Nordic M&A News
September 27, 2018

- Denmark -

Axcel looking to divest Ball Group (Borsen)

Axcel is currently preparing a sale of clothing group, Ball Group, and has hired Deloitte's corporate finance department to help find a buyer, according to Borsen’s sources. The company reported revenues of DKK484m in 2017 with EBITDA of DKK 16m and and a negative bottom line of DKK -3m. Ball Group only consists of the xl-clothing brand Zizzi, after having sold off the brands Culture, Pulz and Educe to DK Company in 2016.

Spar Nord acquiring strategic stake in Danske Andelskassers Bank (Borsen)

Spar Nord Bank A/S has acquired 319,988 shares in Danske Andelskassers Bank A/S (DAB) and now holds 27.05 % of the voting rights and share capital of DAB. The stake is acquired for DKK 236m. "There was a stake that was for sale. So we decided to buy it. Partly because it makes sense for financial investment, but also because we are in a dialogue with DAB about a full takeover," says CEO of Spar Nord, Lasse Nyby.

- Sweden -

Jayway gets acquired by French Devoteam (Press Release)

Jayway, a Malmö, Sweden-based software development house, announced getting into an agreement for selling the company to the Paris, France-based software group Devoteam. The transaction has the financial details undisclosed and was made for 75% of the shares in Jayway. The company employs 240 people in offices across Sweden and Denmark. Jayway reported sales of SEK 194m with EBIT of SEK 13m in 2017. Capitalmind acted as exclusive advisors to the sellers of Jayway in the sale to Devoteam.

Alder acquires Scanacon from Verdane (Press Release)

Scanacon Intressenter AB, a Stockholm, Sweden-based provider of acid management systems used in the production of special metals announced that its major shareholder, Verdane Capital, sold its equity holding of 100% of the shares to Swedish private equity company Alder. Scanacon is a world-leading provider of acid management systems used in the production of special metals. The company has an annual turnover of approximately SEK 150m and has 40 employees.

Athanase invests in real estate software company Zutec (Press Release)

Athanase Industrial Partners has purchased 15% of the shares in Zutec Holding AB from Brian McGuire. After the transaction, Athanase holds 17.2% of the shares in the Company. Zutec, headquartered in Dublin, develops and markets cloud-based software services (“SaaS”) that help its customers to increase productivity and cost efficiency.

InfraCom increases its stake in Cellip AB to 76% (Press release)

Cellip AB, based in Stockholm, delivers complete solutions within cloud-based communication to small and medium-sized companies. Cellip employs around 30 employees and, in the fiscal year 2017/18, had revenues of SEK 44m with a 14 percent EBITDA margin. InfraCom previously owned 66 percent of the shares in Cellip. InfraCom has entered into an agreement with Myaide AB which holds 9.7 percent of the shares in Cellip to acquire these for a purchase price of SEK 4.5m. The purchase price corresponds to a company valuation of SEK 46.5m.

- Norway -

Akastor completes sale of 50% of AKOFS Offshore (Press release)

Akastor has completed the sale of 50% of AKOFS Offshore to form Joint Venture with Mitsui and MOL, who each will own 25% of the shares. The price for the 50% shareholding is USD 142.5m, plus interest from locked box date. The transaction will be booked in the third quarter. Akastor is a Norway-based oil-services investment company with a portfolio of industrial holdings and other investments.

- Finland -

Huhtamaki in talks to acquire Indian Essel Propack (kauppalehti)

Essel Propack Ltd, which is part of the USD 4.2bn Essel Group, is in preliminary talks to sell a controlling stake in the company, said two people directly involved in the deal. “The talks are at an early stage with two foreign packaging companies, including Amcor Ltd and Huhtamaki Oyj. Essel Propack is the largest specialty packaging manufacturer of laminated plastic tubes catering to the fast-moving consumer goods and pharma sectors. Its FY17 turnover was at over USD 368m. The acquisition talks are not confirmed by Huthamaki.

Prepared by Emil Tange Ohlsen