Category Archives: News

Data Respons strengthens its position in Services in Sweden

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Sylog Sverige AB, a subsidiary of Data Respons, has entered into an agreement to acquire 100 % of the shares in South Pole Consulting AB.

South Pole Consulting has 10 employees located in Stockholm and are experts in embedded Linux. The acquisition strengthens Sylog’s position as a leading player within embedded services in Stockholm.
South Pole Consulting expects a turnover of SEK 12 million for 2016 with an operating margin of approximately 10 %. The company will be consolidated into Data Respons’ financial statements from 2016.

An agreement has been reached for a cash consideration of SEK 2.8 million with additional payments depending on the company’s development over the next two years.

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New portfolio company: Spinchip Diagnostics

Investinor

Investinor invests MEUR 1.9 in Norwegian medtech startup Spinchip Diagnostics AS.
Oslo based Spinchip Diagnostics is developing a new state of the art platform for in vitro diagnosis analyses in a point of care setting.

The solution will enable faster, easier and more reliable diagnosis and follow up of e.g. cardiovascular, inflammatory, infectious, diabetic and endocrine diseases.

A fraction of a blood droplet is drawn directly from a finger prick into the small disposable cartridge. The cartridge is then inserted into the small apparatus. Results of a variety of advanced analyses will be obtained automatically within a couple of minutes.

SpinChip’s point of care device will be the first to satisfy all key user requirements, both with respect to assaying performance and user-friendliness. The platform combines swift analysis and superior ease of use with laboratory quality of wide range of advanced analyses.

SpinChip Diagnostics was established in February 2012 as a spin-off from the research organization SINTEF. SpinChip Diagnostics is currently developing the technology and expects to launch the platform in late 2018.

In addition to Investinor, founders, SINTEF Venture III and Tronrud Engineering are large owners in the company.

Founder and CTO Stig Morten Borch has more than 30 years of experience from the medtech industry, where ha e.g. led the develpoment of Nycomed/Axis-Shield’s platform analyses Nycocard and Afinion.

SpinChip Diagnostics has raised a total of MEUR 3.9 in a private placement towards Investinor, existing owners and experienced business angels with proven rack reckord in the medtech industry, e.g. Lars-Olof Hansson, professor at Karolinska University Hospital and owner of Institute for Diagnostics Development AB and S2G Scandinavia AB.

Following the investment round Åse Aulie Michelet will take the posistion as chairman of the Board in SpinChip Diagnostics AS.

She was previously CEO of Teres Medical Group AS and Marine Harvest ASA, and held leading positions in Amersham and GE Healthcare. Åse Aulie Michelet has also held board positions in Orkla ASA, Cermaq ASA and Yara International ASA, and she was Chairman of the Board in Photocure ASA.

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Nordic Capital acquires world-leading innovative research technology provider Cint

Nordic Capital Logo

Nordic Capital Fund VIII (‘Nordic Capital’) has acquired Cint, a leading global player in the insights data collection technology market. Nordic Capital will support Cint’s successful position as a leading global platform, aiding continued accelerated growth in an industry where consumers are becoming increasingly mobile and digital, and brand marketing spend is shifting to online.

Nordic Capital acquires Cint from a large shareholder group that includes Prime Ventures, Creandum, Cipio Partners, the founder, and a group of individual investors and employees.

Fredrik Näslund, Partner at NC Advisory AB, advisor to the Nordic Capital Funds said: “Nordic Capital is impressed by the quality and efficiency of Cint’s technology, its strong value proposition to its customers and the quick adoption of the technology. The company is ideally placed to add value to both suppliers and buyers of research panels as a fully automated, truly global platform. Nordic Capital looks forward to supporting the management team in further accelerating Cint’s growth as well as investing in further development of the company and its products.”

Cint’s CEO Morten Strand added: “We are very pleased that Nordic Capital has chosen to invest in Cint. Nordic Capital’s extensive experience of successfully developing and growing technology businesses, in cooperation with management and employees, suits us very well and gives us the opportunity to continue our positive development. In the age of accelerating digital transformation in consumer insights and behaviour, we will together continue to be a leader in technology innovation for the market research industry.”

Cint’s main product is OpinionHUB, a B2B exchange for seeking and collecting insights. The platform connects the buy-side – typically a market research firm that needs to access panellists for consumer research – with the sell-side, the companies owning consumer panels. This allows the customer easy access to a specific number of pre-defined, deeply profiled panellists in a specific country, region or local area in the world, through the platform’s self-service and real time matching algorithms.

