NORDIC MEZZANINE IS A LEADING EUROPEAN INDEPENDENT PROVIDER OF MEZZANINE FINANCE FOR BUYOUTS, GROWTH AND CAPITAL RESTRUCTURING.

INVESTMENT CRITERIA

Nordic Mezzanine focuses on mid-market transactions with an enterprise value between EUR 50 and 500 million. Focus regions are the Nordic Countries, Germany, Austria, Switzerland, the Netherlands and Belgium. The typical investment in a single transaction ranges between EUR 10 to 40 million.

Current portfolio companies

Kotkamills, Finland

Investment made: March 2015

Investment exited:

Kotkamills Oy is a Finnish forest industry company with a long tradition of over 140 years in the business. Its products include laminating base papers, impregnated products, magazine papers and sawmill products. Kotkamills has two production facilities in Finland, and one facility on Malaysia. The company has approximately 500 employees, with a majority located in Finland. Nordic Mezzanine arranged and underwrote a mezzanine loan for the buyout of the company and is also an equity investor in the company alongside MB Funds, ELO Mutual Pension Insurance Company, Finnish Industry Investment and current management.

Advania, Iceland

Investment made: August 2014

Investment exited:

Advania is a leading Nordic IT company and operates throughout the region. Advania has a staff of 1,100 people and 17 offices in 3 countries. The company is built on a solid foundation that spans over 70 years of technology service to businesses. The company has over 10,000 corporate clients. The Advania headquarters are based in Iceland but the company also has a solid position in the Nordic markets through its subsidiaries in Norway and Sweden. Nordic Mezzanine arranged and underwrote a mezzanine loan for the acquisition of a majority stake in the business and is also an equity investor in the company alongside management and individual investors.

Lomax, Denmark

Investment made: July 2014

Investment exited:

Lomax is a leading B2B retailer, active in the Danish market since 1962, focused on addressing the needs of small and medium-sized companies primarily. Through its e-Commerce platform and other channels, Lomax offers a product mix of more than 20.000 items from leading brands within three product categories: Office supplies, furniture & warehouse and technology. Nordic Mezzanine arranged and underwrote a mezzanine loan for the transaction and is also an equity investor in the company alongside management and individual investors.

Barona, Finland

Investment made: December 2012

Investment exited:

Barona is a multiservice company and its operations comprise recruitment services, outsourcing services, accommodation services and executive search. Annually Barona recruits around 10,000 employees and accommodates tens of thousands of people. Barona has also carried out the most significant outsourcing projects in its field. The company is today the largest human resources provider in Finland as well as one of the biggest employers. Barona also operates in Russia, Poland, Sweden and Estonia. Nordic Mezzanine arranged and underwrote the mezzanine loan for the transaction and is also an equity investor in the company, alongside the current management of Barona.

Euroflorist, Sweden

Investment made: September 2007

Investment exited:

EuroFlorist is a leading European flowers-by-wire operator headquartered in Malmö, Sweden. Litorina Kapital, a Swedish private equity firm, acquired the company together with the management of EuroFlorist in September 2007. Nordic Mezzanine arranged and underwrote the whole mezzanine loan for the transaction and is also an equity investor in the company.

TylöHelo, Finland

Investment made: November 2006

Investment exited:

TylöHelo is a sauna and steambath manufacturer headquartered in Helsinki, Finland. ABN AMRO Capital acquired the company from Sponsor, a private equity company based in Finland in November 2006. In the add-on acquisition in 2008, Saunatec acquired the Swedish company, Tylö AB, involved the same financing parties as in the original acquisition and the company was renamed TylöHelo.

Nordic Mezzanine acted as mezzanine arranger and was appointed mezzanine facility agent in the transaction.

