• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Nordics

The end of the Nordic dream?

SVCA members met in Stockholm this week to discuss the latest issues
  • Kimberly Romaine
  • 08 May 2013
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Buoyant economies and market-beating returns have long made the Nordics top of LPs' wish lists. But a slowdown in exit activity combined with an increase in capital chasing deals may indicate tougher times ahead.

It was, for the last five years, the region everyone wanted a piece of. Judges at the unquote" awards four years ago were so enamoured with the Nordic region's prospects, they joked we ought to create an award for a region (versus for a firm).

Indeed one of Europe's most successful exits of all time, the €9.6bn sale of Nycomed by Nordic Capital in May 2011, stemmed from the region. And the liquidity that sale pumped into the market buoyed Europe's booming high-yield market during the mini-bubble of Q2 2011. People in the industry also never seem to tire of regaling with the success story of Skype and its local roots.

But, despite a series of other impressive exits – most recently the €655m sale of Permobil to Investor AB, generating 5x money for Nordic Capital – the GP is settling for a smaller target on its fund. And last year at the annual unquote" Nordic Forum, the national news channel stormed in with a video camera, demanding access to the speakers at the event. Clearly public perception of the industry had turned sour.

Has the Nordic region lost its luster?
The region recorded its lowest level of exits since 2008 in 2012, according to Argentum, a Norway-based asset manager. And the precious few exits that are occurring now are increasingly secondary buyouts – arguably "easier wins" than IPOs or trade sales, and accounting for nearly a third of all exits in Q4, according to unquote" data. In fact, Adveq CEO Sven Liden backed this up in a recent interview with unquote", putting it down to the aforementioned lack of other exit routes as well as a capital overhang.

"It is definitely a bubble now," one LP told your correspondent. And Sonya Pauls, partner at SJ Berwin, told unquote" last month in Warsaw that Italy, Poland and Germany are the hottest places for LPs right now. The Nordic region is notably absent from the list it once topped.

It is not all bad news. Just yesterday Creandum announced it hit its €135m target for its latest fund, indicating the region indeed remains alluring. 

These challenges and other developments will be debated at the ninth annual unquote" Nordic Private Equity Forum on May 15 in Stockholm. We look forward to seeing you there.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Nordics
  • Top story
  • Sweden
  • Denmark
  • Finland
  • Norway

More on Nordics

EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
Reima Linnanvirta of Trind VC
Trind VC plans up to five early-stage investments in next six months

VC has deployed around 10% of its second, EUR 55m fund and plans to invest in up to 40 startups

  • Venture
  • 31 August 2023
Mergermarket
Letter from the editor: Unquote is moving to Mergermarket

Unquote Editor Harriet Matthews outlines Unquote.com's upcoming move to the Mergermarket platform and the new capabilities and intelligence that this brings to Unquote readers

  • Industry
  • 30 August 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013