Nordic Capital sells its remaining shares in Nordnet after a successful transformation

May 27 2021

Nordic Capital¹ has sold its remaining shares in Nordnet, a leading pan-Nordic digital savings and investments platform. Under Nordic Capital’s ownership, and in close partnership with the founding Öhman Group, Nordnet underwent significant transformative change and now offers a  best-in-class customer experience in the digital savings industry with sustainable growth potential.

In November 2020, Nordnet was successfully listed on Nasdaq Stockholm at an equity value of approximately SEK 24 bn. The successful listing and subsequent strong share price performance reflect the strength of Nordnet’s business and its fast growth; the result of significant improvements implemented during Nordic Capital’s ownership. On 26 May 2021, Nordic Capital initiated an accelerated book building process to sell its remaining 9.2% shareholding to a group of long-term institutional investors. Following this sale, Nordic Capital no longer owns any shares in Nordnet, while the founding Öhman Group remains the largest shareholder. The equity value of Nordnet on 26 May 2021 was SEK 38 bn.

In 2017, Nordnet was taken private by Nordic Capital and the Öhman Group, who shared the ambition to create a best-in-class customer experience in the digital savings industry. As a result of significant platform investments, enhanced user experiences and product innovation, Nordnet considerably increased its customer activity and engagement, expanded its share of the Nordic market and accelerated its growth trajectory. In addition, Nordnet advanced its sustainability agenda to further promote sustainable savings and democratise savings and investments in society. Nordnet also invested in a strengthened organisation, with its experienced management team focused on scaling the platform and delivering strong profitable growth.

In the first quarter of 2021, Nordnet had a record-breaking inflow of new savers with 39% annual customer growth and all-time high net savings capital of SEK 648 billion. Nordnet more than doubled the customer base and  nearly tripled net savings capital during Nordic Capital’s ownership.

Christian Frick, Partner at Nordic Capital Advisors, comments:

“Nordnet’s pan-Nordic digital savings and investments platform with best-in-class customer experience enables private savers to grow their savings every day. The Company has experienced a journey of growth and sustainable transformation as a result of significant platform investments and enhanced product innovation. We are immensely proud of the Nordnet team and would like to thank them for their dedication and exceptional work. During the joint ownership of the Öhman Group and Nordic Capital, Nordnet was truly transformed, now standing stronger than ever with an exciting growth journey ahead.”

Lars-Åke Norling, CEO of Nordnet, comments:

“Under the private ownership of Nordic Capital and the Öhman Group, Nordnet has grown to become a driving force in the digital savings industry. Nordic Capital has supported us during this journey in a very professional way, with full focus on enhancing the customer experience. I want to thank Nordic Capital for their contribution to Nordnet’s development, and at the same time thank our close to 1.5 million customers who trust us with their savings every day. Our promise to the Nordic savers remains the same – to build the best platform for savings and investments.”

Tom Dinkelspiel, Chairman of the Board of Nordnet representing the Öhman Group, comments:

“I am incredibly proud of Nordnet’s growth journey that started almost 25 years ago with a promise to democratise savings and investments. In true partnership with Nordic Capital, we made significant investments into the platform and product innovation which put Nordnet in a unique position to offer a leading customer experience. Representing the largest shareholder, we want to thank both the Nordnet and Nordic Capital teams for great efforts in making this happen and are looking forward to continuing this exciting journey ahead.”

Financial Services is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network and a dedicated team with local presence across Northern Europe. As one of Europe’s leading financial services investors, Nordic Capital has invested EUR 2.5 bn in 11 financial services companies since 2004. It has achieved repeatable success and developed thriving companies as evidenced by the performance of financial services companies such as Resurs Bank, Nordax Bank, Bambora and Trustly as well as the most recent investment in Max Matthiessen and the signed agreement on the merger of Advisa and Sambla.

Press contacts

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

[1] The shares are owned and were offered by Cidron Danube S.à r.l. (“Cidron”), a company indirectly owned by Nordic Capital. References to “Nordic Capital” in this press release in relation to the transaction contemplated herein refers to Nordic Capital VIII Alpha, L.P. and Nordic Capital VIII Beta, L.P. (acting through their general partner Nordic Capital VIII Limited), or, as required by the context, Cidron as a selling shareholder. “Nordic Capital” may also, depending on the context, refer to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.