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BYGGHEMMA HAS BEEN LISTED ON NASDAQ STOCKHOLM

Bygghemma has been listed on NASDAQ Stockholm

Bygghemma Group First AB (“Bygghemma” or the “Company”) – a portfolio company of FSN Capital IV, FSN Capital V and FSN Capital Project Growth – was listed on March 27th, 2018 on Nasdaq Stockholm. The initial public offering (the “IPO”) attracted very strong interest both from Swedish and international institutional investors as well as from the general public in Sweden. The offering was heavily oversubscribed.

The offering price in Bygghemma’s IPO was set at SEK 47.50 per share, which was in the middle of the communicated IPO range of SEK 45 – 50 per share. Assuming full exercise of the over-allotment option, the IPO will comprise 33.9m shares, corresponding to a total value of the IPO of approximately SEK 1.6 billion and 32 percent of the total number of shares outstanding. The FSN Capital Shareholders will hold approximately 50 percent of the shares after the IPO, assuming the over-allotment option is exercised in full. The market capitalization of Bygghemma at IPO was SEK 5.1 billion.

The cornerstone investors, Arbejdsmarkedets Tillægspension (ATP) and Creades, acquired 5,263,157 shares in the Offering, corresponding to SEK 250 million.

Mikael Olander, President and CEO of Bygghemma Group comments: ”We are very happy about the large interest that has been shown during the listing process for Bygghemma Group and our strong position as the superior online provider of home improvement products in the Nordic region. We are looking forward to continue to grow and develop the company, now in a listed environment.”

Henrik Theilbjørn, Chairman of the Board of Bygghemma Group says: “Bygghemma Group has established a leading Nordic platform and has great potential for both substantial organic and acquisition-driven growth and improved results in the coming years. The company targets a large and attractive market under digital transformation where it has a clear online market leadership. We are looking forward to continue to create value in a listed environment and welcome all new shareholders to follow us into the exciting future of Bygghemma Group.”

Peter Möller, Partner, FSN Capital Partners (investment advisor to the FSN Capital Shareholders): “Bygghemma Group operates on a fast-growing market where it has established a strong position as the leading online provider of home improvement products in the Nordic region. Over the last years the company has implemented several important strategic initiatives, made add-on acquisitions and improved its market position. We look forward to continue supporting the company and participate in the development of Bygghemma Group, now in a listed environment.”

About Bygghemma Group
Bygghemma Group is the leading online provider of home improvement in the Nordic region . The Company offers its customers a broad product assortment at competitive prices with convenient home delivery. Sales are predominantly made online and most orders are delivered directly from the supplier to the end customer.

During 2015-2017, net sales grew by a CAGR of 44 percent, with an improvement in adjusted EBITA margin from 2.5% in 2015 to 5.0% in 2017. In 2017, Bygghemma Group reported net sales of SEK 4.0 billion and adjusted EBITA of SEK 197.0 million, corresponding to an adjusted EBITA margin of 5.0%. Pro forma net sales for 2017 (which includes acquisitions completed during 2017) amounted to SEK 4.4 billion.

Since inception in 2006, Bygghemma Group has expanded its product offering, made significant operational investments and broadened its geographical presence in Sweden, Finland, Norway and Denmark. As of 1 January 2018, the Company’s webstores are supported by 72 showrooms, customer.

FSN CAPITAL III: GREEN LANDSCAPING HAS BEEN LISTED ON NASDAQ STOCKHOLM, FIRST NORTH

Green Landscaping Holding AB (publ) (“Green Landscaping” or the “Company”) was listed on March 23, 2018, on Nasdaq First North. The Initial Public Offering (the “IPO”) attracted very strong interest both from Swedish and international institutional investors, as well as from the general public in Sweden. The offering was oversubscribed several times.

The listing price in the offering was SEK 21 per share, corresponding to a total market value of the Company’s shares of approximately SEK 745 million upon completion of the Offering. Assuming full exercise of the over-allotment option, 20,527,500 shares were sold in the Offering, corresponding to approximately 58 percent of the total number of shares in the Company upon completion of the offering. FSN Capital III sold 15,138,917 shares in the offering and will hold approximately 18.6 percent of the shares in the Company following the IPO.

