Sweden

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 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 V ACQUIRES A MAJORITY STAKE IN HOLMBERGS SAFETY SYSTEM

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 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_png FSN 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

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 Norway

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.

INNOVA EXITS BATHROOM MARBLE PRODUCER MARMITE TO CRANEMERE LTD

On 12 May 2016 Innova together with other minority shareholders sold their stakes in Marmite – the leading European cast marble sanitary ware manufacturer – to Cranemere Ltd. in one of the biggest deals in Poland this year.

Innova purchased a controlling stake in gfx_logo Marmite from its founder Roger Johansson, in 2010. Under the leadership of CEO Robert Rutkowski and his team, the Company pursued its strategy of European expansion, product and material innovation and operating improvements, further extending its leadership position on the European market.

Business transformation and founder succession

During its holding period Innova helped steer through the transition from founder to a world-class management team. During 2010-2016 Marmite built a pan-European sales force, improved productivity and capacity in its Poznan production plant, and developed a top-class design capability recognized by the international iF, Red Dot and AꞋDesign Awards.

With ca. EUR 50m of annual sales and the majority of its products sold for export, Marmite is the leading European producer of cast marble sanitary ware and the only supplier capable of meeting the highest standards of the largest and most demanding European customers in terms of volume, quality and just-in-time delivery. “Marmite is a truly world class company, headquartered here in Poland. We are delighted.” said Olivier Weddrien – Head of Cranemere’s European activities. “Innova seeks high-value-added manufacturing businesses that can establish leadership not just in Poland, but across Europe. We are therefore very proud of what has been achieved by Marmite” responds Rob Conn, Innova’s Founding Partner.

This is the 9th Founder Succession deal in which Innova takes a majority stake and partners with business founders to build their company “to the next level”. “Innova was my partner of choice, and I am very happy with our partnership and what has been achieved over the last five years”, said Roger Johansson, Marmite’s founder.

Exit

Cranemere Ltd. purchased a 100% stake in the Company.

About Marmite

Marmite is the leading European manufacturer of washbasins, shower trays and bathtubs made of cast marble. The company brings together natural mineral materials, sophisticated technology and develops efficient cast marble innovations. Marmite has 40 years of industry experience, hires over 550 employees and uses its 7 fully organized production lines with a total capacity of 1.4m units/year to manufacture products for more than 200 clients from nearly 40 different countries.