Tag: FSN

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.

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 V ACQUIRES A MAJORITY STAKE IN MØRENOT

 

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.

 

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”

FSN CAPITAL III EXITS LAGKAGEHUSET

 

lagFSN 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.

FSN CAPITAL V ACQUIRES A MAJORITY STAKE IN HOLMBERGS SAFETY SYSTEM

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FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Holmbergs Safety System Holding AB (“Holmbergs”, the “Company”), a leading global supplier of mission critical safety systems to the child safety seat industry. Existing management and current owners will re-invest alongside FSN Capital and continue to own a material stake in the Company.

holmbergs

The Company has shown strong performance in recent years and established a global platform for continued expansion and holds a reputation for leading quality and engineering capabilities. The underlying child safety seat market is fast-growing and supported by favourable structural growth drivers such as stricter safety regulations and increased safety awareness.

Holmbergs is a joint global market leader in the fast-growing niche market of safety products and systems to the child safety seat industry. During the twelve months period ending on 30th April 2017 Holmbergs reported sales of SEK 316m and the Company has generated an organic sales CAGR of 18.5% 2014-2016. In partnership with FSN Capital, Holmbergs aspires to reinforce its strong market position and further accelerate international growth, primarily in Asia. Additionally, the Company intends to grow its adjacent secured transportation business, through both organic and inorganic initiatives.

“We are impressed by Holmbergs’ development over the last years and we are excited about the Company’s significant organic and inorganic growth potential. Holmbergs’ position as a market leader in a global niche market, supported by strong structural growth drivers, represents an attractive investment opportunity for FSN Capital and we are eager to support Holmbergs’ management team in the Company’s next growth journey”, says Marcus Egelstig, Principal at FSN Capital AB, acting as adviser to FSN Capital.

“It has been an exciting journey since I joined Holmbergs in 2008. We have successfully created a strong operational footprint with a joint leading position in all key markets and have consistently enjoyed double-digit growth with increasing profitability. We are recognized by our customers as a quality supplier in a market with strong underlying growth and is eager to continue the development together with our new principal owner FSN Capital”, says Anders Sandell, CEO of Holmbergs.

“The board is very proud of what the management team has achieved with the Company. Holmbergs has performed extremely well in all core markets and introduced new products, won new customers and continues to drive innovation forward. With a clear strategy for continued profitable growth, I am excited to continue to work with the Company under the FSN Capital ownership”, says Mikael Hägg, Chairman of the Board of Holmbergs.

FSN CAPITAL IV ACQUIRES A MAJORITY STAKE IN ACTIVE BRANDS

FSN Capital IV has signed an agreement with Holta Invest to acquire a majority stake in Active Brands AS, a leading Nordic supplier of premium sporting goods brands. Holta Invest, existing management and founders will re-invest alongside FSN Capital and continue to own a material stake in the company.

Active BrandsActive Brands manages a portfolio of well-established sports apparel and equipment brands, including Kari Traa, Dæhlie, Bula and Sweet Protection. The company has achieved great success in recent years, and has delivered strong growth from an efficient and scale-able platform.

Based on a talented and dedicated workforce, Active Brands has consistently outperformed the Nordic market for sporting goods by generating organic annual growth of 30% since 2013. From a strong Norwegian base, the company has gradually expanded into new geographies, and in 2016 approximately 30% of net sales were generated outside of Norway.

In partnership with FSN Capital, Active Brands aspires to reinforce its strong position in the Nordics and further accelerate international growth, through both organic and inorganic initiatives.

“We have admired Active Brands for a long time and have been impressed by the platform created by Holta Invest and the management team’s ability to develop truly unique brands with significant international growth potential. Our ambition is to build on Active Brands’ leading position in the Nordics and support further growth in North America and Central Europe together with our new partners”, says Erik Nelson, Partner at FSN Capital Partners AS, acting as adviser to FSN Capital IV.

Active Brands CEO, Espen Krogstad, is pleased with the acquisition by FSN Capital.

“On behalf of the employees and management team of Active Brands, I am pleased to have FSN Capital as a new majority owner. Active Brands has developed in a fast pace and is today amongst the leading companies in the Nordic sporting goods industry. We are delivering solid growth across all geographies and I look forward to further developing the company”, says Espen Krogstad.

Holta Invest will retain a 20% ownership stake in Active Brands post the transaction.

