Palamon reaps 3.3x on Eneas exit to Norvestor

Palamon said in a statement the sale would bring in NOK 750m once it closes, which is expected to happen by the end of August.

Norvestor called on capital from its 2016-vintage €510m Norvestor VII vehicle, which completed its first buyout earlier in the year with the MBO of oil services business HydraWell. After the acquisition, Norvestor will own around 80% of the shares in Eneas, with management and key employees re-investing as well.

unquote" sister publication Debtwire reported in March that potential financing for the deal could see it leveraged with an all-senior debt package of 4x.

Norvestor's Fredrik Korterud will become chair of Eneas's board as part of the deal.

Previous funding
Palamon took ownership of Eneas through an MBO in October 2010 in a NOK 375m EV deal, securing an 80% stake. The GP drew equity from its Palamon European Equity II vehicle for the transaction.

Company
Eneas is a Norwegian supplier of energy services to Nordic SMEs. Founded in Lier in 1995, the company operates in Norway, Finland, Sweden and Germany, and had sales of NOK 478m in 2015.

The company employs 170 people and claims to supply around 25,000 SMEs.

People
Palamon Capital Partners – Jean Bonnavion (partner).
Norvestor Equity – Fredrik Korterud (partner).

Advisers
Vendor – ABG Sundal Collier (corporate finance); Wiersholm (legal).

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• Topics
• Buyouts
• Industrials
• Nordics
• Exits
• Palamon Capital Partners
• Norvestor
• Norway
• Secondary buyout