Nordic Capital to acquire financial adviser Max Matthiessen

Terms of the deal were not disclosed.

The GP is currently investing from Nordic Capital IX, which held a final close on €4.3bn in May 2018. The vehicle focuses on five sectors: healthcare, financial services, technology and payments, consumer retail, and industrial goods and services.

The PE house will help the company expand its customer offering and enhance organisational capacity, it said in a statement.

Previous funding
In 2014, Willis Group Holdings acquired a 75% stake in Max Matthiessen for SEK 1.4bn from Altor Fund III, which owned 50%, and the company’s employees, who owned the other 50%. After the deal, the employees continued to own a 25% stake.

Altor exited the business, then owned by Swedish investment bank Carnegie, six years after jointly acquiring Carnegie and its then-subsidiary Max Matthiessen in 2009, alongside Bure Equity. At closing, Altor and Bure held 65% and 35% respectively in the combined business, though a 50% stake was later sold to management and key employees.

Company
Founded in 1889, Max Matthiessen is a financial adviser focused on pensions, insurance and investments. Its services include advice, analysis, administration and procurement of pensions. It has a customer base of around 13,000 clients and reported SEK 1.55bn in revenues in 2019. The company employs 440 people, including 235 advisers.

People
Nordic Capital – Christian Frick (partner).
Max Matthiessen – Bo Ågren (CEO).
Willis Towers Watson – Johan Forsgård (head of Nordic).

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

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• Topics
• Buyouts
• Nordics
• Financials
• Nordic Capital
• Sweden
• Carve-out