nordic m&a and private equity forum post-event report

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Nordic M&A and Private Equity Forum 2010Post-event report11 May 2010 Grand Hotel, Stockholm, Sweden

Lead strategic partners: Strategic partners: Media partner:

Nordic M&A ANd PrivAte equity ForuM 2010 2

After a turbulent 18 months, there is a marked optimism surging through the Nordic M&A market. This was espoused by the dealmakers who convened at the Nordic M&A and Private Equity Forum in Stockholm.

Dealmaking during Q1 2010 was up when compared to the same period last year. Additionally, Q4 2009 saw a respectable increase in dealflow on Q3, boosted by Cisco Systems’ purchase of Tandberg ASA. These encouraging signs have led many to feel more confident about approaching the market.

Whilst this bullish sentiment is not felt by all due to the fragility of the wider international economic situation and the current difficulties being endured by the Euro, there is a sense that M&A in the Nordic region may have turned a corner and that increased deal activity will follow – something that the mergermarket Heat Chart does support.

Through panel discussions and keynote addresses, participants at the Nordic M&A and Private Equity Forum rreviewed the past year’s trends and deals, examined country-specific M&A patterns and discussed their views on what lies ahead.

The overall sentiment of attendees was that, while there will be bumps along the way (particularly with IPOs), the region is likely to see increased M&A activity in traditionally strong sectors and that private equity will likely make a substantial comeback to the market as the year progresses.


0

50

100

150

200

250

Q1 10

Q409

Q309

Q209

Q109

Q408

Q308

Q208

Q108

Q407

Q307

Q207

Q107

Q406

Q306

Q206

Q106

Q405

Q305

Q205

Q105

Volu

me

Volume Value (€m)

0

10,000

20,000

30,000

40,000

50,000

Value (€m)

Sector Sweden Finland Norway denmark totAL

Industrials & Chemicals 21 23 11 8 63

Consumer 18 15 10 12 55

TMT 15 22 12 3 52

Pharma, Medical & Biotech 26 7 5 12

50

Energy, Mining & Utilities 12 2 11 8 33

Business Services 9 8 2 5 24

Transportation 8 1 5 14

Leisure 5 3 2 3 13

Financial Services 8 1 2 11

Construction 4 2 2 2 10

Real Estate 1 1 2 2 6

Agriculture 5 5

Government 1 1 2

totAL 128 85 65 60 338

mergermarket’s M&A Heat Chart gives an overview of the expected M&A market in the Nordic region in 2010.The chart is based on ‘companies for sale’ stories tracked by mergermarket between 01/07/2009-26/04/2010.Opportunities are captured according to the dominant geography and sector of the potential target company. The information is derived from a range of sources, including press reports, company statements as well as mergermarket proprietary research.

Hot222018

Warm15129

Cold630

Nordic M&A treNdS

MergerMArket heAt chArt

eNergiSiNg Nordic M&A


The first panel of the day began with a brief look back at how the past year had developed into the somewhat more active dealmaking landscape seen in the region today.

An uptick in M&A activity has been evident from Q4 2009 onwards, even though the IPO market has yet to open up in all the Nordic capitals. Looking at particular sectors, healthcare services was expected to be active, alongside well-financed industrial majors who are looking to consolidate their positions, particularly in

growth niches and emerging markets. Frank Papsø from Ramboll Group pointed out that a second wave of consolidation was expected in the engineering services space, and that the energy and renewables spaces were poised to be avenues for future growth. Meanwhile, Mikael Kramer of Vattenfall spoke for many corporates by noting that the energy group was still digesting its recent acquisitions, but that non-core activities, such as minority shareholdings, could be divested.

The event got off to a captivating start when Björn Wahlroos, Chairman at Sampo and Vice Chairman at Nordea, took to the stage and addressed the crowded auditorium with an energetic keynote speech. Beginning with a sharp critique of the EU’s response to Greece’s economic crisis, Wahlroos argued a case for a wider mandate for the European Central Bank (ECB). Critically, the ECB lacks its US counterpart, the Federal Reserve, position as lender of last resort, Wahlroos said. The Troubled Asset Relief Programme, he noted, was largely possible due to Federal Reserve Chairman Ben Bernanke’s ability to take a decision and to act decisively to counteract the financial turmoil in 2008/2009. The

ECB’s current mandate to constrain monetary expansion and curtail inflation is too narrow, he explained.

