Verdane acquires Skandia Liv’s private portfolio holdings
Verdane announces transaction with 3i and Skandia Liv.
Verdane is pleased to announce the acquisition, through a consortium with 3i, of 20 unlisted holdings and management rights from Skandia Liv. 3i purchased Skandia Liv’s 30% ownership in Swedish digital tv operator Boxer, and Verdane acquired the remaining 19 holdings and management rights.
The acquisition is in line with Verdane’s strategy to become the leading acquirer of portfolios in the Nordic region. The Skandia Liv portfolio will form the cornerstone investment of fund, Europe’s first fund focused on secondary direct transactions.
The portfolio consists of 19 technology-based companies in various stages of development. Aggregate turnover was approximately SEK 1.5 billion in 2004, with significant growth projected for 2005.
Lars B. Thoresen, Managing Partner, said: “We are delighted to have been trusted by blue-chip investors to complete this acquisition, and look forward to work closely with management to continue building the companies going forward. Following Verdane’s experience with the acquisition of SND Invest in 2003, and now the Skandia Liv portfolio, Verdane is uniquely placed to help create win-win structures where owners of unlisted portfolios can achieve full or partial liquidity, and our investors can achieve satisfactory financial returns.”
Landmark Capital Partners of the United States and Natexis Private Equity Opportunities (Banque Populaires) of France underwrote the transaction, and will retain significant economic interest in the portfolio going forward.
Francois Bernardeau, President of Natexis Private Equity Opportunities, said: “This transaction further strengthens our partnership with Verdane. We have worked closely with the Verdane team since 2003, and have been continuously impressed by their analytical rigor and operational execution ability. We believe there is room for substantial financial value creation for investors over time.”
Verdane has worked in close partnership with 3i to pursue and complete this acquisition. The purchase of the 19 holdings by Verdane formed part of a larger transaction that also included 3i’s purchase of Skandia Liv’s 30% ownership in Swedish digital tv operator Boxer.
About Verdane
The funds advised by Verdane Capital Advisors have acquired seventeen portfolios with stakes in over 200 companies. With proprietary processes and investment methodology, Verdane has contributed to the success of global and local companies such as Chipcon, Opera, Reslink, Reslab, Nacre, Aquagen, Tradedoubler and Stepstone.
The funds’ main focus is buying Nordic portfolios of direct investments in attractive sectors such energy, ICT and general industries. The funds will also consider investments directly in selected smaller growth-stage companies.
To date, Verdane Capital funds have completed seventeen transactions involving significant Nordic portfolios. Verdane Capital funds’ past portfolio transactions include the acquisition of SND Invest, a portfolio of rights and holdings from Skandia Liv, Brainheart Capital, Saab Ventures, Småföretagsinvest, SINTEF, Aggregate Media, Trøndelag Vekst, Inbox Investment, Pelago, Eqvitech Technology Funds II and III, as well as taking over the management of the Industrifinans SMB III portfolio.
Founded by Birger Nergaard in 1985 under the name Four Seasons Venture, the firm’s initial focus was on direct investments in high growth Nordic companies.