Nordic Capital

Nordic Capital

Company type	Private
Industry	Private Equity
Founded	1989; 36 years ago (1989)
Products	Private equity funds, Buyouts
AUM	$40 billion (2024)
Website	nordiccapital.com

Nordic Capital is a global private equity firm focused on leveraged buyouts of established companies in Northern Europe and North America.

Founded in 1989, the firm manages about $40 billion of capital, with offices in New York, London, Stockholm, Frankfurt, Copenhagen, Helsinki, and Oslo.

Nordic Capital targets buyouts of large and medium-size companies across 4 core industries: Technology & Payments, Healthcare, Financial Services, and Services & Industrial Technology. [1]

Nordic Capital is one of the 25 largest private equity firms worldwide according to Private Equity International's PEI 300 ranking, with over $30 billion of capital raised within a 5-year period. [2]

In October 2022, Nordic Capital announced the successful closing of its 11th large-cap buyout fund at its hard cap of EUR 9 billion (USD $10 billion), exceeding its €8 billion target. The fund is over 45% larger than its predecessor large-cap fund (Nordic Capital Fund X), which raised €6.1 billion in 2020. [3] The fund closed in only nine months amidst some of the most challenging fundraising conditions in private equity history, and was the largest Europe-based private equity fund raised that year. [4]

Recent Activity

In November 2024, Nordic Capital acquired US-based IP management software company Anaqua for approximately $3 billion. The acquisition is expected to close by the first quarter of 2025, subject to approval from the relevant regulatory and antitrust authorities. [5] In the same month, Nordic Capital acquired a controlling stake in Max Matthiessen for over $1 billion.[6]

In October 2024, Nordic Capital was reportedly exploring a potential sale or IPO of fintech company Trustly that could value the portfolio company at over $10 billion.[7] Nordic Capital acquired Trustly in 2018 at a $800 million valuation.[8] In 2024, it was reported that Trustly is on track towards processing $100 billion in Total Payments Value for the year, representing a 33% year-over-year growth.[9]

In August 2024, Hargreaves Lansdown (LON: HL) agreed to be taken private for $7 billion by Nordic Capital and CVC Capital Partners. [10] In the same month, Nordic Capital was said to be exploring a potential IPO of financial services company NOBA that could value the company at over $4 billion. [11]

In June 2024, it was reported that Clario, an US-based healthcare software company owned by Nordic Capital, confidentially filed for an IPO, targeting a valuation of more than $10 billion. [12]

In April 2024, Nordic Capital invested in One Inc, an US-based digital payments platform. [13]

In February 2024, Nordic Capital acquired US-based financial software company ActiveViam. [14]

In January 2024, Nordic Capital acquired Surgical Information Systems, an US-based healthcare software company. [15]

In December 2023, Nordic Capital acquired IntegriChain, an US-based healthcare technology company. [16]

In July 2023, Nordic Capital sold software company Macrobond to Francisco Partners, yielding over 6x multiple of invested capital after first backing Macrobond in 2018.[17] During Nordic Capital's ownership, Macrobond saw its annual contract value (ACV) more than triple, resulting in a remarkable 34% year-on-year growth. In March 2024, Nordic Capital was honored with the Exit of the Year Award at the Private Equity International Awards for the sale of Macrobond.[18]

In January 2023, Nordic Capital completed the sale of The Binding Site to Thermo Fisher Scientific for $2.8 billion.[19] This exit represented a 19x net multiple of invested capital for Nordic Capital.[20]

In October 2022, Nordic Capital invested in medical device company Equashield through a deal valued at over $1.3 billion.[21]

In November 2021, Nordic Capital completed the take-private of US-based healthcare software company Inovalon (NASDAQ: INOV) for $7.3 billion.[22] In accordance with the terms of the agreement, Inovalon stockholders received $41.00 in cash for each share of Inovalon Class A Common Stock and Class B Common Stock.[23]