Andreas Bruzelius, Principal at FSN Capital Partners (investment advisor to FSN Capital III) says:”Driven by an exceptional effort by the management team and employees, Green Landscaping has excelled in recent years and is now well equipped to take the next step on its growth journey. On behalf of FSN Capital III, I would like to thank management, board and employees for their relentless dedication to developing the company. We are also pleased to see an impressive set of new shareholders investing in Green, which will serve as a strong support in establishing Green as the leading North European player in its field.”

Per Sjöstrand, Chairman of the board, says: “Through the listing, we have very good prospects for continuing the consolidation of the outdoor environment industry, while increasing transparency gives our customers added comfort. We welcome all new shareholders to the Company, in particular the Salén family as a new, large, active investor and potential board member to support the company as it continues to execute on its strategic plan. The Board is proud of what the management has achieved so far and looks confident in the future.”

Johan Nordström, CEO, says: “We are very proud and happy about the great interest shown in the last few weeks of Green Landscaping and our strategy for profitable growth. I welcome all new shareholders to the company and look forward to continuing our journey with a focus on customer value, sustainability and quality in a public environment.”

About Green Landscaping
Green Landscaping is a leading supplier of services within the Swedish market for maintenance of outdoor environments. The main business comprises a complete offering of maintenance services such as grounds maintenance, landscaping, sports grounds maintenance, as well as arborist services. Green Landscaping is present in the middle and south of Sweden, focusing on the metropolitan areas.

The Company began its operations in the spring of 2009 through a consolidation of four companies, which together formed the new group Green Landscaping. Since then, the Company has conducted seven more acquisitions and achieved total revenues of SEK 1,016 million in 2017, including full-year revenues from companies acquired in 2017. In 2015, Johan Nordström started working as CEO of Green Landscaping. Since then, the Company has established a platform for profitable growth through the implementation of multiple operational efficiency improvements and efficient steering processes. These have also contributed to an increase in the Company’s adjusted EBITDA margin from 4.2 percent in 2014 to 9.4 percent in 2017, including full-year earnings from companies acquired in 2017. The Company intends to grow through both organic growth and acquisitions, and has established a structured acquisition strategy for the future.

FSN CAPITAL V ACQUIRES A MAJORITY STAKE IN MØRENOT

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Mørenot (“Mørenot”, the “Company”), a world leading supplier of equipment and services to the world’s fishery- and aquaculture industries.

Current owners are 3rd and 4th generation descendants of the founders, and will re-invest alongside FSN Capital and continue to own a material stake in the Company.

The Company has shown strong performance in recent years and established a global platform for continued expansion. Mørenot holds a reputation for leading quality and servicing capabilities based on innovation and local presence. The company is driving innovation within the industry, with several recent and ongoing successful projects. Global population growth and increased living standards are driving the demand for protein, and fish is a more efficient source of protein compared to e.g. chicken, pork and beef, with additional health benefits from high content of fatty acids such as Omega 3. As a global leader in this industry, Mørenot contributes to feeding the world in a healthy and sustainable manner.

With roots back to 1913, Mørenot is a Norway based, global leader in the fast-growing market for equipment and services to the fishery and aquaculture industries. The company has a strong Norwegian heritage founded on quality products, excellent service and close relationships with its customers. In 2017, Mørenot reported sales of approximately NOK 870m and the Company has generated an organic sales CAGR of 8% between 2009 and 2017. In partnership with FSN Capital, the founder families will take part in the future journey and aspire to reinforce Mørenot’s strong market position and further consolidate the market both in Norway and internationally.

“FSN Capital is excited about the opportunity to play a leading part in providing the world’s growing population with a healthy source of protein in an environmentally sustainable manner. We are eager to partner with the founding family in realizing the Company’s next growth journey”, says Ulrik Smith, Partner at FSN Capital Partners AS, acting as investment adviser to FSN Capital.

“The family and the board are very proud of what the management team has achieved with the Company. The family is excited to have entered into a partnership with FSN, which will support the Company in its next phase of growth. We are optimistic about the future and look forward to the partnership.” says Sveinung Flem, Chairman of the Board of Mørenot.

