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Nordic Capital-backed Trustly announces strategic minority investment by a consortium of investors to support further expansion

Nordic Capital

JUNE 10 2020
Nordic Capital-backed Trustly announces strategic minority investment by a consortium of investors to support further expansion Image

BlackRock Private Equity Partners, through its private equity funds and accounts under management, together with a consortium of institutional investors, including among others, Aberdeen Standard Investments, funds managed by Neuberger Berman, Investment Corporation of Dubai and RSIC, are becoming minority shareholders in Trustly, the world’s leading online account-to-account (A2A) payments provider. Nordic Capital remains the majority shareholder in Trustly.

The transaction diversifies Trustly’s shareholder base and brings in additional long-term capital commitment to further support Trustly as it continues to invest in its products and infrastructure and expand globally.

Nordic Capital announced the acquisition of Trustly in March 2018 with the aim of supporting the expansion of the business internationally.

Oscar Berglund, CEO of Trustly, says: “At Trustly, we’re leveraging local bank-to-bank payment rails to build a global online banking payments network that enables people to pay directly from their bank accounts in a safe and convenient manner. We welcome BlackRock and the other investors as minority shareholders in Trustly. With their support, we will double-down on developing the online banking payments solution that our merchants and billers and their customers love.”

Fredrik Näslund, Partner at Nordic Capital Advisors, says: “It is a testament to Trustly’s amazing success that Nordic Capital is able to attract such a consortium of world-class investors. Nordic Capital welcomes our new partners as co-investors and looks forward to continuing a successful journey with Trustly.”

Citigroup Global Markets Limited acted as financial advisor in connection with this transaction.

Press contact:

Meredith Popolo
Head of PR & Communications at Trustly
meredith.popolo@trustly.com

 

About Trustly

Founded in 2008, Trustly is the global leader in Online Banking Payments. Our account-to-account network enables consumers to make fast, simple and secure payments to merchants directly from their online banking accounts, without going through the card networks. With support for more than 6,000 banks, over 600 million consumers across Europe and North America can pay with Trustly. We serve many of the world’s most prominent merchants within e-commerce, financial services, gaming, media, telecom and travel, which all benefit from increased consumer conversion and reduced operations, fraud and chargeback costs.

Trustly has 400 employees across Europe, the US and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.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 in addition, Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com.

 

About BlackRock Private Equity Partners

BlackRock Private Equity Partners is the world’s largest asset management firm and had USD 5.98 trillion of assets under management at December 31, 2018. With approximately 14,900 employees in more than 30 countries who serve clients in over 100 countries across the globe, BlackRock provides a broad range of investment and technology services to institutional and retail clients worldwide. For further information about BlackRock, please visit www.blackrock.com.

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CBC Plays Leading Role in the Creation of New Scottish Business Bank

ClydeBlowersCapital

The team at Clyde Blowers Capital has been playing a prominent role in helping to launch Alba Bank, which will be a challenger bank focused on lending to SMEs across the UK regions. The bank will provide loans to SMEs in the UK through a modern digital platform and placing an emphasis on the core skills of relationship banking.

On reading the announcement in January 2017 of the decision to wind Airdrie Savings Bank (ASB) down, CBC’s Chairman and CEO, Jim McColl OBE, first met with Rod Ashley, ASB’s former CEO, to explore the possibility of retaining their banking licence but changing the strategy to focus on the UK SME banking market. Although an Act of Parliament prevented ASB to transfer their current banking license, the Prudential Regulatory Authority (PRA) were encouraging of a new business proposal and bank application from the team.

Emboldened by the PRA’s initial feedback, CBC successfully led the seed funding to establish Alba in April 2018, while the other members of the founding team worked on a business plan to create a purpose-built SME-focused bank, to be Headquartered in Scotland and serving the UK regions.

CBC has continued to support the aspiring bank through its application process and has been hugely impressed by the progress made to date. In December 2019, Alba announced they had formally submitted their application for a banking license to the Regulator, representing an important milestone in the journey of becoming a fully licensed bank.

Jim McColl, CEO of CBC, commented:

“We believe there is a strong demand for a new purpose-built lender to SMEs in the UK, incorporating the latest technology available in the market and an emphasis on the core banking skills of the relationship manager. The bank will be focused on lending to SMEs in Scotland and the Northern Regions of the UK.

As the UK SME market continues to be affected by the current COVID-19 pandemic, we firmly believe Alba will play a crucial role in supporting the SME community and the wider economic recovery throughout the regions of the UK.”