Exited investments

Powerlines Group, Austria

Investment made: December 2008

Investment exited: October 2019

Powerlines is one of Europe's leading independent providers for planning, installation and maintenance of catenary systems for railways and mass transit (metro, tram, trolley-bus). Further activities include transmission, cable and telecommunications infrastructure. Headquartered in Vienna, Powerlines has operations in Austria, Germany and Scandinavia. The company was acquired by Gilde Buy Out Partners and the management of Powerlines in December 2008. Nordic Mezzanine acted as mezzanine lead arranger and is the mezzanine facility agent.

Gunnebo Industrier, Sweden

Investment made: August 2008

Investment exited: May 2019

Gunnebo Industrier develops, manufactures and distributes chain and lifting components and fastening systems for heavy lifting equipment as well as fastening products. In addition, the business includes traction devices and telescopic ladders. The company was acquired from the Stockholm Stock exchange in August 2008 by Segulah III L.P. and Segulah IV L.P. Nordic Mezzanine was the mezzanine lead arranger in the transaction and acts as mezzanine facility agent.

Riri, Swizerland

Investment made: November 2014

Investment exited: November 2018

Riri is a leading manufacturer of high-end zippers and buttons to the luxury and accessories industry. The company has a history dating back to 1923, with a long tradition in zippers and buttons production and is positioned as a highly innovative supplier to its customers. Highest quality, constant innovation, customization and solid, long-lasting customer relationships have always been Riri’s philosophy and instrumental for the company’s success. In October 2014, Gilde Buy Out Partners acquired Riri in a secondary buyout. Nordic Mezzanine arranged and underwrote a mezzanine loan for the transaction.

CTS Consulting, Finland

Investment made: August 2007

Investment exited: December 2017

CTS is among the biggest Finnish providers of technical consulting services in pulp and paper, energy and petrochemistry. The management acquired the company from ÅF Group of Sweden in August 2007. Nordic Mezzanine underwrote the mezzanine loan for the transaction and became a minority shareholder through its equity investment.

Environmental Solutions Europe Holding B.V., The Netherlands

Investment made: July 2010

Investment exited: February 2017

Environmental Solutions Europe is the European co-market leader in manufacturing of plastic waste handling containers and related services, selling to municipal authorities and commercial waste collection providers. Stirling Square Capital Partners acquired the company together with management in July 2010. Nordic Mezzanine arranged and underwrote the Mezzanine financing for the transaction and is sole Mezzanine lender.

Wer liefert was? Service GmbH, Germany

Investment made: August 2012

Investment exited: February 2017

WLW is the market leading online supplier search engine in the German speaking countries providing commercial suppliers a platform to present their products or services and enabling commercial purchasers to easily find them. The company was acquired by Paragon Partners in February 2012. Nordic Mezzanine invested in the equity of WLW on a minority basis.

HG, The Netherlands

Investment made: June 2013

Investment exited: January 2017

HG is a leading European supplier of specialist consumer cleaning and maintenance solutions, with #1 market positions in its niche categories across the Benelux region. HG produces a comprehensive range of over 250 professional-strength products designed to address specific household problems under the HG brand. In June 2013, Gilde Buy Out Partners acquired HG in a secondary buyout. Nordic Mezzanine arranged and underwrote a mezzanine loan for the transaction.

Novagraaf, The Netherlands

Investment made: June 2007

Investment exited: January 2017

Novagraaf is a leading European provider of outsourced management services related to corporate intellectual property ("IP"), headquartered in Amsterdam, The Netherlands. Gilde Buy Out Partners, a Dutch private equity firm, acquired the company from Alpinvest and Halder in June 2007. Nordic Mezzanine participated in the mezzanine debt of the transaction.

time:matters, Germany

Investment made: December 2006

Investment exited: August 2016

time:matters is a specialist logistics company based in Germany. Aheim Capital led the acquisition of a majority stake in the company, formerly a wholly-owned subsidiary of Lufthansa Cargo AG. Nordic Mezzanine acted as mezzanine lead arranger and was appointed mezzanine facility agent in the transaction.

