)
73%
32 (73%)

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