The largest buyout deals by Norwegian private equity firms

2021 was an extraordinary calendar year in private equity in Europe. According to PitchBook’s

2021 Annual European PE Breakdown

A strong market for leveraged lending and a heightened level of dry powder willingness to sell and an infusion of stimulus from the government set the scene in one of the strongest PE dealmaking environments of the last decade.

The Nordic Region had an especially spectacular year for exits, including massive IPOs from companies such as


and

Synsam Group

. While 2021 was a record year for PE and PE in general, this Nordic Region is no stranger to the European private equity market. Stability in the economy bank capitalization, well-capitalized banks, and a strong focus on education are only some of the reasons that have created a ideal location for a mature expanding PE market. In the end, Sweden, Norway, Finland and Denmark are home to globally recognized fund managers, a rapidly developing secondary market and an rapidly expanding technology sector.

In this article we focus to private equity within Norway and look at some of the biggest buyouts made from Nordic Private Equity firms from 2020. To make this article we define the largest buyouts as those that have the largest deal size between January to February 3 2022.

REPORT

2022 Nordic Private Capital Breakdown

Have a look at PE or VC across the Nordics region by reviewing a list of exits, deals and trends in fundraising.

Download the report

The top 5 buyouts of the largest from Norwegian private equity companies


*Based on PitchBook data from the 3rd of February, 2022. Data is susceptible to change


ExxonMobil (oil and gas fields located in the British North Sea)

Investors: HitecVision and NEO Energy

Size of deal: EUR 1.15B

Deal date: December 8, 2021

ExxonMobil’s

Non-operated upstream assets in British North Sea include 40 fields producing oil and gas which have the potential of producing an estimated 80,000 barrels of oil as well as four41 million cubic feet of natural gas every day. In December 2021, London’s

NEO Energy

These assets were acquired through the company’s Norwegian financier, HitecVision, in an LBO worth more than EUR1 billion. This significant portfolio expansion not only diversifies NEO’s energy-producing assets , but assists them in their pursuit of becoming the leading full-cycle E&P firm in the United Kingdom Continental Shelf.


Highlights for investors: HitecVision

AUM: EUR5.83B

Dry powder: EUR1.33B

Total investment Total investments: Total investments:

Established in 1985, the company is its headquarters are at Stavanger, Norway,

HitecVision

is an Nordic private equity company which specializes in buyouts and growth-stage investments in the sector of energy. It is among the top companies that provide private capital to the energy sector in Europe HitecVision invests in all sectors of energy that include gas and oil as well as renewable energy, infrastructure and construction. HitecVision is an official signatory to the United Nations’ Principles for Responsible Investment and is determined to incorporate them into its business.

ESG

is a factor in all decisions, analysis of investments and practice.


Zennor Petroleum

Investors: HitecVision and NEO Energy

Size of the deal: EUR 524.81M

Date of deal: July 13, 2021

Zennor Petroleum

It is an independently operated operator for natural and oil gas, which specializes in developing, appraisal, and production of offshore hydrocarbons from Northwest Europe. The company was bought through NEO Energy through its financial sponsor, HitecVision, in an LBO worth EUR524.81M. It is anticipated increase the production of NEO Energy from the 80,000 barrels equivalent to oil each day (boepd) from 2021 to around 100,000 boepd in 2026, consolidating its position as a major individual operator of the UK offshore oil and gas sector.


Lumene

Investors: Verdane

Size of the deal: EUR 508.91M

Deal date: September 15, 2021

Based out of Finland,

Lumene

Lumene is a pioneer in sustainable manufactured cosmetics. Making use of Nordic botanicals as well as arctic plants, Lumene products combine potent antioxidants and nutrients with modern advancements in skincare technology. With initiatives aimed at environmentally sustainable development of products and recyclable packaging The company has been a leading actor in creating the framework for a circularand sustainable business model for cosmetics.

On September 20, 2021 they were purchased in September 2021 by Norwegian private equity company, Verdane which was an LBO worth EUR 508.91M. In the last couple of several years Lumene is now present in China as well as the UK and this acquisition is expected to accelerate their global expansion and increase the direct-to-consumer (D2C) presence.


Investor spotlight: Verdane

AUM: EUR3.49B

Dry powder: EUR714.88M

Total investment total investments

Founded in 2003,

Verdane

is an Nordic private equity firm with its headquarters in Oslo. The company’s funds are invested in three key areas: digital consumers, technology-driven sustainability and software-powered business. By leveraging operational knowledge, networks and information, the company is the driving force behind major growth initiatives, while also increasing the revenue and reach of the portfolio companies.


FocusVision Worldwide

Investors: Verdane, Confirmit and Zobito

Size of the deal: EUR302.37M

Date of deal: March 9 2021

FocusVision Worldwide

is a New York-based company of quantitative and qualitative market and customer research offering a wide range of services that use technology to measure brand and product recognition. Through online surveys or focus groups, as well as conversations, this software is able to identify the motivations and behavior of the customers of a company’s clients, including how they feel, think and behave. FocusVision was purchased by

through its financial through its financial

and Verdane via and Verdane through a EUR302.37M and Verdane through a EUR302.37M. This deal is a complimentary to the services and technology to Confirmit’s platform, thereby expanding the size and range of their services.

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