Wahlroos continued, noting that the volume of M&A transactions had been dampened due to acquisition financing, but that dealmaking would continue despite the more challenging climate. While it is unlikely that, for example, the Financial Services sector will see much activity in the near-term, privatisation of state assets could be a way for governments to finance their budgets.

BjöRN WAHLROOS, CHAIRMAN, SAMPO PLC; VICE CHAIRMAN, NORDEA

keyNote: outLook For the Nordic regioN

PANeL i: gettiNg A deAL doNe iN 2010/11NICOLAS DELAUNAy, ExECUTIVE VICE PRESIDENT STRATEGy AND M&A, SN POWERMICHAEL DALy, VICE PRESIDENT, HEAD OF GLOBAL M&A, NOKIAFRANK PAPSø, HEAD OF GLOBAL STRATEGy & BUSINESS DEVELOPMENT, RAMBOLL GROUPULF NOLéN, PARTNER, FINANCIAL ADVISORy LEAD SWEDEN, DELOITTEMIKAEL KRAMER, VICE PRESIDENT M&A, VATTENFALLKASPER VIIO, HEAD OF NORTHERN EUROPEAN COVERAGE, MERGERMARKET (MODERATOR)


The second panel focussed on the local private equity market, and panellists largely concurred that activity among private equity firms was returning to the Nordic markets.

Nevertheless, a certain level of caution will remain as valuations start to climb. Dual track exits have been part of the strategic palette of recent private equity exit attempts, and the panel discussed various exit options in detail.

According to one of the arguments put forward, the continued volatility of the IPO market in the region may make the trade sale route more attractive. In some cases, given fewer exit options than in past years, it may still be worth sticking with certain investments in exchange for better returns in 2011 or 2012.

In terms of sectors, most panellists agreed that private equity activity would continue in the healthcare services sector, but that medtech, education services and energy would also receive interest through the year. On the flipside, it was noted that sectors that had been challenged by cyclical downturn, such as engineering firms, continue to be seen as less attractive objects for transactions this year.

jon Aarons of Financial Dynamics started his presentation by explaining why an effective communications strategy is essential for a successful M&A transaction.

Aarons outlined the importance of garnering a positive market perception, as it can establish credibility and increase the chance of a deal being reflected in a flattering light by commentators. In turn, this can steer investors, employees and other stakeholders. He went on to say that, in the present environment, this was of added importance due to the high-level of scrutiny that deals are receiving.

During his presentation, Aarons said that maintaining a strong corporate reputation was imperative to a successful communications strategy, as was fostering support for the deal, both internally and externally. Anticipating investor expectations and developing a credible strategy are also important factors in Aarons’ eyes. He added, ‘M&A requires a coordinated approach to communication throughout the entire transaction process’.

Aarons concluded by discussing why cross-border transactions make an effective communications strategy more difficult to employ. This is primarily due to logistical and cultural issues, so it is essential to make sure that the communications team employed are capable of communicating a global rationale, rather than one based on local issues and concerns, whilst ensuring that the message remains positive and consistent.

PATRICK DE MUyNCK, SENIOR PARTNER, EQT PARTNERSjENNy ROSBERG, SENIOR VICE PRESIDENT, NASDAQ OMxPETER TöRNQUIST, PARTNER, CVC CAPITALLARS ERIKSSON, REGIONAL DIRECTOR, ORIGINATION, THE RIVERSIDE COMPANyFAy SANDERS, PRIVATE EQUITy CORRESPONDENT EMEA, MERGERMARKET (MODERATOR)

PANeL ii: PrivAte equity – LeSSoNS FroM deALMAkiNg iN the dowNturN

PreSeNtAtioN: wiNNiNg SuPPort For the deALjON AARONS, MANAGING DIRECTOR, FINANCIAL DyNAMICS


The volume of acquisition financings in 2010 has yet to recover to levels seen in 2007-2008, with notable transactions this year including Ambea and Apoteket. The panellists, however, concurred that the deal pipeline looks promising, helped by an improving macroeconomic environment and the abundance of institutions awash with funds to put to use. In addition to healthcare, other sectors that have been active include retail and some industrials.

