Nordic Capital has sold its majority stake in electronic trading service Neonet to Hay Tor Capital, KAS Bank and Neonet management.
The exit will generate returns for Nordic Capital Fund VII, though financial details have not been disclosed. Nordic Capital will retain a minority stake in the company, while KAS Bank will hold a 20% share. The transaction is subject to approval by the Swedish Financial Supervisory Authority.
Neonet was initially a part of Orc Group, which Nordic Capital acquired earlier this year for SEK 2bn. Neonet was separated from its parent and has been run as an independent company since March.
Neonet offers electronic trading and brokerage services in Europe. It targets institutional investors and other financial market participants seeking execution services based on advanced software. It is based in Stockholm.
Christian Frick and Fredrik Näslund led the initial investment in Orc Group for Nordic Capital.
Vendor - HDR Partners (Corporate fianance); Sandler O'Neill + Partners, L.P (M&A).
Acquirer - Deloitte (Financial due diligence).
Fund's predecessor, Capzanine 3, also closed on its €350m hard-cap in 2013
Deal marks the second acquisition for the GP’s third vehcle, Quadrivio Private Equity Fund 3
Deal follows a similar investment in the oil exploration business earlier this year
Adveq invests €10m, while HPE Growth Capital provided the initial €20m in May