Norvestor-backed Nordic Camping buys First Camp for £28.7m

The GP supported the transaction with equity from Norvestor VII, a €510m vehicle that held a final close in 2016 and has made 15 investments in total. The vehicle is nearing the end of its investment period and will make just one or two more investments, Unquote understands.

The acquisition was partially financed by a vendor note (£7.7m), as well as with external financing from Nordea and the new investment from the fund and other shareholders (combined £21m).

The addition of First Camp will add 14 sites to the 26 currently operated by the group. The combined business will employ 700 people in high season and expects revenues of €400m in 2019.

It is the eighth bolt-on that Nordic Camping has made since Norvestor's initial investment in 2016. During this time, the number of sites grew from 15 to 26, not including First Camp.

Company
First Camp was founded in 2002 and is headquartered in Stockholm. The company operates 5,500 camping plots and 850 cabins at 14 destinations across Sweden and Denmark. It employs 400 people at high season.

People
Norvestor – Karl Svozilik (partner).
Nordic Camping & Resort – Tom Sibirzeff (CEO).

Advisers
Equity – Cederquist (legal); PwC (financial due diligence).

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• Topics
• Expansion
• Nordics
• Consumer
• Buy-and-build
• Build-up
• Sweden
• Norvestor