Deals in Focus

Deals in Focus | Nordics 27th January 2020
27th January 2020 Atheneum Team
27th January 2020

Key Atheneum Experts

Former CFO – Eton Shirts
Former Non – Executive Director – Eton Shirts
Former CEO – Tiger of Sweden (rival)

Key Information

Consumer Goods
HQ – Sweden
Operations – Global

Swedish shirt producer Eton are being prepped for an IPO or sale by EQT. A sale may be a tough ask as sources believe that Eton’s potential for growth and profitability may not be high enough to attract PE bids, whilst also not being a suitable target for luxury clothing brands. EQT purchased the firm on a debt-free basis for €200m back in 2015-2016 with the firm now being valued at €250m. Citi and Carnegie are advising on proceedings.

Key Atheneum Experts

Former CIO – Kotikatu
Former Project Manager – Kotikatu
Leading Property Maintenance Business Consultant (20+ Years’ Experience)

Key Information

B2B Services
HQ – Helsinki
Operations – Helsinki

Property maintenance service business, Kotikatu, are on the block as Finnish PE firm Vaaka Partners have mandated Carnegie to handle their exit. The company’s estimated 2019 revenue is expected to be €100m with an EBITDA margin of around 17%. Kotikatu are likely to attract interest from other Nordic PE firms who may look to pursue an international strategy with the firm.

Key Atheneum Experts

Former CFO – Bright Group Sweden
Former CIO – Bright Group
Former Marketing Director – Benum Norway (rival)

Key Information

B2B Services
HQ – Finland
Operations – Nordic

Bright Group, an audio-visual rental business based in Finland, are up for sale by holders CapMan. Stella Advisors are handling the auction with the firm believed to be valued around the €90m mark. CapMan purchased Eastway in January 2011, which later merged with Norwegian AVAB CAC and AVAB CAC Bergen to form Bright Group. Bright Group have presence across the Nordic region which could prove to be an interesting buy for large international entertainment groups or private equity firms looking to further the group’s coverage.

Key Atheneum Experts

Former Head of Business Development – Worldfavor
Former Chief Security Officer – Worldfavor
Director general – Blackchain & Climate Institute (Senior Sustainability Technology Expert)

Key Information

Technology
HQ – Sweden
Operations – Global

Sustainability tracker start-up, Worldfavor, are looking to raise between €6 and €15m. Their platform enables businesses to share sustainability information and manage their own performance in comparison to specific industry benchmarks. The start-up raised €3m last month in seed funding led by VC firms Spintop Ventures and Brightly Ventures. Capital raised is expected to be used to scale up operations with further product development and expansion of sales teams.