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news in brief EQT and Goldman Sachs considering IPO of ISS EQT PARTNERS and GS Capital Partners are considering an IPO of Danish cleaning, catering and security provider ISS A/S, according to reports. It is believed that Goldman Sachs and Morgan Stanley have been chosen to manage the potential IPO. ISS is active in 53 countries, employs 480,000 people and recorded revenues of DKK 36.2bn in the first half of 2010. EQT and GS wholly acquired the company in a de-listing in 2005. Hannes Snellman opens Copenhagen office HANNES SNELLMAN has opened an office in Copenhagen as part of its strategy to become a pan-Nordic law firm. Following its launch at the end of 2008, the law firm has close to 200 lawyers at offices in Stockholm, Helsinki and St Petersburg. The Copenhagen office will focus on transactions and conflict management, with an aim to grow within M&A, capital markets and banking & finance. Private equity is one of Hannes Snellman’s focal areas. Philip Risbjørn will take the role of managing partner at the new office, having recently been head of an M&A department at a Danish law firm. Amanda Tonsgaard will also join the firm from her role as director in London at Capital Dynamics. Mathias Lindqvist has been appointed M&A partner at the Copenhagen office. unquote IK buys GHD from Barclays Private Equity IK INVESTMENT PARTNERS has acquired GHD GesundHeits from Barclays Private Equity in a secondary buyout. GHD is a nationwide homecare provider in Germany, focusing on ostomy, enteral and parenteral nutrition, and oncology. IK has been growing its healthcare portfolio, adding Colloseum Dental earlier this year, and GHD is its latest addition in the sector. GHD expects annual revenues to approach €300m by the end of 2010. CapMan in second IPO attempt of Cardinal Foods CAPMAN HAS FILED for an IPO of the Norwegian white meat and egg supplier Cardinal Foods. The listing has been accepted by the Oslo Stock Exchange with a deadline of 8 October 2010. CapMan first filed for an IPO of the company in May earlier this year, but failed to list before the deadline. The second attempt is dependent on 25% of the shares being subscribed by the public. Cardinal Foods is headquartered in Oslo and employs approximately 330 people. The company recorded a turnover of NOK 1.623bn and an EBITDA of NOK 130m in 2009. CapMan held a 67% stake in the company through the acquisition of Norsk Kylling AS and Arne Magnussen AS in March 2005. Axcel considering Pandora IPO PRIVATE EQUITY FIRM Axcel is preparing to float Danish jewellery maker Pandora, according to media reports. The company posted a DKK 1.02bn EBITDA for the first half of 2010. Considering a conservative DKK 2bn EBITDA for the whole of 2010 and a market value of 10x EBITDA, Pandora’s price tag could reach around DKK 20bn (€2.68bn). However, sources familiar with the situation valued the company as high as DKK 29.7bn (€4bn). Axcel acquired 59.3% of Pandora in 2008; the deal was estimated to be in the €100- 250m range. Nordea, which financed part of the initial investment, would reportedly be in charge of the flotation to retail investors. Sixth AP Fund sells Sportex THE SIXTH SWEDISH National Pension Fund has sold its stake in bicycle retailer Sportex to Team Sportia. Lack of profitability in the company was stated as the reason for the sale. Sixth AP Fund made a loss on its original investment and believes the sale is the best way to realise value in the company. 06 UNQUOTE OCTOBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/nordics
Despite the stock market rally, European investors have kept publicly listed companies in their sights, Page 14 Q&A: LPEQ Listed private equity Page 17 COMMENT Pension fund liabilities Page 24 PLACING AGENTS Back in demand Page 18 IPOS Much ado about nothing? Page 20 www.unquote.com Issue 114 March 2010 unquote Ratos in possible exit of Bisnode RATOS AB has entered negotiations regarding the sale of its portfolio company Bisnode, according to reports. It is rumoured that the investor has appointed JP Morgan to manage the sale of the Stockholm-based business information firm. Ratos invested in the company in 2005 and cancelled a planned IPO of Bisnode in October 2007. In 2009 the company recorded revenues of SEK 4.741bn and an EBITDA of SEK 593m. It is believed the sale will attract interest from other private equity firms and trade rivals. CVC acquires Sunrise from TDC in CHF 3.3bn deal CVC CAPITAL PARTNERS has signed an agreement to acquire Sunrise Communications SA from Danish telephone company TDC A/S. The transaction gives the company an enterprise value of CHF 3.3bn and is subject to the approval of competition authorities. TDC is backed by private equity firms Apax Partners, Blackstone Group, KKR, Permira and Providence Equity Partners. The deal is funded by approximately 30% equity and 70% debt, according to reports. news in brief Central banks agree on Basel III CENTRAL BANK governors have agreed new capital requirements for banks as part of Basel III. The new regulations, agreed in the Swiss city of Basel, will require banks to hold more capital in relation to their loan books, in an attempt to prevent a future financial crisis. Banks will be required to hold capital equivalent to approximately 7% of their loans and investments, up from 2% currently. Those failing to stick to the rules could be prevented from paying dividends to shareholders. Some banks say the new rules could create a second credit crunch, but regulators are confident this can be prevented by phasing in the requirements over several years. However, many banks will need to raise substantial sums from shareholders to meet the new capital regulations. The regulations will need to be ratified by the G20 before coming into force. Big Deals in fine detail Monthly feature-led editorial covering the European private equity market A wealth of information on European buyouts sourced by the unquote” team so you can be assured of the accuracy of the data Details of all private equity funds currently raising and investing in Europe Forward thinking comment and analysis of recent events Breaking private equity news from unquote.com, the leading source of private equity information unquote PRIVATE EQUITY EUROPE For more information and to sign up for a free trial, visit www.privateequityeurope.com Taking aim at P2Ps ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE OCTOBER 10 07 www.unquote.com/nordics
Page 1 and 2: unquote Nordic COVERING NEWS OF THE
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