Deals in Focus

Deals in Focus | Nordics 9th March 2020
9th March 2020 Atheneum Team
9th March 2020

Key Atheneum Experts

Former Director Global Alliances – IFS
Former Director of Marketing Comms – IFS
Current SVP Global Director – SAP (rival)

Key Information

Technology
HQ – Sweden
Operations – Global

EQT is exploring sale options for IFS, an enterprise software company for large enterprises for oil, gas, aerospace, defence, filed services management; Goldman Sachs and Jefferies will advise. The 32% increase in their EBTIDA (SEK 1.45B FY19) and impressive product offering has drawn attention to IFS as an attractive asset. EQT previously explored sale options, but its hope for higher EBITDA multiples halted other sale attempts.

Key Atheneum Experts

Current Director Energy Production & District Heating – Finnish Energy
Former Sales Manager – Nevel
Current Head of DHC – Euroheat

Key Information

Energy
HQ – Finland
Operations – Finland

Vapo, a large state-owned Finnish energy group, is investi-gating options for the sale of Nevel, which operates 40 district heating networks and 150 energy generation sites across Finland, Sweden and Estonia. Dankse Bank is reported to advise during the sale process for the €100M revenue producing company. The Finnish heating market is quite active, with two cities selling their district heating operations, whilst CapMan Infra purchased a heating network in Oslo.

Key Atheneum Experts

Former Business Director – Fidelix
Current Director of Strategic Marketing – JCI (rival)
Former Strategy Director – JCI (rival)

Key Information

Consumer Discretionary
HQ – Switzerland
Operations – Switzerland

Aventum will advise Procuritas on their exit from Fidelix. The Finnish building automation solutions firm accrued €50M in revenue and posted an EBITDA of €7M. It is reported that Fidelix has more growth potential through geographical expansion, where 67% (FY18) of its business was in Finland. Fidelix’s solutions have been installed in 10’000 buildings and help businesses lower their energy consumption.

Key Atheneum Experts

Former Director – Kotkamills
Current VP and Business Director – Stora Enso (rival)
Director Consumer Insights – BillerudKorsnäs (rival)

Key Information

Materials
HQ – Finland
Operations – N/A

Kotkamills is expecting to start the sale process for MB Funds in 2H20. Macquarie Capital will advise during the auction for the Finish paper packaging company that is drawing attention for its eco-friendly packaging products for the food services market. Potential buyers may be hesitant to pay €500M; however if Kotkamills can demonstrate the potential in their products’ they will continue to attract interest.