Investment Funds

• 2023 – Nordic Capital XI ($10 billion)[24]
• 2020 – Nordic Capital X ($7 billion)[25]
• 2018 – Nordic Capital IX ($5 billion)[26]
• 2013 – Nordic Capital VIII ($5 billion)[27]

Select Exited Investments

• Nycomed, pharmaceutical company acquired by Nordic Capital in 2005 for $2 billion, and sold to Takeda for $14 billion in 2011. [28] The deal was the largest private equity exit of the year, and one of the most profitable private equity deals ever. Nordic Capital was later award "Exit of the Year", as well as "Deal of the Last 20 Years" in the Financial News 20th Anniversary Awards. [29]
• Bambora, payment solution and services. Built on a platform acquired in 2014, and divested 2017 through a sale to Ingenico.
• Capio, healthcare services, acquired in 2006, listed in 2015, final holding divested in 2017.
• Thule, leisure outdoor industry. Acquired in 2007, listed in 2014, final holding divested in 2016.
• Permobil, powered wheelchair manufacturer. Acquired in 2006 and divested in 2013 to Investor.
• Mölnlycke Health Care, surgical products manufacturer. Acquired in 1997 and divested in 2005 to Investor.
• Fritidsresor, tour operator. Acquired in 1995 and divested in 1998 through a sale to Thomson Travel Group.
• Anticimex, pest control services. Owned between 1992 and 1995 and acquired again in 2001. Divested in 2006.
• Itiviti, Financial Technology and Services, formed in 2016 by the union of Orc Group and CameronTec and merged with Ullink in 2017. Acquired in 2012 (Orc Group) and 2018 (Itiviti).

References

1. "Nordic Capital: Our Approach".
2. "PEI300".
3. "Nordic Capital completes one of the largest fundraises in Europe this year, closing Nordic Capital Fund XI at EUR 9 billion hard cap".
4. "Nordic Capital Raises Europe's Largest Fund This Year".
5. "Nordic Capital Confirms Talks to Buy IP Software Firm Anaqua for $3 billion". Bloomberg.com. 2024-11-18. Retrieved 2024-12-12.
6. "Nordic Capital to acquire Max Matthiessen".
7. "Nordic Capital Explores Options for $10 Billion Payment Firm Trustly".
8. "Nordic Capital Explores Options for $10 Billion Payment Firm Trustly".
9. "Trustly to Process $100 Billion Annually, Leading the Pay by Bank Surge".
10. "Nordic Capital and CVC Capital Partners takes Hargreaves Lansdown private for $7 billion".
11. "Nordic Capital Is Said to Weigh IPO of NOBA".
12. "Clario files confidentially for US IPO".
13. "Nordic Capital to invest in leading digital payments network One Inc".
14. "Nordic Capital Acquires US-based Data Analytics Company ActiveViam".
15. "Nordic Capital Acquires Surgical Information Systems".
16. "Nordic Capital acquires IntegriChain, the only fully integrated platform for pharma commercialization and market access".
17. "Buyout group Francisco Partners to acquire Macrobond from Nordic Capital".
18. "Nordic Capital Wins Exit of the Year for Macrobond at the Private Equity International Awards 2023".
19. "Thermo Fisher Scientific Completes Acquisition of The Binding Site Group from Nordic Capital for $2.8 Billion".
20. "Nordic Capital Nets 19x Return on The Binding Site Exit".
21. "Equashield sells stake to Nordic Capital at $1.3 billion valuation".
22. "Inovalon to be Taken Private by Nordic Capital in $7.3 Billion Deal".
23. "Inovalon to be Taken Private by Nordic Capital in $7.3 Billion Deal".
24. "Nordic Capital Funds".
25. "Nordic Capital Funds".
26. "Nordic Capital Funds".
27. "Nordic Capital Funds".
28. "Takeda Buys Nycomed for $14 Billion".
29. "Nordic Capital awarded "Deal of the Last 20 Years" for Nycomed".