KKR backs Söderberg & Partners in $1bn deal

The GP is currently investing from its €3.3bn KKR European Fund IV, which was 67% invested as of June 2018, and has launched its successor with a target of €5bn.

A statement by KKR said that the investment will be drawn from one of the European private equity funds.

The buyout is being structured with a low level of leverage due to the preference of the family owners, Unquote understands. Unquote sister publication Debtwire reported earlier in the week that bidders for the asset were factoring in a leverage cap of 2-2.5x.

S&P has recorded EBITDA growth of 20% in recent years, resulting a figure between $70-85m for 2018, Unquote understands.

KKR said it will support S&P with its strategy of rolling out its platform across the Nordic region and beyond, as well as developing its product and services portfolio.

Previous funding
TA partnered with S&P in 2014, providing extra capital for the bolt-on of Norwegian Broker and Norwegian Claims Link in exchange for a minority stake. The deal was valued at €54m, according to Unquote Data.

Company
Founded in 2004, Söderberg & Partners is an independent adviser and distributor of pension, investment and insurance products in Sweden. The company is headquartered in Stockholm.

People
KKR - Daan Knottenbelt (head of EMEA financial services).
TA Associates - Chris Parkin (managing director).
Söderberg & Partners - Gustaf Rentzhog (CEO).

Advisers
Vendor - Citigroup Global Markets (corporate finance); Mannheimer Swartling (legal).

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• Topics
• Buyouts
• Exits
• Nordics
• Financials
• KKR
• TA Associates
• Secondary buyout
• Sweden
• Citigroup