Almondy, Sweden

Investment made: July 2008

Investment exited: December 2015

Almondy is a Swedish bakery business producing almond-based cakes with different toppings and fillings. It is one of the leading Nordic companies in the frozen cakes segment, with significant sales also outside the Nordic countries, in e.g. Germany and the UK. Segulah III L.P. acquired the company in June 2008. Nordic Mezzanine acted as lead mezzanine arranger and is the sole mezzanine investor in the transaction.

Kwintet, Denmark

Investment made: June 2006

Investment exited: May 2015

Kwintet is a manufacturer of workwear, corporate wear and personal protective equipment. Kwintet is the market leader in its field in Europe. Industri Kapital acquired the company in 2006 from Axcel, a private equity company based in Denmark. Nordic Mezzanine participated in the club of lenders providing mezzanine finance for the transaction in mid 2006.

Sport Group, Germany

Investment made: May 2006

Investment exited: May 2014

Sport Group is a provider of outdoor sport and recreational surface systems with a leading market position in Germany and a strong position in its market segment across Europe. The main products include artificial turf, tracks and playgrounds. Industri Kapital acquired the company from another private equity company ECM of Germany. Nordic Mezzanine participated as one of two mezzanine investors in the transaction in mid 2006.

Katz Group, Germany

Investment made: February 2008

Investment exited: April 2009

The Katz Group is the leading global manufacturer of advertising mats, including coasters for beer glasses. Katz Group has five production facilities, two in Germany, two in the USA and one in the UK. The customers of Katz Group include the major breweries and an increasing number of premium distilleries and soft drink manufacturers. EquiVest I Fund closed the acquisition in November 2005 and has made several add-on investments thereafter.

Nordic Mezzanine entered into the transaction in February 2008 and acted as sole mezzanine and junior loan investor in this transaction.

Dynapac, Sweden

Investment made: June 2004

Investment exited: May 2007

Dynapac, headquartered in Karlskrona, is a leading global manufacturer of compaction and paving equipment for road construction. The company manufactures and sells rollers, pavers, planers and concrete and light compaction equipment and services worldwide. Altor Equity Partners of Sweden led the management buyout of Dynapac from Metso Minerals. Nordic Mezzanine arranged and underwrote the mezzanine loan facility for the financing of the acquisition and acts as mezzanine facility agent. Nordic Mezzanine became also a minority shareholder through its equity investment alongside Altor. Nordic Mezzanine exited its mezzanine and equity investments when Altor sold Dynapac to the industrial buyer Atlas Copco of Sweden. The exit was finalised in May 2007.

ANI Printing Inks, Sweden

Investment made: November 2006

Investment exited: June 2007

In 2004 Nordic Mezzanine invested in ANI Printing Inks, one of the leading printing ink manufacturers in Europe with strong positions in the Narrow Web and Web Offset market segments. In January 2002 the company was acquired from Akzo Nobel by Bencis (formerly NeSBIC) and the management. In March 2004 the owners decided to make a recapitalisation which included an acquisition facility for future acquisitions. Nordic Mezzanine underwrote the mezzanine loan facility in the recapitalisation. It also acted as the lead arranger and the facility agent for the loan. ANI Printing Inks was exited in connection with the sale of the company to CVC Capital Partners in November 2004.

Paroc, Finland

Investment made: November 2006

Investment exited: June 2007

Nordic Mezzanine participated in the syndication of the mezzanine loan for the financing of the acquisition of Paroc led by Arcapita Bank. The investment in Paroc made in November 2006 was exited in connection with a recapitalisation in June 2007.

Jamo, Denmark

Investment made: July 2001

Investment exited: June 2007

Jamo, the largest European producer of loudspeaker systems and home theatre solutions was acquired from the Copenhagen Stock Exchange in July 2001 and subsequently de-listed. The acquisition was led by FSN Capital, a Nordic private equity house backed by well known institutional investors.

