Storebrand buys Cubera Private Equity

The purchase price may increase in connection with the raising of capital for new funds managed by Cubera, according to a statement by Storebrand. No stakes in the previous funds changed hands in the transaction, a spokesperson for Cubera confirmed.

The acquisition was wholly financed in cash, according to EVP Storebrand Asset Management vice-president Jan Erik Saugestad.

All the Cubera partners will continue to work for the firm in unchanged capacities and will increase their investments in future funds. The partners have committed to invest more than half of the proceeds in the new funds, Saugestad told Unquote.

The partners have fully divested their stakes in the advisory business Cubera Private Equity but still own the GP vehicles and fund investments, a spokesperson for Cubera told Unquote.

Storebrand announced last year that it would look for acquisitions that complement its business strategy and create growth.

Cubera will continue to run independently but will be accessible to Storebrand’s clients that are demanding more exposure to alternative assets, according to a press release.

There is limited overlap between Cubera's strategy and Storebrand's existing PE business, as Cubera focuses mainly on Nordic PE and Storebrand invests in PE globally.

"The intention is to raise the Storebrand International Private Equity  2019 fund using the Storebrand brand," said Saugestad. "The Cubera funds will be raised under the Cubera brand. Cubera will be branded as part of Storebrand in line with our other investment boutiques, Delphi, Skagen and SPP Funds. Our captive capital will seek to invest in our private equity programmes, including Cubera funds."

Cubera’s adjusted profit before tax is estimated at NOK 50m for 2018 and future earnings will be used to support cash flow generation for the group.

Pareto Securities and ABG Sundal Collier were used as financial advisers in the transaction.

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• GPs
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• Norway