”We established Active Brands in 2010 with the objective of taking a leading role in the consolidation of the Nordic sporting goods industry.  Since then, Active Brands has developed into a great business with a talented team, strong brands and a scalable platform. The company has a strong position in the Nordics and has successfully entered large international markets.  We are proud of the development of Active Brands and we are honored to get FSN Capital on board as a new majority owner. We believe in a promising future for the company and we are excited to continue our ownership of Active Brands together with FSN Capital”, says Dag Teigland, Chairman Active Brands and CEO Holta Invest.

The transaction is subject to regulatory approvals from the Norwegian competition authorities.

FSN CAPITAL PARTNERS CLOSES NEW SEK 9.62 BILLION (€1.0 BILLION) NORDIC MID-MARKET BUYOUT FUND

 

FSN Capital Partners (“FSN”), a pan-Nordic mid-market private equity advisor, announces the final closing of FSN Capital V, which was oversubscibed at its hard cap. The Fund received strong support from existing and new investors, with total commitments of SEK 9.62bn (€1.0 billion).

fsn-logo_pngFSN Capital V held its final close on December 16th at its hard cap of SEK 9.62 billion (€1.0 billion), exceeding the SEK 8.5 billion (€870 million) target. The prior fund advised by FSN, FSN Capital IV, closed in 2013 at SEK 5.42 billion (€624 million).

The Fund’s investors comprise a well-diversified group including public and private pension funds, endowments, sovereign wealth funds, insurance companies, government agencies, asset managers, banks and funds of funds. FSN has also significantly broadened its international investor base, with new LPs secured from Asia, the Middle East and the United States. 29% of the total capital raised for FSN Capital V came from LPs based in North America, 13% from Asia and the Middle East, and 34% from Europe excluding the Nordic region. The Fund also attracted strong support from the Nordic LP community, with leading LPs from all four Nordic markets accounting for the remaining capital raised.

“We are delighted with the strong support we have received from existing LPs and are privileged to welcome a number of leading, blue chip investors from around the globe as new limited partners”, said Frode Strand-Nielsen, Managing Partner of FSN.

FSN Capital V will continue FSN’s proven investment strategy of targeting control buyout investments of Nordic mid-sized growth-oriented companies operating in Sweden, Denmark, Norway and Finland where FSN believes it can generate long-term alpha returns for the investors. It will target companies with enterprise values typically between SEK 500 million and SEK 3 billion (approximately €50 million to €300 million) and operating in a broad range of industries and markets.

FSN will continue its strong focus on integrating sustainable and responsible investment practices into the investments.

“FSN Capital V is positioned in an attractive segment of the market as one of the largest middle-market focused funds in the Nordic region” said Peter Möller, Partner of FSN. Thomas Broe-Andersen, Partner of FSN, added “we continue to see a large number of attractive investment opportunities and are confident of delivering strong returns to the investors.”

 

FSN’S INSTALCO BOOSTS OPERATIONS IN NORWAY & SWEDEN WITH ADD-ON ACQUISITIONS

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 Instalco Group, a portfolio company of FSN Capital IV,has continued to execute on its growth strategy by making four additional add-on acquisitions – TIMAB (SE), Rørteft (NO), Dalab (SE) and Installatör AB (SE). The acquisitions are consistent with Instalco’s strategy of establishing a complete national presence in Sweden and strengthen operations in the Oslo area in Norwayinstalco

TIMAB
TIMAB offers a full service portfolio of HVAC, electrical and heating & plumbing installation solutions for food retailers in the Stockholm area (Sweden). The company was founded in 2004 and has sales of SEK 65 million.

Rørteft
A supplier of heating & plumbing installation services in the Olso area (Norway). Rørteft primarily offers heating & plumbing installation for residential housing. It was founded in 2007 and currently employs 24 people. The company has a turnover of NOK 51 million.

Dalab
Dalab is a leading supplier of HVAC and heating & plumbing installation services in the region around Dalarna in Sweden. The company has 45 employees and offers services for both new projects and modernization. Dalab has a turnover of SEK 93 million.

VVS-Installatör
A heating and plumbing company with over 50 years of experience in the region around Dalarna, Sweden. Operations include installation for new projects as well as modernization of residential buildings, schools and commercial buildings. The company has a turnover of SEK 46 million and employs 45 individuals.

Following the acquisitions, Instalco Group has operations in 3 countries and has estimated run rate LTM sales of SEK 2.4 billion as of July 2016.