One panellist pointed out that the number of underwritten transactions is on the rise, reflecting confidence in the market. This, however, pertains only to good credits. By and large, international banks are not active participants in Nordic transactions, but this is changing as interest in investing in the region is increasing.

The number of mezzanine funds is on the rise, creating more liquidity for buyers. However, there is more supply than demand, as the high-yield market has reopened – creating an alternative source of funding for sponsors and buyers.

In view of the restructurings that have occurred in the past two years, mezzanine investors are becoming more savvy and are demanding tighter security, better inter-creditor agreements and, perhaps, even covenants in deals.

VESA SUURMUNNE, CEO, NORDIC MEzzANINEMARK BULMER, HEAD OF BANKING, NORDIC CAPITALANDERS BIERKE, HEAD OF FINANCING, ALTOR EQUITy PARTNERSjAN RASMUSSEN, HEAD OF DEBT CAPITAL MARKETS, NORDEANIGEL WALDER, ExECUTIVE DIRECTOR LEVERAGED LOAN & BOND CAPITAL MARKETS, jP MORGANADELENE LEE, EDITOR, DEBTWIRE (MODERATOR)

PANeL iii: FiNANciNg deALS – how Are buyerS SecuriNg AcquiSitioN FiNANce iN todAy’S MArket?

“ According to speAkers on the finAncing deAls pAnel, the deAl pipeline in the nordic region looks promising.”

This brief session provided a glimpse into the different stages of one of last year’s biggest restructurings in the Nordic region.

The first signs of trouble came as early as spring 2008, but Sanitec’s management had begun to implement measures to tighten its cost base and improve efficiency in the business before then, Sanitec CEO Bengt Pihl explained.

In late 2008, Sanitec began talks with lenders to fix its balance sheet. As part of the negotiations, the business was put up for sale, largely as a valuation exercise. As bids fell below expectations, the sponsor’s (EQT Partners) proposal prevailed, according to jan Ståhlberg, EQT Partners’ Co-CEO. The restructuring slashed Sanitec’s debt load by €580m, leaving it with just €300m of debt.

EQT Partners committed €115m of new funds to the business. Lenders were given a 22.5% stake in the business and EQT Partners’ stake was reduced to 77.5%. The business has been performing well since then and R&D efforts, as well as new product launches have aided the company in the process. Ståhlberg said EQT Partners would assess its investment in Sanitec in around three years.


The series of country-specific panels in the afternoon was initiated with a discussion about opportunities in Norway. Activity has been evident in sectors typical to the country, such as various energy industry niches, like hydro power.

On the cross-border side, international transactions have also taken place outside of the region, the most notable deal recently being Norsk Hydro’s acquisitions of stakes in companies owned by Brazilian Vale.

There has been a slowdown in private equity activity over the last year, but there is evidence of it increasing and of assets returning to market that failed to find a suitor in 2008.

As for the IPO market, the underlying macroeconomic picture and risk appetite may be larger than across other capitals in the Nordic region, but Norwegian firms too are exercising caution when it comes to new large listings.

BENGT PIHL, CEO, SANITECjAN STåHLBERG, BOARD MEMBER, EQT PARTNERSADELENE LEE, EDITOR, DEBTWIRE (MODERATOR)

RUNE FLøGSTAD, CEO, SELVAAG INVESTBjARNE LIE, CHIEF INVESTMENT OFFICER, VERDANE CAPITALBjøRN OLE ELLERTSEN, CEO, NK FUNDSjOHN REIN, PARTNER, WIKBORG REINKASPER VIIO, HEAD OF NORTHERN EUROPEAN COVERAGE, MERGERMARKET (MODERATOR)

These interactive sessions profiled domestic and outbound M&A trends, with forward-looking expectations from accomplished dealmakers.

iNterview: SANitec turNArouNd ANd FiNANciAL reStructuriNg

PANeL iv: tArget NorwAy

origiNAtioN diScuSSioNS

“ the ecB’s current mAndAte to constrAin monetAry expAnsion And curtAil inflAtion is too nArrow.”