Since launching its OpinionHUB panel marketplace platform in 2005, Cint has rapidly evolved in a technology centric environment and has established a profitable business model, which benefits the whole value chain when working with consumer surveys, as it reduces time and costs for all parties. Cint has a track record of launching industry ‘firsts’ that have raised standards in innovation, transparency and quality within the market research world.

Cint is headquartered in Stockholm, Sweden and has 13 offices in major cities across Europe, North America and Asia-Pacific. The company has over 140 employees. Cint has enjoyed exponential growth and development over the last 10 years, and targets above 30% growth annually on average. With Nordic Capital as the new owner, Cint will continue on its rapid growth path, securing a leading position in the sector.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Cint
Morten Strand CEO
Tel: +46 709702974
e-mail: morten.strand@cint.com

 

About Cint

Cint provides access to opinions by innovating market research technology. The company reaches over 19 million people in over 65 countries, all sourced via 800 different panels owned by publishers, local media outlets, market research agencies and non-profits. Cint’s exchange platform, OpinionHUB, a fully transparent insight marketplace, brings together questions and answers from all around the world. Cint is headquartered in Stockholm, Sweden and has offices in major cities across Europe, North America and Asia-Pacific. For more information, please see www.cint.com

About Nordic Capital

Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

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Herkules IV acquires Olivia AS

Herkules IV acquires Olivia AS

(Oslo, 22 December 2015) Herkules Private Equity Fund IV has entered into an agreement with Drueklasen AS to acquire Oliva AS, Norway’s largest Italian restaurant chain. Herkules considers Olivia, with its authentic Italian concept, strong brand and successful restaurants, to represent a powerful foundation for further growth and expansion.
Olivia employs more than 200 people in 3 restaurants in Oslo. The company serves authentic Italian food focusing on high quality pasta and pizza dishes as well as various Italian food specialities. Estimated turnover in 2015 is approximately NOK 175 million with an EBITDA of close to NOK 30 million.The founders Kristin Gjelseth, Anne Koppang and Gry Holm will retain a minority interest and contribute to further development of Olivia: “It has been our ambition to expand Olivia nationwide. Together with Herkules, we will have the competence, the capacity and the financial resources to accomplish this ambition over the next few years”.

“We are impressed by the outstanding track record, the strong culture and the enthusiasm in the organization. Olivia holds the x-factor that makes people want to return again and again. They have consistently shown a higher turnover per unit than other restaurants, due to the compelling brand that Olivia has become. We believe there is a strong potential for further growth, and we expect to leverage our experience from Espresso House”, says Sverre Flåskjer, Managing Partner at Herkules Capital.

Tone Wicklund-Hansen, CEO at Olivia, says that “Based on the strong Olivia brand, the concept and the success we have experienced, we are determined to expand the Olivia concept over the next 5 years. We really look forward to work with Herkules and the founders to grow the business rapidly”.

The plan for expansion is set by the management team and the owners. The ambitious plan for expansion calls for immediate action, whereas the search for new locations in all the large and medium sized cities in Norway, has already begun.

Herkules Private Equity Fund IV acquires a majority of the shares of Olivia AS from Drueklasen AS for an undisclosed amount. Closing of the transaction is planned to take place in January 2016.

Contact: Sverre Flåskjer, Managing Partner at Herkules Capital Telephone: +47 22 04 80 09 /+47 48 11 04 66

Tone Wicklund-Hansen, CEO at Olivia Telephone: +47 90 62 01 70

Spokesperson for the founders, Kristin Gjelseth

Telephone: +47 93 44 80 52

About Olivia: Olivia is Norway’s largest authentic Italian restaurant chain with 3 units located at Aker Brygge, Tjuvholmen and Hegdehaugsveien in Oslo. The first restaurant was founded in 2006 by Kristin Gjelseth, Anne Koppang and Gry Holm. Today Olivia employs over 200 people with a turnover of about NOK 175 million.

Herkules is a leading Private Equity firm in Norway and has raised funds with committed capital totalling approximately NOK 15 billion. We invest in companies located in the Nordic region, primarily in Norway, and acquire majority interests in established businesses with strong growth potential. We have a proven experience in working in partnership with existing shareholders. Our approach to ownership is industrial and long term, and is built on fundamental respect for the history, culture and experience within each individual company. More information can be found at www.herkules.no

Herkules was advised by Schjødt, PWC and BCG.

