Ratos et al. acquire Nebula Oy

Ratos will provide equity of close to €35m for Nebula. The amount invested by Ratos will be affected by cash flow until closing.

Rite Ventures currently owns 80% of Nebula while the founder and management own 20%. Ratos is acquiring approximately 75% of the company, Rite Ventures will retain a 15% holding and management and other key people will have a holding of around 10%.

The acquisition is subject to approval from the relevant authorities and is expected to be completed in the second quarter of 2013.

The net debt is expected to amount to approximately €40m. An earn-out payment maximised at €10m may be paid in 2013 and an additional maximum €10m in 2014, provided certain profitability milestones are achieved.

Ratos's share of a possible earn-out payment will correspond to its ownership stake. If Ratos's IRR at exit exceeds 20%, an option entitles the sellers to also receive a small portion of this excess return.

Company
Nebula is a provider of cloud services, IT infrastructure and network services to small and medium-sized Finnish companies. The company has four data centres, of which two are located in Finland, one in London and one in Singapore, as well as its own leased fibre network between the largest cities in Finland.

Nebula has a total of about 34,000 customers and its sales in 2012 totalled €24.2m with EBITA of €8.1m. 90% of sales are subscription based. Since 2006, Nebula has had average annual growth of 26%. The company currently has 110 employees.

People
Susanna Campbell is the CEO of Ratos. Ville Skogberg is chief executive officer at Nebula.

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