Advent acquires Danish KMD from EQT and ATP

The debt syndicate for the transaction consisted of Nordea, Danske, SEB, CPP, Natixis, GE, Bank of Ireland, Mizuho and BNP Paribas.

EQT led the DKK 2bn buyout of KMD in December 2008. The GP held an 85% stake in the company, while ATP owned the remaining 15%. The initial deal included DKK 1bn in debt, provided by Danske Bank, Nordea, Nykredit, FIH and ATP. Equity was sourced from EQT V, ATP Private Equity Partners II K/S and Via Venture Partners Fond I K/S, which is a subsidiary of the ATP Group.

The transaction remains subject to regulatory approval and is expected to conclude before the end of the year.

Company
KMD is a Danish software and IT solutions company based in Ballerup. Founded in 1972, the company provides software services for handling social and pension benefits. One of its main clients is the Danish government.

IN 2011, KMD reported a DKK 4.3bn turnover and DKK 577m EBITDA. During ETQ and ATP's ownership, the company invested DKK 2bn in research and development.

People
Partner and investment adviser Morten Hummelmose led the exit on behalf of EQT. Advent was represented by managing partner Fed Wakeman and director John Woyton. Lars Monrad-Gylling is CEO of KMD.

Advisers
Equity – Credit Suisse (M&A); Deloitte (Financial due diligence); McKinsey (Commercial due diligence); Marlborough Partners (Debt advisory); Weil Gotshal & Manges (Legal); Plesner (Legal).
Vendor – Gorrisen Federspiel (Legal).

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• Topics
• Nordics
• Technology
• Buyouts
• Advent International
• ATP private Equity Partners