GMT’s Karnov Group secures DKK 510m refinancing

The debt package, provided by SEB and Ares Management, includes a small revolving credit facility as part of the deal. It also comprises a proportion of senior loans by SEB as well as a small second-lien loan by Ares Management.

GMT acquired Karnov in April 2011 from Thomson Reuters via an auction process. The value of the deal was not disclosed, but was thought to be at the lower end of the investor's target range of €100-250m. Equity for the transaction was provided by the GMT Communications Partners III fund, which raised €350m at final close in July 2007.

During GMT's holding period, the TMT-focused private equity group launched a strategic growth plan that involved bringing in a new chairman, CEO and management team. The company also focused on using advanced cloud-based technologies, developed its content and reengineered its back office systems.

Previous financing
Ares Capital Europe was the sole arranger of a DKK 325m unitranche facility that supported GMT's buyout in 2011.

Company
Headquartered in Stockholm, Karnov provides legal, tax and accounting information to businesses, employing around 160 people across its offices in Stockholm and Copenhagen. The company is estimated to be generating a turnover in excess of DKK 300m. Customers include government departments, tax and accounting companies and law firms.

People
Stefan Franssen is a partner at GMT. Michael Jonsén is head of SEB's mid-cap acquisition finance activities in Denmark. Carl Helander is managing director for the Nordic region at Ares. Tobias Hartmann is the CEO of Karnov.

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