Rod Ashley, CEO of Alba, added:

“The guidance and support of Jim McColl and his CBC team have been key elements in our drive to be in the strong position we find ourselves in today. We are on track to launch as a fully operational bank in 2021 and remain confident of receiving our authorisation with restrictions this Autumn. The achievement of that milestone will enable us to be known by our official name, Alba Bank.

The backing from Jim and his team will be a critical part of our work as we develop our business to be able to provide the necessary funding and support to UK-based SMEs as they strive to recover from today’s challenging climate and continue to be the backbone of the British economy.”

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Nordic Capital increases its shareholding in Norwegian Finans Holding ASA

Nordic Capital

Nordic Capital Fund IX (“Nordic Capital”) has, through its wholly owned subsidiary Cidron Xingu Limited, last night acquired 7,598,162 shares in Norwegian Finans Holding ASA (“Bank Norwegian”) from a group of sellers including Green 91 AS, a company owned by Lars Ola Kjos, at a price of NOK 35 per share. The acquisition was made to strengthen Nordic Capital’s position as the largest shareholder and following the transaction, the holding will amount to 30,646,498 shares, corresponding to 16.4% of the total shares outstanding. In total, Nordic Capital and Sampo collectively own 42,472,603 shares, corresponding to 22.7% of Bank Norwegian following the transaction.

In August 2019, Nordic Capital together with Sampo signed an agreement to become the largest shareholders in Bank Norwegian. The acquisition was completed in October 2019.

Nordic Capital has extensive experience and a strong track record in the financial services sector in the Nordic region and continues to see Bank Norwegian as an interesting company with strong growth potential.


Press contact
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. Core sectors are Healthcare, Technology & Payments, Financial Services and Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14.5 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com

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Carlyle Group sells Peru-based cash management company Hermes to CVC Fund VII

Hermes sold to CVC Fund VII for an enterprise value of approximately $400 million

Global investment firm The Carlyle Group has sold its stake in Hermes Transportes Blindados S.A. to CVC Fund VII for an enterprise value of approximately $400 million. The transaction closed on January 7, 2020 after CVC Fund VII launched a tender offer on December 3, 2019. Carlyle invested in Hermes through its Carlyle Peru Fund and Carlyle South America Buyout Fund in 2015.

Based in Lima, Peru, Hermes is a leading provider of cash management services with a nationwide network of 18 branches, 228 armored vehicles and over 3,700 employees. The company offers valuable logistics, cash processing and custody services to a blue chip client base comprised of more than 1,000 active clients in the financial, retail, utilities and mining segments. Hermes is a mission critical partner to the largest financial institutions and retail organisations in Peru.

Eduardo Ramos, Managing Director and Head of the Carlyle Peru Advisory Team, said, “During our four-plus years of ownership, we are proud to have helped Hermes grow by identifying new revenue streams, increasing operational efficiencies and entering new business segments. We’re confident the company is well positioned for continued growth over the long-term.”

Sebastian Barriga, Director of the Carlyle Peru Advisory Team, added, “It has been a privilege to work alongside Hermes’s world-class management team. Together, we have created long-term value by pursuing both organic and inorganic growth opportunities and are proud of the work Hermes has done to advance the cash management industry in Peru. We look forward to their continued success.”

Mirella Velasquez, CEO of Hermes, said, “Eduardo and the Carlyle team have been outstanding partners. Today’s announcement underpins the continued success of our company. We are extremely proud of our team and look forward to continuing to develop the cash management industry in Peru.”

Jean-Marc Etlin, Partner overseeing CVC Capital Partner’s Latin America private equity business said, “This is a unique opportunity to invest in a company with an outstanding track record and proven business model. We are very impressed with the quality of the management team and their ability to continue generating significant value for shareholders. We are looking forward to continuing to support the company and its talented management team in its next phase of growth.”

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Blackstone completes the acquisition of €1 billion majority stake in Luminor

Blackstone

Luminor announced today the acquisition of a 60% majority stake in the bank by a consortium led by private equity funds managed by Blackstone. The bank’s current owners, Nordea Bank Abp (“Nordea”) and DNB BANK ASA (“DNB”), will each retain a 20% equity stake in Luminor.

The consortium, which includes a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”), as well as other co-investors, has now completed the transaction having received the relevant approvals.

Nordea and DNB will continue to support the bank with long-term funding, expertise and on-going representation on the Board of Directors. Blackstone has agreed with Nordea to purchase their remaining 20% stake over the coming years.

Blackstone was uniquely positioned to manage this complex acquisition, and is well-placed to support Luminor and the wider Baltic economy going forward.

Nadim El Gabbani, Senior Managing Director at Blackstone, said: “We are excited by the long-term partnership with management, Nordea and DNB and look forward to working together to create a stronger platform to further economic growth in the Baltics. We will continue to support local businesses and strongly believe that Luminor is well-positioned to continue to lead the market as an independent provider of financial services.”