The transaction is subject to approval from the competition authorities

FSN CAPITAL IV DIVESTS ITS HOLDING IN INSTALCO

FSN Capital IV has, through Herakles Holdings Limited, a wholly-owned company, sold its holding of 5,001,210 shares (corresponding to 10.8% of the total shares), in Instalco Intressenter AB (“Instalco” or the “Company”), through an accelerated bookbuilding to Swedish and international investors and Instalco Management and Employees. The sale was made at a price of SEK 51.30 per share, a total of approximately SEK 257 million. Following the sale, FSN Capital IV no longer holds any shares in Instalco.

All proceeds, SEK 255 million net of fees, will be used to repay part the outstanding margin call facility with Danske Bank.

Instalco was listed on NASDAQ Stockholm on May 11, 2017.

About Instalco
The Group was formed on the initiative of its CEO, Per Sjöstrand, in February 2014 by a consolidation of five installation companies, each with long and successful history. Instalco’s business concept is to be able, through cooperation between locally leading and highly specialised units, to offer competitive multidisciplinary solutions, while at the same time achieving coordination benefits. Since its formation the Company has demonstrated strong growth (Instalco has increased its revenue by more than four times between 2014 and 2017), driven primarily by acquisitions but also through organic growth. For the 2017 financial year, Instalco had net sales of SEK 3,114 million and an adjusted EBITA of SEK 264 million, corresponding to an adjusted EBITA margin of 8.5 percent.

LIVINGBRIDGE ANNOUNCES ITS EXIT FROM YSC CONSULTING

Since its £18m investment in 2013, Livingbridge has supported YSC through a period of significant growth. The YSC management team has undertaken a £72m management buy-out with backing from another private equity firm, to pursue the next phase in its growth strategy. The exit has delivered a gross money multiple of 2.4x to Livingbridge clients.

Headquartered in London, YSC today operates from 17 offices in Europe, North America, South Africa and Asia-Pacific. It has a large and fast-growing practice in the US, the world’s largest leadership consultancy market, with offices in New York, Chicago, Boston and San Francisco.

YSC has built a large and diverse blue-chip customer base of more than 400 organisations of which almost 60 per cent are in the FTSE 250 or Fortune 500. Its global clients include Qantas, HSBC, Diageo, GlaxoSmithKline, Tesco, BHP, Li & Fung and BP.

Livingbridge has a successful track record of backing consultancy businesses, having recently invested in specialist financial markets consultancy Catalyst Development, as well as existing investments in clinical service consultancy Four Eyes Insight, global robotic process automation consultancy Symphony Ventures, and procurement consultancy Efficio.

Commenting on the exit, Liz Jones of Livingbridge said:

“We are incredibly proud of what Robert and his team at YSC have achieved throughout our investment. The business has continued to deliver on its global growth ambitions, whilst staying true to its mission of delivering market-leading leadership insight and strategy solutions for its international clients. We feel privileged to have been part of the journey and wish them all the very best for the future.”

Robert Sharrock, Chief Executive Officer at YSC said:

“Our success today has been achieved with Livingbridge’s close support and strategic guidance over the last four years. The business is now in a fantastically strong position and we’re excited about continuing YSC’s journey towards becoming the global number one in leadership consulting”

FSN CAPITAL III DIVESTS VINDORA TO ACADEMEDIA

FSN Capital III has entered into an agreement to divest Vindora to AcadeMedia, Northern Europe´s largest education company.

