Vision Capital has made 5.2x money on its investment in Swedish consumer loans and deposit accounts provider Nordax, after selling off its final shareholding in the business.
The GP realised its entire remaining stake in the company of 13.6% around a year and a half after floating the company in Stockholm, having sold down its shareholding on two occasions before the final exit.
Nordax's current share price is SEK 51, up from its introductory price of SEK 45 in June 2015.
Palamon Capital Partners was Nordax's first private equity owner, acquiring a minority stake for €13m in February 2004.
The GP exited six years later, passing the company to Vision Capital for €105m. Since listing, Vision first sold a 13.5% stake in September 2016 and an additional 9% stake in November of the same year.
Nordax is a Stockholm-based niche bank, providing unsecured consumer loans and deposit accounts in Scandinavia, Finland and Germany.
Founded in 2004, the company has around 95,000 customers and employs 200 people in Stockholm.
Vision Capital – Julian Mash (CEO).
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