Björn wAhlroos, Chairman, Sampo plC; ViCe Chairman, nordea

PAULI ARENRAM, MANAGER GROUP ACQUISITIONS, ATLASCOPCOSTEN BAUER, PARTNER, BAKER & MCKENzIEANDREAS MARCETIC, PARTNER, TRANSACTION SERVICES LEAD SWEDEN, DELOITTEALEx MOLVIN, CEO, CAPILON ABjOHAN MOLANDER, MANAGING PARTNER, NARVA (MODERATOR)

ANDERS BERGKVIST, HEAD OF CORPORATE FINANCE, STORA ENSOTUOMO RAASIO, SENIOR PARTNER BUyOUT, CAPMAN GROUPBENEDICT AIRAS, FOUNDING PARTNER, ACCESS PARTNERSANDREAS DOEPEL, PARTNER, BORENIUS & KEMPPINEN LTDKASPER VIIO, HEAD OF NORTHERN EUROPEAN COVERAGE, MERGERMARKET (MODERATOR)

PANeL v: deAL guide to FiNLANd

The third country panel of the afternoon began where the others had left off, noting that private equity firms had been taking an evidently more active role in dealmaking during recent months. This was expected to impact deal volume and value, with a continuing increase expected as the year continues – partly fuelled by low interest rate levels. This compares interestingly to a surprisingly low level of restructuring activity over the past 12 months.

There is evidence of returned interest for outbound deals among large Swedish strategic players. BRIC countries remain key for growth and acquisitions, albeit still of a relatively small size, and could complement the growth strategies of some firms, particularly in the Industrial sector, it was said.

Adding to this, Chinese companies are expected to be increasingly active in the Nordic markets as buyers. Given the stable investment environment, it was noted that sovereign wealth investors could play a role in this context.

Deal volumes are still at a low level on the Finnish market, even though activity is picking up. Most panellists noted that the second half of the year would continue the positive momentum gained since Q4 last year. Local private equity firms are returning to market, both on the buy and sell-side, but larger international firms are not omnipresent yet as in past years.

Cyclical assets have once again started to attract investors, as was the case with CapMan’s investment in Havator earlier this spring. However, large transactions may still be somewhat challenging to finance.

There is also little evidence of there being any effort to privatise state assets at present, but the panellists noted that there was an expectation that companies will come to market in the mid-term, possibly in tune with political election cycles.

Restructuring and divestments in the paper industry, a traditional Finnish stronghold, has some private equity interest, as well as new funds investing in projects in certain parts of the global value chain. General M&A interest for targets in Russia continues actively, the panel concurred.

PANeL vi: oPPortuNitieS iN SwedeN



The day’s final country panel focussed on Danish trends.

Trust, it was said, is on the way back after a tough dealmaking climate that included several restructuring cases, and the labour markets have started to rebound on the back of flexible regulation.

IT, cleantech and biotech sectors continue to be active, as well as healthcare and certain industrial niches. However, the perfect climate for fundraising to back transactions is yet to return.

Notably, the IPO pipeline for large transactions has been particularly strong in the Danish capital. Nonetheless, the market is prone to volatility, and some of the objects widely expected to come to market may still be waiting for the right time, panellists explained. It was also questioned whether the appetite was equally strong for objects outside of the top IPO candidates, and whether this exit route would be as attractive going forward for private equity buyers.

Danish companies continue to interest buyers predominantly from neighbouring countries and suitors from the Far East remain unlikely, the panel summarised.

LARS DyBKjæR, MANAGING PARTNER, DANSK KAPITALANLæGNIELS WORNING, PARTNER, POLARISMOGENS THORNINGER, PARTNER, BRUUN & HjEjLETHOMAS STENFELDT BATCHELOR, ACQUISITIONS MANAGER, NOVOzyMESHANNA GEzELIUS, FINANCIAL CORRESPONDENT SCANDINAVIA, MERGERMARKET (MODERATOR)

PANeL vii: doiNg A deAL iN deNMArk

“ the ipo pipeline for lArge trAnsActions hAs Been pArticulArly strong in the dAnish cApitAl.”

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