Vindora is a leading education provider, primarily active in the upper secondary segment, with a market leading position in apprentice based vocational education. Vindora has for almost two decades contributed to society by addressing one of the main challenges, youth unemployment. Vindora’s unique education model, based on a close collaboration with thousands of small and medium sized companies across Sweden, has proven to be highly effective in enabling the students to build relevant work experience and thereby enhance their job placement rate.

vindora

Marcus Egelstig, Principal at FSN Capital AB, acting as adviser to the FSN Capital Funds, says:
”We are proud of Vindora’s development during FSN Capital’s close to eight-year ownership period. Under the leadership of CEO Jarl Uggla, Vindora has continuously developed its successful education model and invested heavily in structure and processes to build a solid platform for the long run. To join forces with the industry leader, AcadeMedia, means that Vindora has optimal conditions for continued positive development”

CAPITON SELLS SHARES IN GESS GROUP TO JR HOLDING AG

Gess Group is a personnel services company specializing in the placement of highly qualified employees. In September 2010 capiton acquired a majority stake in Gess. During the holding period the Group continued to grow and expanded its product portfolio by acquiring the two companies, Best Job IT and Graeber & Partner. In 2016 the Group generated sales of c. EUR 72m and currently employs approximately 1,850 employees.
About the transaction

gess group

With the transaction that has now been signed, capiton is selling its shareholding in the Gess Group to JR Holding AG, based in Ingolstadt, Germany. The JR Group was founded in 2009 and currently is a portfolio company of AUCTUS. The transaction is still subject to the approval of the antitrust authorities. The parties have also agreed not to disclose further details of the transaction.

capiton is an independent, partnerowned private equity company with funds of € 1.1 billion under management. At present, capiton’s portfolio consists of 10 medium-sized companies. In its capacity as provider of equity finance, capiton supports management buy-outs and supplies growth financing to established, medium-sized companies.

MASTER FRANCHISEE OF DOMINO’S PIZZA IN TURKEY, RUSSIA, AZERBAIJAN AND GEORGIA LISTS ON LSE

DP Eurasia N.V. (DPEU.L), the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia, was welcomed to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange.

DP Eurasia N.V. has successfully raised £148 million by placing 74.1 million existing and new ordinary shares with investors at a placing price of 200 pence per share. DP Eurasia’s market capitalisation on admission, based on the placing price, is approximately £291 million.

Founded in Turkey in 1996, DP Eurasia is the largest pizza delivery company in Turkey, the third largest in Russia and the fifth largest franchisee within the global Domino’s Pizza brand. The Group offers pizza delivery and takeaway/eat-in facilities at its 571 corporate and franchised stores (488 in Turkey, 76 in Russia, four in Azerbaijan and three in Georgia as at 31 March 2017). The Offer will provide a platform for the Group to execute its strategy for future growth, primarily focusing on innovation and online ordering, and the expansion of its store network, particularly, the planned roll-out of corporate stores in Russia.

turkven lse pic

Morgan Stanley acted as Sponsor, Sole Global Co-ordinator and Joint Bookrunner to the Company and Citi acted as Joint Bookrunner. The Company’s ticker is DPEU.

Aslan Saranga, Chief Executive Officer of DP Eurasia commented: “DP Eurasia N.V. has a strong track record of delivering growth within its chosen markets using the proven Domino’s Pizza model that has delivered significant shareholder value in other listed master franchisees around the world. This is an exciting time for the Group as we look to accelerate our growth using the proceeds from the Offer to support our expansion in Russia and further invest in technology to maximise the delivery experience to our customers. We are looking forward to delivering for shareholders as we continue to execute our well-established business model.”

FSN CAPITAL III EXITS LAGKAGEHUSET

lag FSN Capital III has signed an agreement to sell its majority shareholding in Lagkagehuset.

Lagkagehuset is the leading premium bakery chain with 66 stores in Denmark and a presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its attractive quality products and proven concept is based on a business model with own bakery production and a scalable roll-out strategy. The stores in the UK under the “Ole & Steen” brand are the first phase of an international roll out, proving that the business model is highly scalable.

oleand steen

After several years of significant growth in the Danish market, and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire the entire FSN Capital’s majority shareholding in Lagkagehuset A/S. At the same time, Nordic Capital will also acquire the two founders, Ole Kristoffersen’s and Steen Skallebæk’s shares in Lagkagehuset.

