Carnegie

Corporate Finance – 13 Aug 2020

Carnegie acted as joint bookrunner in EUR 118.5 million Musti Group share sale

Millan Holding S.à r.l (“Millan”), a company ultimately owned by the EQT Mid Market fund (“EQT”) and its co-investors, has sold part of its shares and Vaaka Partners has sold its entire holding in Musti Group Oyj (“Musti”) in an accelerated book-building process. EQT and Vaaka Partners sold 7.5 million shares in Musti, corresponding to approximately 22.4% of all the outstanding shares in Musti.

The sale price in the share sale was EUR 15.80 per share and the gross sales proceeds of the share sale amounted to EUR 118.5 million. After the share sale, EQT owns 5.6% shares in Musti.

In connection with the share sale, EQT has entered into a lock-up undertaking, under which it has, subject to certain exceptions, agreed not to sell any shares in Musti for a period ending at 12 November 2020 or at the publication of the next interim report by Musti, whichever occurs earlier.

Carnegie acted as Joint Bookrunner in connection with the transaction.

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Corporate Finance – 4 Aug 2020

Carnegie sole financial adviser to Bridgepoint in the sale of KGH to A.P. Moller - Maersk

Bridgepoint Development Capital and other shareholders have signed an agreement to divest 100% of KGH Customs Services to A.P. Moller - Maersk.

KGH is a leading European Customs Services specialist that optimises customers’ trade and customs management through innovative strategy and compliance, operations and digital services. In 2019, KGH had revenues of SEK 890m and EBITDA of SEK 160m (SEK 190m post IFRS-16). KGH has 775 employees and a yearly business of 1.98m clearances.

A.P. Moller - Maersk will acquire KGH for a consideration of SEK 2,600m, excluding an earn-out component contingent on future Brexit performance. The transaction is subject to customary regulatory approvals.

Carnegie acts as sole financial adviser to Bridgepoint in connection with the transaction.

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Corporate Finance – 3 Jul 2020

Carnegie sole financial adviser to NDX in the divestment of Doggy

NDX Group UAB has signed an agreement to divest Agota AB (Doggy) to Partner in Pet Food, owned by Cinven Capital Management.

Founded in 1903, Doggy is the largest Sweden-based manufacturer of dry and wet pet food for cats and dogs. Doggy offers healthy and natural pet food with focus on premium and quality products, in eighteen markets. The Company is headquartered in Vårgårda, Sweden, employs approximately 190 people, and generated sales of SEK 572m in 2019.

The transaction is expected to be completed during the third quarter of 2020. The parties have agreed not to disclose the terms of the transaction.

Carnegie acted as sole financial adviser to NDX in connection with the transaction.

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Corporate Finance – 10 Jun 2020

Carnegie sole financial adviser to Vaaka Partners in the sale of Kotikatu Holding Oy to PHM Group

On the 10^th of June it was announced that Vaaka Partners and other shareholders in Kotikatu Holding Oy (“Kotikatu”) have sold their ownership to PHM Group, majority owned by a fund managed by Norvestor.

Kotikatu is the largest residential property maintenance service provider in Finland, with main presence in Helsinki Metropolitan Area and other larger Finnish cities. Kotikatu’s service offering includes, among others, daily maintenance, cleaning, seasonal outdoor services as well as small-scale HVAC and construction services. The Company has c. 6,500 customer and c. 1,500 employees and had revenues of over €100m in latest fiscal year (3/2020). Since Vaaka Partners’ acquisition of Kotikatu in 2015, the Company has grown strongly with over 35 acquisitions, strengthened the management team and its operational model.

Norvestor announced the investment in PHM Group in March 2020, with an ambition to support the creation of a Nordic market leading residential property maintenance services group, through continued rapid organic growth and consolidation of a fragmented market that has proven resilient through economic cycles. The highly complementary combination of PHM Group and Kotikatu will create a unique platform enabling an accelerated growth and enhanced client service in Finland and Sweden.

The transaction is subject to approval from the Finnish Competition and Consumer Authority and is expected to close during Q3 2020.

Carnegie acted sole financial adviser to Vaaka Partners in connection with the transaction.

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