Ratos makes profitable Nebula exit

Ratos sold Nebula to telecoms firm Telia Company, netting an IRR of 37% and a money multiple of 3.3x, the firm said in a statement

The selling price for 100% of the shares amounts to €110m, with an enterprise value of €165m. Ratos's share of the equity value is approximately €78m and the net exit gain totals approximately SEK 500m (€51m).

During Ratos's four-year holding period, Nebula bolted on two firms, increased its customer base by around 30% and raised the number of employees to 145 from 110. For the year ending 31 March 2017, Nebula had EBITDA of €10.6m and revenues of €35.2m.

Previous funding
Ratos purchased 75% of the company in a secondary buyout in 2013 from Rite Ventures. That deal valued the firm at €82.5m.

Rite Ventures acquired a 30% stake in Nebula in 2007 in an expansion deal before purchasing a further 50% in 2010.

Company
Nebula is a provider of cloud services, managed services, and network services to small and medium-sized enterprises in the Finnish market. The company has approximately 44,000 customers. It employs 145 people and had EBITDA of €10.6m in the year to 31 March 2017.

People
Ratos – Johan Rydmark

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