Nils Melngailis, Chairman of the Supervisory Council of Luminor, said: “The Baltics benefit from a strong macroeconomic climate and a stable operating environment, and are among the most dynamic economies in the European Union. This transaction represents one of the largest investments in Baltic history and I would like to acknowledge the efforts of the regulators in the approval process and our teams in completing the transaction. I look forward to our strategic partnership with Blackstone.”

Erkki Raasuke, CEO of Luminor, said: “Blackstone is an ideal partner for Luminor as it undertakes one of the most extensive corporate transformations in the Baltics. Their demonstrable track record in transformations, strong financial standing and network of global talent will support Luminor in growing as the largest local independent bank; a bank which will be dedicated to supporting sustainable growth of the Baltic region by providing long-term commitment to businesses and individuals.”

For more information, please contact:

Blackstone
Ramesh Chhabra
+44 (20) 7451 4053
Ramesh.Chhabra@Blackstone.com

Luminor
Ivi Heldna
+372 52 31 192
Ivi.Heldna@luminorgroup.com

About Luminor
Luminor was established as an independent Baltic bank in autumn 2017, built on the Baltic businesses of Nordea and DNB and combining the experience and knowledge from the Nordic countries. We are the third-largest provider of financial services in the Baltics, with approximately 1 million clients, 2,500 employees, and a market share of 16.4% in deposits and 20.2% in lending as at the end of the second quarter of 2019. Total shareholders’ equity amounts to €1.6 billion and Luminor is capitalised with a CET1 ratio of 18%. On 13 September 2018, Moody’s assigned Luminor long and short-term, foreign and local currency deposit ratings of Baa1/Prime-2.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies in which we invest, and the communities in which we work.  We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $545 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis.  Further information is available at www.blackstone.com.  Follow Blackstone on twitter @Blackstone.

About ADIA 
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.  ADIA has invested in private equity since 1989 and has built a significant internal team of specialists with experience across asset products, geographies and sectors. Through its extensive relationships across the industry, the Private Equities Department invests in private equity and credit products globally, often alongside external partners, and through externally managed primary and secondary funds. Its philosophy is to build long-term, collaborative relationships with its partners and company management teams to maximize value and support the implementation of agreed strategies. For more information: https://www.adia.ae

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Krungsri joins forces with international private equity consortium to strengthen its microfinance platform

Krungsri joins forces with international private equity consortium to strengthen its microfinance platform

20 Nov 2018

Move to bolster microfinance arm providing affordable credit and insurance solutions

Krungsri (Bank of Ayudhya Public Company Limited) has announced that it will sell a 50% stake in its wholly-owned Ngern Tid Lor Company Limited (“NTL”) business unit to an international private equity consortium led by CVC Capital Partners Asia Fund IV (“CVC”) and Equity Partners Limited (“EPL”). The move is expected to bolster the microfinance arm of Krungsri, which provides affordable credit and insurance solutions to Thailand’s underbanked and self-employed population.

Sharing his thoughts on the investment Schwin Chiaravanont, EPL’s partner, states, “On behalf of EPL, we are excited to partner with CVC and Krungsri in this landmark deal in the Thai financial services industry. NTL is not only a high-quality growth asset, but it also represents a strong reflection of our values in corporate culture and governance and we support the ambition to ameliorate conditions for Thailand’s underbanked communities.”

Brian Hong, Partner and Co-Head of Southeast Asia at CVC, said of the transaction, “We are tremendously pleased to be partnering with Krungsri and NTL. We are firm believers in the dynamic and passionate culture of service which has fuelled impressive growth and innovation at NTL. We are excited to be able to support the company in realising new opportunities and achieving its full potential.”

Piyasak Ukritnukun, Managing Director of NTL, commented, “Our new shareholders bring with them a combination of global expertise and local strength. We hope to benefit from new technologies, operational best practices and business development opportunities to help us better serve Thailand’s long-tail segment.”

“This is a significant transaction for Krungsri. We are confident that the CVC and EPL consortium is the right partner to help bring NTL to the next level and allow us to explore potential synergy with the consortium.” said Dan Harsono, Krungsri Head of Retail and Consumer Banking.

This transaction is subject to satisfactory completion of conditions precedent and regulatory filings. Krungsri appointed ING Bank N.V. as exclusive financial advisor on this transaction.

NTL is a privately-held market leading title loan operator that was acquired by Krungsri in 2009. As at the end of 2017, the company operated 750 branches across 74 provinces and had an outstanding loan portfolio of THB 24.6bn.

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