Nordic M&A News
October 16, 2018

- Denmark -

The VELUX Group acquires Vitral (Press Release)

The VELUX Group acquires Vitral, which sells skylight and glass-roof systems in Denmark and England. The company has 60 employees with sales offices in Denmark and England and production in Lithuania. With the recent acquisition of JET-Group and now Vitral, the VELUX Group strengthens its position in the commercial market with 1,100 employees in 13 markets.

Nordic Aviation Capital adds GIC as minority shareholder (Press Release)

Singapore’s sovereign wealth fund, GIC, joins NAC founder Martin Møller and EQT VI as significant investor in NAC to support future growth. GIC has a large experience within aircraft leasing and brings new capital to the company. NAC has a fleet of 468 regional aircrafts. Current investors, Martin Møller, EQT and KIRKBI (co-investor with EQT) sold shares to GIC on a pro-rata basis.

- Sweden -

Instalco acquires Motala Ströms Installations AB (Press Release)

Instalco has acquired Motala Ströms Installations AB (MSI) in Östergötland and continues expansion within this geographic area. MSI specializes in installation and service of electricity and plumbing. MSI consists of five subsidiaries, had net sales of SEK 97m in 2017 and 80 FTEs. The deal value is undisclosed. Instalco acquires all shares in the company.

Ambea acquires Aleris Omsorg for SEK 2.6bn (Press Release)

Ambea has become the largest care company in the Nordic region with the acquisition of Aleris Omsorg. Ambea buys Aleris on a cash and debt-free basis for SEK 2.6bn. Aleris reported net sales of SEK 4.6bn and EBITDA of SEK 146m in 2017/18, corresponding to an EV/EBITDA of 17.8x. The acquisition creates a platform for future organic growth and significant potential for synergies according to the parties.

Fagerhult to acquire italian iGuzzini (Press Release)

The Swedish lightning manufacturer has signed a letter of intent to buy the Italian lighting group iGuzzini. iGuzzini had 2017 net sales of EUR 230m and 1,300 employees.  Fagerhult will fund the acquisition through new debt and a rights issue. The current owners of iGuzzini will become investors in the new group. No financial details are disclosed.

- Norway -

Zenitel acquires Phontech operations from Jotron (Press Release)

Zenitel acquires the Intercom and Public Address business (Phontech) from Jotron AS. Phontech specializes in Intercom and Public Address & General Alarm solutions for the Maritime and Oil & Gas markets. Phontech generated EUR 7.3m in revenue and had a negative EBIT in 2017. The price is undisclosed.

Aker BP buys stake in Equinor gas field of USD 250m (Press Release)  

Aker BP has acquired a 77.8 % stake in King Lear gas/condensate discovery in the Norwegian North Sea for USD 250m. King Lear is one of the largest undeveloped discoveries in the North Sea. It is estimated that the resources in the field totals 77m barrels of oil. Equinor keeps the remaining shares.

- Finland -

Stockmann sells Nevsky Shopping Center for EUR 171m (Press Release)

Mall-operator Stockmann sells its Nevsky Shopping Center in St. Petersburg in Russia to PPF Real Estate for EUR 171m. The property value was booked at EUR 181m at January 01, 2018. The center was owned by Stockmann subsidiary, 000 Stockmann Nevsky Center, which PPF also acquires. Stockmann receives EUR 139m in cash flow which will be used to focus on department stores in Finland and the Baltic countries.



Prepared by Anton Søeberg