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Activity in the Nordic PE deal market continues after the year-end peak

KPMG Nordic Private Equity Data Snapshot, February 2021

KPMG Nordic Private Equity Data Snapshot, February 2021

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

Deal activity

  • Adding the late-entry deals to the December figures, rose December as the busiest month for 2020 in terms of PE deal volume in the Nordics on aggregate level and also for each Nordic country separately. January continued the positive trend, despite that the Nordic deal volume slightly decelerated from the December peak level. Swedish and Danish markets were especially active, reaching a deal volume exceeding the December levels.
  • The 3-month rolling deal figure indicates growth for both the Finnish and the Nordic market, with 108% and 122% figures respectively. The market activity especially in the Buyout segment, that began in the end of 2020, continued in January 2021.
  • In Finland the deal activity decelerated slightly, although still remaining on a solid level. January included both Buyout and VC investments, including Wolt’s massive $530M funding round.
Monthly Nordic Buyout and VC deal volume
Buyout and VC deal volume

Fundraisings

  • Verdane, the Northern European specialist growth equity investor, announced it has held a final close on Verdane Edda II fund at EUR 540M, reaching its hard cap. The fund conducts minority and majority investments in technology-enabled businesses across Northern Europe.
  • eEquity, a Swedish digital growth equity investor in the Nordics, announced the final close of eEquity IV fund at EUR 160M. The investment strategy of eEquity focuses on e-commerce and internet retailing with global reach. The new fund aims to invest equity tickets of EUR 3-15M in up to 12 European SMEs. 
Monthly Nordic Buyout and VC deal volume
Buyout and VC deal volume

*) Numbers represents the number of deals per country and the bar the country’s share of the Nordic aggregate deal volume

Deal picks of the month

  • Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants, but has since expanded to other verticals, raised $530M in new funding. The round was led by Iconiq Growth, with participation from Tiger Global, DST, KKR, Prosus, EQT Growth and Coatue.
  • M-Files, the intelligent information management company, announced it has received a strategic investment of $80M from Bregal Milestone as a lead investor and current investors Partech, Tesi and Draper Esprit also participating in the round.
  • SaaS and financial administration services provider Likeit and work time management SaaS service company Nepton were merged and in conjunction of the transaction Sponsor Capital joined the new group as an owner with 39% stake. The combined 2020 group revenue is approximately EUR 8M.
  • Intera Partners announced an investment to pharmaceutical contract development and manufacturing company Galena Pharma. As a new co-owner, Intera will support Galena Pharma’s growth and internationalization targets. The company’s revenue in 2020 was over EUR 7M and it employs around 40 people.

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