Verdane Capital in €43m Eniram exit to Wärtsila

The GP told unquote" the exit generated returns above the return target for its 2013-vintage SEK 2bn Verdane Capital VIII fund.

Finnish marine and energy technology business Wärtsila will acquire the entirety of Eniram in the deal, which brings to an end two years of Verdane Capital VIII as the company's majority shareholder.

The GP said in a statement the sale had come after it had worked to pivot Eniram's business model from a software and hardware systems provider to a software-as-a-service company, which Verdane claims has led to a 66% growth in recurring revenue and profitability.

unquote" could recently reveal the GP to be fundraising for its ninth private equity vehicle, Verdane Capital IX.

Previous funding
Verdane acquired Eniram as part of a direct secondaries buyout of a portfolio of companies from Norwegian family office Ferd Capital in July 2014.

Eniram first received investment from Finnish VC Conor Venture Partners and Ferd Capital in 2008. Ferd and Conor were joined by Finnish Industry Investment in February 2009 as part of a €5m growth investment, which was topped up with a €200,000 capital injection in June 2010.

Company
Eniram is a Helsinki-headquartered software developer specialising in control systems for monitoring fuel efficiency and emissions in maritime vessels.

Founded in 2005, the company has operations in the UK, the US, Germany and Singapore, and generated €10m in revenues in 2015.

People
Verdane Capital – Emanuel Johnsson (investment professional).
Eniram – Henrik Dahl (CEO, co-founder).

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