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Slightly decelerated Nordic deal volume after the peak months in October and November

KPMG Nordic Private Equity Data Snapshot, December 2020

KPMG Nordic Private Equity Data Snapshot, December 2020

Last 3 months Nordic and Finnish Buyout and VC deal activity compared to preceding 3 months
Last 3 months Nordic and Finnish Buyout and VC deal activity compared to preceding 3 months

Deal activity

  • Late entry of a number of Nordic PE deals to the databases raised the October total deal figure to point out an increased deal volume instead of minor decline as reported month ago. Now the preliminary statistics for November indicate a declined monthly deal volume, both in the Buyout and VC sector, close to the LTM average level.
  • The 3-month Nordic rolling deal figure still shows growth, however the comparison period includes the summer months with sluggish deal activity.
  • In Finland, the monthly deal volume declined slightly, although still the 3-month speedometer indicates growth, partly explained by the summer holiday season included in the comparison period.
Monthly Nordic Buyout and VC deal volume
Monthly Nordic Buyout and VC deal volume

Fundraisings

  • Capman Growth  closed its second fund at EUR 97M that exceeded the original target size. The fund makes minority investments into growth stage companies with ambitious growth and expansion goals and a turnover of EUR 5–100M. Investments are in between of EUR  3-20M. The fund is backed by Finnish institutional investors as well as some local entrepreneurs. 
  • Vestas, a leading global wind turbine manufacturer, has launched a venture capital unit. Vestas Ventures focus areas are inter alia long-duration storage and other grid flexibility technology as well as wind energy technologies. The company provides seed capital for early-stage startups across these themes.
Monthly Nordic Buyout and VC deal volume
Monthly Nordic Buyout and VC deal volume

Deal picks of the month

  • Profit Software was acquired by newly formed vehicle controlled by funds managed by Volpi Capital LLP from the former owners, Via equity and Tesi. Profit Software is an independent software and consultancy services vendor focusing on banks and insurance companies.
  • Juuri Partners became a minority owner with a 35% stake in Kamrock Oy, a Finnish company specializing in industrial rock crushing. Kamrock was established in 2016 and had net sales of EUR 16.9M in 2019. 
  • IQM Quantum Computers, the European leader in building superconducting quantum computers, raised EUR 39M of Series A venture funding in a deal led by MIG AG. In addition Tesi, Tencent Industry Win-Win Fund, Maki.vc and OpenOcean participated in the round. 
  • Unikie, a Finland-based software technology company, raised EUR 12M  from CapMan Growth and Tesi to speed up international expansion. Unikie develops software technology platforms for autonomous vehicles and employs over 300 software engineers. In 2019, Unikie’s turnover was EUR 26.9M and the estimated turnover for 2020 is EUR 35M.

Private Equity Data Snapshot compiles monthly deal volume data from Finland and the Nordics. Read our older Private Equity Data Snapshots.

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