Altor acquires Nordic Trustee

Altor stated it had acquired the company from a group of Nordic financial institutions, including DNB, Nordea, KLP, Storebrand, Skagen and Pareto, as well as other undisclosed financial investors and fund management companies. The deal is expected to complete in August, having been signed on 21 June.

Altor will finance the deal via its Altor IV fund. The vehicle held a final close on its hard-cap of €2bn in mid-2014 and primarily targets private companies with revenues of €50-500m. Its extended 15-year term is intended to allow the GP to invest in businesses where a longer tenure is required.

The buyer said it was attracted by Nordic Trustee's position in its market, which it sees as a core component in the fast developing Norwegian bond market. Nordic Trustee will maintain its independent position under its new owner, including preserving the incorporated practice of the company, Altor added.

Company
Founded in 1993, Nordic Trustee was formerly known as Norsk Tillitsmann. It provides core bond trustee services, as well as ancillary information and administrative services, such as sale of bond data, bond pricing, direct lending and loan administration. It aims to facilitate access to capital by providing increased ease and flexibility for issuers, as well as monitoring and securing bondholders' rights.

The group has offices in Oslo, Stockholm, Copenhagen and Helsinki. Operating revenues stood at NOK 147m in 2016, with operating profit of NOK 62.5m.

People
Altor Equity Partners – Pål Stampe (partner).

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• Topics
• Buyouts
• Nordics
• Financials
• Altor
• Norway