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).
LP has previously made investments in CVC's European funds, as well as many mid-market funds
First funding round will support the group's expansion overseas
Shares are placed at €31.60 apiece, which would bring total proceeds up to €411m
Allianz will secure a minority stake, and a representative will join the management board