Drueklasen was advised by Handelsbanken and Selmer.

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Investment in Planctonic AS

Investinor

Investinor invests MEUR 0.77 (MNOK 7) in Planktonic AS, which offers cutting-edge «baby food» for farmed fish fry.

Planktonic aims to remove a bottleneck for growth in the global aquaculture industry: the initial feeding of fry.

One of the reasons why anadromous* fish species, such as salmon and trout, have been so successful as farmed fish is that their young are relatively well developed when they hatch. Salmon and trout fry are therefore capable of digesting dried feed from day one.

Fry from the majority of other farmed species, particularly those which live their entire lives in saltwater, so-called marine species*, are far less developed, and therefore far less robust, when they hatch.

These fry must therefore be fed a diet based on live plankton until they are mature enough to eat dried fish feed. The feed must also be of a very high quality if the fry are to survive and grow.

The quality of the live feed that is available on the market today is unsuitable for many fish species. It is also labour-intensive for the fish farmers to use and extremely expensive. The initial feeding of fish fry is therefore a major bottleneck for the further expansion of the global aquaculture industry.

Enabling cost cuts
Planktonic supplies a type of initial feed that in tests has proved to dramatically improve survival and growth rates among hatchlings. In addition, the feed is cost-effective and easy for fish farmers to use.

«Planktonic’s feed products could enable several marine species that the industry has so far had no success with to be farmed profitably. This could therefore be of huge significance for the international seafood sector,» says Ronny Vikdal, head of investment at Investinor.

Small company, massive potential
Planktonic AS was founded in 2008 by Nils Tokle and Håvard Aakerøy. Nils Tokle is a marine biologist and a leading researcher in his field, while Håvard Aakerøy has many years’ experience of managing fish farming operations.

The company currently has four employees, and generated revenues of NOK 3.6 million in 2014.

Investinor already has a portfolio of marine investments: Nordic Halibut (fish farming), Smartfish (medicinal nutrition), Ayanda (Omega 3 products) and Cryogenetics (breeding technology).

Start-feed for marine fish fry is a growing international market, which generated combined revenues of NOK 7.5 billion in 2014. NOK 2.5 billion of this came from live feed.

The global market for the farming of marine (saltwater) fish species in 2014 totalled approx. NOK 60 billion.

Planktonic is raising a total of MEUR 1 (MNOK 10) in this round.

In addition to Investinor other shareholders in the company are its founders and a group of business angels.

Investinor already has a portfolio of marine investments: Nordic Halibut (fish farming), Smartfish (medicinal nutrition), Ayanda (Omega 3 products) and Cryogenetics (breeding technology).

* Anadromous species, such as salmon and trout, lay their eggs in freshwater, where the young spend the first stages of their lives before eventually migrating downstream to the sea. Marine species live their entire lives in saltwater. Examples of marine species that are currently being farmed include sea bass, sea bream and halibut.

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Investment in Fronteer Solutions

Investinor

Investinor invests MNOK 3.5 in Oslo based Fronteer Solutions, a fintech startup that offers tech based equity fund management.

Fronteer Solutions recently launched its first equity fund where security selection and risk management is entrusted to a powerful machine. With the help of computing power and advanced mathematics, Fronteer provides smart portfolio solutions based on predetermined investment criteria.

The solution is described as «thousand analysts in a box», but without human psychology coming into play.

​«Our vision is to make smart savings- and investment solutions available to all in a simple and safe way, and at a reasonable price. Fronteer shall be at the forefront of developments in science-based asset management and offer best-of-breed products. With the launch of our first fund, we have taken an important step towards providing our solutions to the retail market», says CEO Atle Christiansen.

Smart and long-term
«Fronteer’s approach is rooted in decades of financial research and contributions from several Nobel Prize-winning economists. Our solution is not, however, to automate short-term trading strategies or to be faster than everyone else. Put simply, we have built a powerful technology to make long-term investments smarter and at a lower risk. You may call it thousand analysts in a box», says Christiansen.

