Equip Capital I eyes €150m final close, inks sixth deal

Alessia Argentieri
21 January 2020

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Nordic GP Equip Capital is close to hitting the тЌ150m target set for its maiden fund and expects to hold a final close in excess of that amount by the end of March 2020.

Equip Capital I, which is managed by a team led by founding partner Sverre Flåskjer, was launched in December 2018.

The fund recently inked its sixth deal by acquiring Norway-based Funn, an IT company established in 1989 and headquartered in Narvik that has offices offices in Bodø, Harstad, Sortland, Finnsnes, Alta, Oslo and Svalbard. Funn employs 80 staff and generates annual revenues of around NOK 150m.

Equip Capital I deploys equity tickets in the €10-30m range and co-invests with its LPs for larger deals. It targets Nordic SMEs, predominantly based in Norway and Sweden, with a focus on the consumer, industrial and business services sectors.

In addition to Funn, the fund's portfolio is composed of five Nordic companies: cosmetics retailer Makeup Mekka; Norwegian indoor trampoline parks operator Rush; Swedish restaurant chain Holy Greens; indoor play centres operator Busfabriken; and casual restaurant Bastard Burgers, which was acquired in December 2019 in a deal that valued the company at around SEK 500m.

People
Equip Capital – Sverre Flåskjer (founding partner, managing partner).

Nordic fundraising update
Fundraising was very strong in the Nordic region in 2019, collecting an aggregate €16.6bn across 17 closings, including Altor Fund V, which held a €2.5bn final close; Danish SDG Investment Fund, which closed on €650m; and Summa Equity II, which held a €627m final close.

Venture capital vehicles were particularly dynamic across the region, raising an aggregate €2.1bn. Among others, EQT Ventures II closed on €660m, surpassing its €600m target; Verdane Capital X on €592m; Northzone IX on €500m; and Creandum V on €265m.

Fundraising is forecast to continue at a fast pace in 2020, with several vehicles, both in the buyout and venture space, expected to hold a final close in the coming months.

Among others, CapMan Buyout XI held a first close in June 2019 on €160m and is targeting €250m; and Sunstone Life Science Ventures Fund IV expects to hold a final close on its €150m target by early 2020.