Sentica-backed VMP lists on Nasdaq Helsinki

The final offer price stood at €5 per share, setting a market cap of around €69.5m, or €74m if the overallotment option is exercised.

VMP issued 6,038,819 new shares in the company, equivalent to a 43.5% stake in the company. It is aiming to raise €30m in gross proceeds.

Sentica and VMP's founding family's company, Meissa-Capital, did not sell shares, instead acting as cornerstone investors and committing to subscribe for a total of €7.48m worth of shares.

Funds managed by Sentica owned 60% of the company pre-IPO. Assuming the offering goes through as planned, the GP will be left with a 39% stake in the business.

VMP announced its intention to float on Nasdaq Helsinki earlier in June. The preliminary range was set at €4.50-5.75, with a market cap of €69.9-79.7m assuming the overallotment option is exercised in full.

Danske Bank is acting as lead manager.

Previous funding
The IPO comes less than a year after Sentica bought the business. The Finland-based private equity investor acquired a majority stake in the HR and recruitment business in September last year, with the founding family and the current management retaining a minority stake.

Sentica deployed capital from its Sentica Buyout V fund, which held a final close on €185m in April 2017. The vehicle follows the strategy of its predecessors, investing in companies with revenues of €10-100m across all sectors.

Company
Founded in 1988 in Turku, Finland, VMP is a Finnish family business that comprises five HR and recruitment companies. It operates from 100 offices in 50 locations across Finland, Sweden, Estonia and Romania. The company generated a turnover of €109m in 2017 with EBITDA of €9.3m.

People
Sentica Partners – Liisa Harjula (investment director).
VMP Group – Heimo Hakkarainen (CEO); Mauno Savolainen, Riitta Savolainen (founders).

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• Topics
• Nordics
• Support services
• Expansion
• Finland
• Sentica Partners
• IPO