CapMan sells Bright Group to Carlyle's NEP

Bright Group will form part of NEP Group's Creative Technology Northern Europe business.

Unquote sister publication Mergermarket reported in January 2020 that Stella Advisors (which was acquired by GCA Altium in April 2020) had been mandated to sell Bright Group, with the sale expected to conclude within four to six weeks following second-round offers from both sponsors and trade buyers. The company was expected to post 2019 revenues of EUR 90m and EUR 7m in EBITDA, with an expected valuation of up to EUR 90m.

CapMan acquired Bright Group (then known as Eastway Sound and Lighting) in January 2011, investing via CapMan Buyout IX Fund. The 2009-vintage fund held a final close in May 2010 on EUR 294.6m, according to Unquote Data. The vehicle targeted Nordic businesses with enterprise values of EUR 50m-250m. Debt was provided by Nordea.

The fund has two remaining portfolio companies: crane service specialist Havator, which was initially up for sale in 2018, according to Unquote sister publication Mergermarket; and prefabricated accommodation company Den.

In June 2012, CapMan provided additional financing to Bright Group via CapMan Mezzanine V according to Unquote Data.

The company merged with Norway-based Avab CAC during its first year under CapMan's ownership. Bright Group sold its 70% stake in Taupas to its management, having acquired the business in 2016. The company's Swedish and Finnish installation, import and equipment sales businesses were sold to Finland-based audiovisual equipment producer Audico in February 2020.

CapMan is currently deploying equity via CapMan Buyout XI, which held a final close in February 2021 and generally invests EUR 15m-75m per deal, backing companies with revenues of EUR 50m-300m.

The GP's recent exits include the sale in July of Solera Beverage Group to listed beverage company Royal Unibrew for NOK 1.1bn (EUR 103.4m).

Carlyle first backed NEP Group in 2016, investing alongside Crestview and the company's management. Carlyle acquired Crestview's stake in NEP in 2018, following which the GP held a majority stake in the business. The company has around 4,000 employees and is headquartered in Pittsburgh.

Company
Founded in 1986 and headquartered in Vantaa, Bright Group provides technology and services for live events, including equipment rental, as well as public event and concert organisation.

The company posted 2017 revenues of EUR 110.7m, according to CapMan's website, versus EUR 23m in 2010. The company posts revenues of around EUR 100m and employs 500 staff, according to its website.

People
CapMan – Anders Björkell (partner).
Bright Group – Jarno Uusitalo (CEO).

Advisers
Vendor – GCA Altium (corporate finance); Borenius (legal).

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