FSN to acquire 45% stake in Obton

Eliza Punshi
16 December 2020

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Norwegian private equity firm FSN Capital has signed an agreement to acquire a 45% stake inТ Obton Group, a Denmark-based solar power and real estate investor, alongside the founders and management.

Financial details of the deal were not disclosed. According to Danish publication Finans.dk, the GP will pay DKK 3bn (€403m) for its stake, which will correspond to a valuation of 25x profit for 2019.

The deal came about because of a sale process initiated in August 2020 by Obton, which mandated ABG Sundal Collier to run the process and provide debt advisory.

With the deal, the GP will support the management's growth plans, which include development of more avenues for raising capital and delivering on the existing significant solar photovoltaic (PV) pipeline.

Nordea is providing an ESG-linked financing facility for the deal.

The transaction is subject to regulatory approval and is due to close in H1 2021.

Company
Founded in 2008 and based in Aarhus, Obton manages and invests in solar power and real estate projects. It manages almost 1GW of solar photovoltaic power on behalf of around 4,000 high-net-worth investors. The company has more than 150 employees.

People
FSN Capital Partners – Lars Denkov (partner).
Obton Group – Anders Marcus (co-founder, CEO).

Advisers
Equity – BCG (financial due diligence); PwC (financial due diligence); Nomura Greentech (financial due diligence); Plesner (legal); White & Case (legal); Marsh (insurance due diligence).
Company – ABG Sunal Collier (M&A, debt advisory).