Five Arrows-backed Karnov announces intention to float

Oscar Geen
21 March 2019

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Five Arrows Principle Investment portfolio company Karnov Group has announced its intention to list on the Nasdaq Stockholm exchange.

The Fourth Swedish Pension Fund, Lazard Asset Management and private investment firm Vind have committed to acquiring shares worth up to SEK 607m.

The size and date of the offering has not yet been announced.

The company generated adjusted EBITA of SEK 262m from sales of SEK 715m in 2018, up from SEK 184m from SEK 452m in 2017.

GMT Communication Partners completed the carve-out of Karnov from Thomson Reuters in 2011. It sold the business to Five Arrows in a secondary buyout in 2015.

Karnov was founded in 1924 and employs more than 240 people at its offices in Copenhagen, Stockholm and Malmö. It provides information services and products in the areas of law, tax, accounting, the environment, health and safety in Denmark and Sweden.

Carnegie Investment Bank is sole global coordinator and joint bookrunner for the offering along with Nordea Bank. Rothschild & Co is financial adviser to the company and Gernandt & Danielsson Advokatbyrå is legal adviser to the company and Five Arrows. White & Case is legal adviser to the joint bookrunners.