“Nordic Capital has in recent years made several investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers quality products every day and has created strong preferences for consumers in Denmark. Following a recent launch in London, the next step is now to evaluate and develop a plan for further internationalisation where we will level further with Nordic Capitals industry expertise within the retail sector. Nordic Capital is looking forward to support Lagkagehuset’s continued development and expansion in partnership with the the company’s strong management team,” says Michael Haaning, Partner at NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital, advisor to the FSN Capital Funds.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years”, says Jesper Friis, CEO of Lagkagehuset

Lagkagehuset has over the last couple of years professionalised the fresh bakery industry and has taken its concept international as a response to the increasing public focus on healthy quality food products. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakery to smaller urban food-to-go outlets. Lagkagehuset’s business model which enables high quality at scale, has along with its strong brand and modern retail concept, been highly successful in the Danish market where the company now has 68 stores. The company reported revenues of DKK 665 million in 2016 and a total of 1,800 employees. The company grew by 20 per cent in 2016.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

INNOVA CAPITAL SOLD ITS STAKE IN WIRTUALNA POLSKA

Innova Capital, the leading CEE private equity fund, sold its 27% stake in Wirtualna Polska Holding S.A. for PLN 50.00 per share.

In 2014 the Innova Capital fund financed the acquisition of Wirtualna Polska from Orange Polska and its merger with the o2 Group. The purpose of the PLN 375m transaction was to consolidate the e-market in Poland and introduce the group into the e-commerce market segment.

In just a dozen or so months the company underwent a dynamic integration process, strategy overhaul and rebranding. These initiatives gave an immediate boost to the financial performance: 2.5x increase in EBITDA and four-fold increase in market value. Fifteen months after Innova’s investment, Wirtualna Polska Holding became listed on the Warsaw Stock Exchange and the company’s present capitalisation is over PLN 1.5bn, with the share price rising by nearly 70% following the IPO. Thanks to the recent exiting the investment, Innova generated an internal rate of return (IRR) of over 60%.

“Our investment in Wirtualna Polska was very successful: in a relatively short time we have created a leader of the Polish e-market, in cooperation with the excellent team of managers. The new strategy of development and pursuing it consistently has also translated to an above-average rate of return on the investment. This is an excellent example of a Platform+ investment, assuming acquisition of two companies and consolidating them on purchase, leveraging the income and cost synergies effectively and implementing a new management structure,” comments Magdalena Magnuszewska, Partner at Innova Capital.

“The Innova Capital has undoubtedly placed much confidence in us and financed ambitious plans of the Group. I can’t remember any other transaction where a four times smaller company acquires its bigger rival. Then, in short of two years, it consolidates the market by acquiring 14 entities, successfully enters the stock exchange and moves nearly a half of its revenues from the market it has been active on for 20 years to entirely new areas. All this while constantly improving the results and increasing its market value by a few times. This is only possible in Poland. In Wirtualna Polska,” says Jacek Świderski, President of the Board of Wirtualna Polska Holding S.A.

Jacek Świderski, Michał Brański and Krzysztof Sierota, entrepreneurs with a majority stake in Wirtualna Polska, were involved in the repurchase of shares from Innova Capital and now have over 55% votes at the General Meeting of Shareholders. All remaining shares were sold to public institutional investors in the accelerated book building (ABB) process, which was closed today.

About WP Group

The Group owns one of Poland’s two most popular horizontal internet portals called Wirtualna Polska. It also runs the o2 horizontal portal and numerous specialist vertical portals, including in particular a business portal: Money.pl; a sports portal, e.g. WP SportoweFakty, a new technology portal: e.g. Dobreprogramy; entertainment portals: e.g. Pudelek and WP Gwiazdy; health and parenting portals: abcZdrowie.pl and Parenting.pl; and internet radio stations: OpenFM and PolskaStacja. In addition, the Group runs advertising business offering lead generation for internet stores, mostly through portals that aggregate the offers of internet stores (marketplace), in particular Domodi and Allani in fashion, Homebook in the home and interior decoration category, Money.pl and Finansowysupermarket.pl in financial services and wakacje.pl in tourism and recreation. The Group offers its users the possibility of using e-mail free of charge; it also conducts business on the Polish online advertising market offering its clients an extensive range of advertising products: modern display, including video advertising, advertisements distributed by e-mail, advertising for mobile devices and advertising based on a performance model. On 2 December the WP Group launches its latest project, WP Television, available from the 8th landline television multiplex and from SG WP.