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expansion unquote for the transaction was provided by the SEK 180m ALMI Invest Västsverige fund. The investors were attracted to the deal because they believe the market is set to grow and that the company can fill a gap in the market. Support will be provided by the investors to enable Liveside to expand in the Swedish and Norwegian market. Company Liveside Event was founded in 2009 and is a supplier of equipment and materials for the events industry. Based in Arvika, the company has worked on a number of large events such as concerts. People Ulf Green worked on the deal for ALMI Invest. EXPANSION SEEC Location Stockholm Sector Renewable energy equipment Founded 2006 STING invests in SEEC Transaction STING Capital has invested in SEEC, a company that develops, markets and sells energy stores with energy modules for large buildings. The value of the investment has not been disclosed. The deal originated after STING met with the company’s customers and listened to independent observers’ opinions of the products. SEEC has also been part of STING’s incubator since March 2010. The investment will enable the company to accelerate its expansion and strengthen its position in the market. SEEC is looking to grow both in the Swedish and export markets. Company SEEC was founded in 2006 and is a developer of energy stores with energy modules for large buildings. The technology is said to reduce energy costs by 90% by storing energy for heating and cooling under the ground. SEEC is headquartered in Stockholm. People Martin Gemvik is investment manager at STING Capital. NORWAY EXPANSION Havgul Clean Energy NOK 50m Location Sector Founded 2008 Staff 5 Oslo Renewable energy equipment Investinor et al. invest NOK 50m in Havgul Transaction Investinor has joined existing owner Sustainable Technologies Fund and founder Harald Dirdal to provide NOK 50m for Havgul Clean Energy AS. The deal was led by Investinor, who provided NOK 25m of the funding for the wind power project developer. The transaction originated after the company contacted Investinor about the opportunity for funding. An expanding market for renewable energy was said to be attractive for the investors. The latest funding will support further development of the company’s wind power projects and continued expansion into new markets. 22 UNQUOTE JANUARY 11 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/nordics
unquote expansion Company Havgul Clean Energy was established in 2008 and is a highly specialised company that develops wind power plants and sells them on to electrical power suppliers. The company’s five employees have a combined experience of almost 50 years with wind power development. Based in Oslo, Havgul’s main focus is the Norwegian market but it has also recently expanded into the US, Sweden and Poland. People Helle Moen worked on the deal for Investinor and will also join the company’s board of directors. Advisers Equity – PricewaterhouseCooper, CP Energy Group LLC (Financial due diligence); AdeB Law Firm, Steffen G Rogstad (Legal). Altor acquires stake in Eltek Transaction Altor Equity Partners has acquired a 16.5% stake in Eltek ASA, a Norwegian listed global power conversion and microwave transmission specialist. The shares have been acquired through a block trade at an average price of NOK 3.20 per share, making the deal worth approximately NOK 173.9m. This price represented a 15.5% premium on the closing price on 8 November 2010. PIPE Eltek ASA NOK 173.9m Location Drammen Sector Telecomms equipment Founded 1970 Turnover NOK 5.777bn EBITDA NOK 207.8m Staff 3,300 The shares have been acquired through Ketlav Invest AS, and equity was provided by Altor Fund III. Altor has followed the company and the telecom power systems market for some time. The investor was attracted to the deal because of the company’s overall performance and has a positive outlook for the long term, despite financial difficulties in the short term. Altor will support growth of the company by being an active owner, working closely with management and other shareholders. Company Eltek ASA is listed on the Oslo Stock Exchange and is a power conversion and microwave transmission specialist. The company has three main subsidiaries; Eltek Valere, Nera Networks and Nera Telecommunications. Eltek employs approximately 3,300 people in more than 50 countries and does business in over 100 countries. Eltek is based in Drammen and generated revenue of NOK 5.777bn and EBIT of NOK 207.8m in 2009. People Hugo Maurstad worked on the deal for Altor Equity Partners. Advisers Equity – Wiersholm, Nils H Thommesen, Erik Thyness (Legal). ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE JANUARY 11 23 www.unquote.com/nordics
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