Nordic Mezzanine acted as the Lead Arranger of the mezzanine loan to finance the acquisition. It also acted as joint underwriter of the equity together with FSN Capital, whereby Nordic Mezzanine took a minority stake in the company. BancBoston Capital, one of FSN Capital's investors, also bought a minority stake of the equity.

Paroc, Finland

Investment made: February 2003

Investment exited: August 2006

Paroc is one of the leading manufacturers of stone wool insulation products and solutions in Europe. The company was acquired by Banc of America Capital Partners Europe together with its co-investors in a buyout from Industri Kapital and Kone Corporation of Finland. Nordic Mezzanine underwrote the mezzanine loan facility in the transaction. Furthermore, it acted as the lead arranger and the facility agent for the loan. Paroc was sold to Arcapita Bank in August 2006 in a secondary buyout.

Frigoscandia, Sweden

Investment made: March 2002

Investment exited: January 2006

Frigoscandia Distribution AB, a leading provider of temperature controlled logistics services, including transportation and warehousing, in the Nordic region, was acquired by Triton in March 2002 from ProLogis. Nordic Mezzanine, together with its co-investors, underwrote the whole mezzanine loan facility for the financing of the acquisition. Nordic Mezzanine acted as the lead arranger and the facility agent for the mezzanine loan. The investment was exited in January 2006 when Frigoscandia was sold to Norway Post.

Dometic, Sweden

Investment made: March 2002

Investment exited: June 2005

In March 2002 Nordic Mezzanine invested in Dometic, the global leader in various appliances for recreational vehicles and boats, the most important item being absorption refrigerators, also used in hotel minibars and for medical refrigeration. The buyout of Dometic, formerly a division of Electrolux AB, was led by EQT Partners in mid 2001.
Nordic Mezzanine participated in the syndication of the mezzanine loan for the financing of the acquisition of Dometic International.

Nordic Mezzanine exited Dometic in June 2005 in a secondary buyout in which BC Partners acquired the company.

Dyno Nobel, Norway

Investment made: August 2000

Investment exited: November 2005

Dyno Nobel, one of the world market leaders within commercial explosives business with global operations and headquarters in Norway was acquired by Industri Kapital, a major European private equity firm, in August 2000 as part of a complicated transaction in chemicals industry. Nordic Mezzanine was one of the arrangers of the mezzanine financing, part of the acquisition financing. Nordic Mezzanine was also appointed facility agent for the international mezzanine syndicate. The investment was exited in November 2005, when Dyno Nobel was sold to a consortium of institutional investors lead by Macquarie Bank in November 2005.

Global Garden Products, Sweden

Investment made: December 1999

Investment exited: December 2003

Global Garden Products is the largest manufacturer of lawn mowers and gardening equipment in Europe. The company was formed following major add-on acquisitions completed by the platform company Stiga since the initial investment in December 1999. The acquisition was led by UBS Capital, one of the leading private equity investors in Europe at the time. Nordic Mezzanine acted as the Lead Arranger and the Facility Agent of the mezzanine capital facility to finance the acquisition of Stiga. Several investors of the Nordic Mezzanine Fund co-invested with it in the project. The investment in Global Garden Products was realised in December 2003 when UBS Capital sold the company to ABN AMRO Capital in a secondary buyout.

Nycomed Pharma, Denmark

Investment made: May 1999

Investment exited: November 2002

Nycomed Pharma markets and manufactures branded pharmaceuticals and consumer health products with strong market positions in the Nordic countries and several other European countries. In May 1999 Nordic Mezzanine underwrote together with its co-investor a mezzanine loan to finance part of the acquisition of Nycomed Pharma by Nordic Capital, one of the leading private equity investors in Europe. Nordic Mezzanine exited Nycomed Pharma in November 2002 in connection with a secondary buy out in which Nordic Capital sold the company to a group of investors led by Credit Suisse First Boston.