Nordic M&A News
September 21, 2018

- Denmark -

Sjølund Group Group acquires Estonian company Cutform OÜ (JV)

In January, Søren Ravn, managing director and owner of Danish Sjølund Group, sold 51 percent of the company to the German private equity fund Deutsche Beteiligungs AG. The Kolding-based Sjølund Group has now acquired Estonian metal works company Cutform OÜ. Sjølund Group is a global company specialized in section bending of steel and aluminum profiles. Cutform OÜ employs 100 people and is a specialist in machinery and fabrication of high-quality steel and aluminum components. Sjølund employs approx. 250 people after the acquisition.

Newsec grows in Denmark through further acquisitions (Press Release)

On October 1, Salling Property Management becomes part of Newsec Property Asset Management in Denmark, adding more than 400 customers and about 40 employees. Salling has offices in Aarhus and Copenhagen and an even distribution between corporate customers and tenant-owner associations. Salling Property management reported a gross profit of DKK 22m with EBIT of DKK 1.4m in 2017. Newsec acquired the property management company Datea last year and is now second largest in the Danish market.

- Sweden -

Swiss private bank Reyl buys Luxembourg arm of Sweden's Öhman (Realtid)

Swiss bank Reyl & Cie has announced it will purchase the Luxembourg private banking arm of family-owned Swedish financial group Öhman. Reyl will acquire all of the outstanding share capital of Öhman Bank Luxembourg, which was established in 2006. Reyl said the acquisition of Öhman, which services a clientele of mainly Nordic entrepreneurs, investors and corporations, would increase its assets under management by around EUR 800m.

Hedvig Raises SEK30m to fuel growth (Press Release)

Hedvig, the Stockholm-based startup reshaping home insurance, has raised SEK 30m (EUR 2.85m) from European investors, including Cherry Ventures and Khaled Helioui, to continue its aggressive growth plan and challenge the traditional insurance providers. Hedvig raised its first seed round earlier this year from prominent Swedish angel investors Sophia Bendz, Spotify's former global marketing head, tycoon Sven Hagströmer, and Nicklas Storåkers, one of the country's best-known tech leaders and investors

- Norway -

Kongsberg Gruppen is looking to acquire AIM (Hegnar)

Aerospace Industrial Maintenance (AIM) Norway is going to be divested to Kongsberg Gruppen according to Teknisk Ukeblad. AIM Norway is today owned by the Norwegian Ministry of Defense and was established in 2011. AIM performs maintenance on F-16 and Sea King, and will also do this on the new AW101 rescue helicopters. None of the involved parties to the deal wants to comment on the information. AIM reported revenues of NOK 654m with EBIT of NOK 47m in 2017.


Hitecvision portfolio company acquires oil company for NOK 3.3bn (DN)

Hitecvision owned Verus Petroleum has signed a Sale & Purchase Agreement (SPA) for the acquisition of Cieco Exploration & Production (UK) Limited, a wholly owned subsidiary of ITOCHU Corporation. The purchase consideration is NOK 3.3bn. Since oil prices fell in 2014, Hitecvision has invested a total of NOK 40bn in oil companies. Over the next four years, the plan is to invest more than NOK 80bn so that total investments will be over NOK 120bn for the three oil companies in Hitecvision's portfolio.

- Finland -

LänsiAuto Oy acquires Opel sales company in Finland (Talouselama)

LänsiAuto Oy will become the wholesale importer for Finnish and Baltic markets by acquiring the national sales company of car company, Opel in Finland. The current Opel employees in Finland and in the Baltics will be employed by Opel Finland Oy at the date the transaction is completed. LänsiAuto is one of the largest car dealers in Finland with sales of more than EUR 300m and approximately 600 employees.

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Prepared by Morten Loft Sørensen