Verdane Mergers and Acquisitions Summary

Growth Capital Firm Profile

In the last 3 years, Verdane has acquired 2 companies. It has also invested in 2 others.

Verdane’s most common sectors for investment areinternet software and services (21%) and software (20%) . The Firm’s most common investment types include venture (30%) and buyout (lbo, mbo, mbi) (26%). In total, Verdane has invested in 4 US states and 8 different countries. Its largest (disclosed) acquisition occurred in 2008 when it acquired Norstat ASA for $18M.

In the last 3 years, Verdane has exited 4 companies. The Firm’s most common exit type is trade sale (70%). Verdane’s largest (disclosed) exit occurred in 2018 when it sold Liaison Technologies for $310M.

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M&A Summary

  • M&A Total Activity123
    • M&A Buy Activity77
    • M&A Sell Activity46
  • Total Sectors Invested 24
  • Total Countries Invested 8
  • M&A Buy/Sell Connections 48
  • M&A Advisors 6

Verdane

Verdane Group

Hieronymus Heyerdahlsgate 1,
Oslo, 0160
Norway
+47 24 13 70 00
www.verdane.com
office@verdanecapital.com

Verdane is a Norwegian private investment focused on acquiring portfolios of investments. In addition to secondary investing, Verdane also invests in co-investment pools as well as makes direct investments in individual growth companies. Sectors of interest include consumer products/services, software, energy, technology, and communications. Verdane provides support to portfolio owners to reduce exposure to private equity risk, achieve liquidity and free owners from the burden of managing direct investments. The majority of Verdane's investments are growth stage, however, the Firm can invest at any stage of development. Verdane was formerly known as Four Seasons Venture AS and was established in 1985. Verdane is based in Oslo, with additional offices in Helsinki and Stockholm.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Communications, Consumer Products, Consumer Services, Energy Services and Equipment, Financial Services, Healthcare Services, Information Services, Information Technology, Internet Software and Services, Machinery, Medical Products, Publishing, Software

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Secondary Buyout, Venture

Geographic Preferences: United Kingdom, Western Europe, Scandinavia

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '20 '21 '22 '23 '24 '25 T
Buy (1.4/yr) # 70 4 3 - - - 77
vol $18M $18M
Sell (1.4/yr) # 39 3 4 - - - 46
vol $933M $933M
  123

Most Recent M&A

Company Date Value Type
Qbtech AB 2022-08-29 - Growth Capital
Stockholm, Sweden · www.qbtech.com
Scanmarket A/S 2022-06-01 - Add-on Acquisition
Solbjerg, Denmark · www.scanmarket.com
Inriver AB 2022-05-19 - Secondary Buyout
Malmo, Sweden · www.inriver.com
EVA Solutions Group Oy 2022-02-17 - Growth Capital
Tampere, Finland · www.evaglobal.com
Forsta Group 2022-02-07 - Add-on Acquisition
London, United Kingdom · www.forsta.com
Papirfly AS 2022-01-27 - Secondary Buyout
Sandnes, Norway · www.papirfly.com
Porter AS 2022-01-18 - Add-on Acquisition
Oslo, Norway · www.porterbuddy.com
MM Sports AB 2021-07-02 - Secondary Buyout
Gothenburg, Sweden · www.mmsports.se
Silva Sweden AB 2021-06-30 - Secondary Buyout
Bromma, Sweden · www.silva.se
Nordic Vehicle Conversion AB 2021-06-30 - Secondary Buyout
Backaryd, United States · www.nordicvehicle.se
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Internet Software and Services 6 (26%) - 16 (21%) -
Software 5 (22%) - 15 (19%) -
Information Technology 2 (9%) - 8 (10%) -
E-Commerce 3 (13%) - 7 (9%) -
Consumer Products 2 (9%) - 6 (8%) -
Education 1 (4%) - 3 (4%) -
Retail - - 3 (4%) -
Manufacturing - - 2 (3%) -
Medical Products 2 (9%) - 2 (3%) -
Staffing - - 2 (3%) -
Business Services - - 1 (1%) 18M (100%)
Automotive - - 1 (1%) -
Chemicals - - 1 (1%) -
Communications - - 1 (1%) -
Digital Media - - 1 (1%) -
Electrical Equipment - - 1 (1%) -
Energy Services and Equipment - - 1 (1%) -
Financial Services - - 1 (1%) -
Furniture 1 (4%) - 1 (1%) -
Machinery - - 1 (1%) -
Marine 1 (4%) - 1 (1%) -
Metals/Mining - - 1 (1%) -
Renewable Energy - - 1 (1%) -
Transportation - - 1 (1%) -
Total 23 - 78 $18M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Sweden 8 (35%) - 37 (47%) -
Norway 3 (13%) - 13 (17%) 18M (100%)
Finland 5 (22%) - 8 (10%) -
Germany 4 (17%) - 8 (10%) -
United States 1 (4%) - 6 (8%) -
  Texas 1 (4%) - 2 (3%) -
  California - - 2 (3%) -
  Oregon - - 1 (1%) -
Denmark 1 (4%) - 3 (4%) -
United Kingdom - - 2 (3%) -
Netherlands 1 (4%) - 1 (1%) -
Domestic 3 (13%) - 13 (17%) 18M (100%)
Cross-border 20 (87%) - 65 (83%) -
Total 23 - 78 $18M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 2 (9%) - 23 (29%) -
Buyout (LBO, MBO, MBI) 5 (22%) - 20 (26%) -
Growth Capital 12 (52%) - 19 (24%) -
Secondary Buyout 3 (13%) - 7 (9%) -
Divestiture - - 4 (5%) -
Stake Purchase 1 (4%) - 2 (3%) -
Going Private - - 1 (1%) 18M (100%)
Consolidation - - 1 (1%) -
Recapitalization - - 1 (1%) -
Total 23 - 78 $18M

Exits by Deal Type

Type Total # Value
Trade Sale 21 (46%) 129M (14%)
Trade Sale - Public Company 12 (26%) 803M (86%)
Secondary Sale 7 (15%) -
IPO 2 (4%) -
Merger 2 (4%) -
Sold to Management 2 (4%) -
Total 46 $933M

Top M&A Advisors

Financial Deals
Translink Corporate Finance
 1
Jefferies
 1
Deloitte
 1
Legal Deals
Sidley Austin LLP
 1
Advokatfirmaet Schjødt AS
 1
Krogerus
 1

Deal Values

buy # Total
< $100M 1 $18M
TOTAL $18M
Largest Norstat ASA
$18M (2008-01-03)
sell # Total
$100M to $1B 3 $760M
< $100M 7 $173M
TOTAL $933M
Largest Liaison Technologies, Inc.
$310M (2018-10-31)

M&A Connections

Deals
Acquired from
Investor(s)
8%
6 (8%)
Strategic(s)
5%
4 (5%)
Exited to
Investor(s)
15%
7 (15%)
Strategic(s)
74%
34 (74%)

Investor Summary

Investor Type

Growth Capital Firm

Size

Large

PE Assets

1.2B EUR

Established

1985

Specialist/Generalist

Generalist

Leadership

Bjarne Kveim Lie

Co-Founder & Managing Partner

Jakob Tolleryd

Affiliated Partner

Christian Melgaard

CFO

Peter Finden Bamrud

Head of Analytics

Andreas Daae

Head of Debt

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