NORVESTOR EQUITY ANNOUNCES THE FINAL CLOSE OF NORVESTOR VI, L.P.
Norvestor Equity AS (“Norvestor”), a leading Norwegian mid-market private equity firm, has announced the successful final closing of Norvestor VI, L.P. (the “Fund” or “Fund VI”). The Fund was oversubscribed and closed at the hard cap of NOK 3 billion (EUR 410 million or USD 540 million).
The Fund has a strong following from investors in predecessor funds and has received commitments from a number of new international investors representing a global coverage. The commitments came from a broad range of institutional investors, including government agencies, sovereign wealth funds, fund-of-funds, insurance companies, pension funds, banking groups, family offices and asset managers.
Norvestor is one of the most established private equity firms in Norway focusing on the Norwegian and the Swedish mid-market. Fund VI is the successor to Norvestor’s previous funds, Fund IV, a EUR 157 million fund raised in 2004, and Fund V, a EUR 236 million fund raised in 2007. The two previous funds have together made fifteen investments in Norwegian and Swedish mid-market companies and a large number of follow-on acquisitions.
Fund VI will continue the proven strategy by making investments in mid-market companies with enterprise values of typically NOK 150 million to NOK 1.5 billion (EUR 20 to EUR 200 million). The Fund’s focus is on companies with strong growth and a potential to achieve a leading pan-Nordic or international position. To date, Fund VI has completed three investments.
”We are very pleased with the successful outcome of the fundraising of Fund VI and are grateful for the support we have received from existing investors. We are also delighted to welcome a number of new leading international investors that have recognised the depth of experience in the Norvestor team. We are confident that Fund VI will build on the successful track record of the previous Norvestor funds”, said Lars Grinde, Managing Partner at Norvestor.
“The investor base in our previous funds has mainly come from Norway and the Nordic region. In Fund VI we have successfully reached our objective to broaden our investor base significantly by building relationships with a number of reputable investors from outside the Nordic region”, said Rebecca Farr, Investor Relations Manager at Norvestor.
Norvestor was assisted in the fundraising by Credit Suisse Asset Management Limited, who acted as placement agent to Fund VI, and by Kirkland & Ellis International LLP and BA-HR, who acted as legal advisers.
For further information:
Lars Grinde, Managing Partner, Norvestor Equity AS Tel: +47 40 21 14 44
Rebecca Farr, Investor Relations Manager, Norvestor Equity AS Tel: +47 95 92 93 14
Norvestor Equity AS is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 49 investments and participated in
180 add-on acquisitions and divestitures. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in the Norwegian and Swedish mid-market, with potential to achieve a leading Nordic or international position either through domestic organic growth, through acquisitions in fragmented industries or by expanding into new
countries. Funds advised by Norvestor are currently invested in the following portfolio companies; Panorama Gruppen AS, Life Europe AB, BecoTek Metal Group AS, Nordic Vision Clinics AS, Wema Group Holding AS, Advantec Holding AS, Apsis Group AB, Aptilo Holding AB,
Cegal Holding AS, Marine Aluminium Group AS, Inmeta Crayon Holding AS, Sortera AB an
Abax Holding AS. Read more at www.norvestor.com.