Fronteer’s computing machine has analyzed more than 7,000 stocks across 46 developed and emerging markets. Based on well-known investment criteria, the machine selects the best stocks and combines these in a portfolio. The machine continuously analyzes vast amounts of data to monitor market opportunities and risks.

Norway’s Government Pension Fund Global, the world’s biggest sovereign wealth fond, applies many of the same principles in its asset management.

Experienced team
Fronteer comprises a multi-disciplinary team with background from the start-up success Point Carbon, the Norwegian Government’s Soverign Wealth Fund and academics from the Norwegian University of Science and Technology (NTNU).

From it’s base at StartupLab in Oslo, the company has caught the attention of reputable and experienced investors. ​Among its owners are Investinor, Founders Fund, Martin Skancke and Åge Korsvold.

Skancke was formerly Director General at the Norwegian Ministry of Finance with responsibility for the development of the Norwegian Petroleum Fund’s strategy. Korsvold, previously CEO of Storebrand, Orkla and Kistefos, is the company’s Chairman.

«The finance industry is in an unprecedented era of digital innovation and disruption. Financial technology is internationally one the hottest growth areas. We believe the market is ripe for the solutions offered by Fronteer. The way that large parts of the asset management industry thinks and acts has not changed much during the last 50 years. We believe in the vision, the technology and the people behind Fronteer. It is exciting that a Norwegian player leads the way and acts as a challenger in this market», says Investment Director Jon Øyvind Eriksen at Investinor.

Fronteer’s first product is a global equity fund aimed at professional investors.

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New venture capital fund SHIFT Invest launched

Shift Invest

First fund to invest in food & health and clean bio-based technologies. Menzis, Rabobank, Wageningen UR, TU Delft and the World Wildlife Fund have set up a new investment fund: SHIFT Invest. The fund invests in ambitious Dutch companies with innovative technologies or solutions within the themes: agro, food & health, clean and bio-based technologies. SHIFT Invest’s objective is to create an impact on sustainability and health, in addition to a financial return.

SHIFT stands for “Sustainability and Health Impact through Food & agri Transitions”. SHIFT Invest is the follow-up fund of the Dutch Greentech Fund. With the entry of new investor Menzis, the investment domain is broadened to food and health.

SHIFT Invest responds to the increasing attention for new food concepts as a result of increasing under- and overnutrition in developed economies. In addition, the fund focuses on the necessary, sustainable innovations in the traditional agro-food chain and in chemistry through (partial) transition to bio-based raw materials.

Innovation, cooperation and crossovers between sectors form the basis of new sustainable chains and the strengthening of the population’s living capacity. With its strong knowledge base and leading agro, food and chemical industry, the Netherlands has the potential to produce leading innovations.

SHIFT Invest’s investment team and its shareholders actively work with ambitious entrepreneurs on innovations and breakthrough technologies. The fund offers a combination of venture capital, relevant networks and knowledge to accelerate their proven innovation to the market.

SHIFT Invest participates up to several million euros in exchange for a minority interest. In the first few years, convertible loans of up to € 250,000 are also granted to promising early stage companies. In addition to the usual investment criteria, such as the quality of the management and a sound business plan, the fund has impact objectives in the areas of sustainability and health.

“Investing in companies that offer innovative technologies that contribute to people’s health dovetails perfectly with Menzis’ higher goal, which is to provide high-quality care together in order to strengthen the quality of life of every human being,” said Roger van Boxtel, CEO of Menzis.

Bas Rüter, Director of Sustainability at Rabobank: “A reliable, healthy and sustainable food supply is crucial for everyone. Sustainable innovative entrepreneurship is vitally important for this. Rabobank is committed to this together with its customers through contributing knowledge, network and financial solutions”.

“This fund helps start-ups bring innovative, ‘green’ solutions to the market that stimulate healthy food and a sustainable living environment,” says Ruud van den Bulk, head of business development at Wageningen UR.

Paul Althuis, Director Valorisation Center at TU Delft: “Availability of capital and access to the partners’ network for promising early-stage companies with pioneering sustainable technologies contribute to TU Delft’s valorisation objective.

Dylan de Gruijl, WNF press officer: “Conservation of nature is expressly linked to our consumption. Preserving biodiversity depends on our choices and ingenuity to use the earth’s natural resources sparingly. Sustainable innovation by progressive entrepreneurs is indispensable in this respect. SHIFT Invest is an important flywheel for bringing promising ideas and technologies to maturity”.

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