Growth and transition

Nordic M&A’s Growth & Transition team focuses on assisting successful companies to reach the next level in the company’s life cycle

The main challenges we help with include the following:

How can the company be sold so that the owners obtain the best possible price?
How can the company and its owners best participate in an ongoing consolidation of the industry?
How can a merger be carried out so that it creates value for the owners?
Can the company buy up other companies as part of a successful growth strategy?
Which capital partner has the right profile to help the company to the next level?
Under what conditions can capital be attracted to finance the company’s growth?

We understand the opportunities and challenges for owner-managed businesses. We have helped more than 100 owners realize value or raise capital to ensure future successful development

SELECTED TRANSACTIONS

Financial advisor to the owners of Lagur on the management buy-in

THE DEAL

Lagur, a Danish specialist in water treatment technology, has been sold through a management buy-in.

INDSIGHT

Lagur was founded in 2014 and develops and manufactures a chemical free water treatment system that reduces limescale build up while preserving the water’s natural quality. Lagur was recently awarded Børsen’s Green Gazelle, highlighting the company’s commitment to lowering emissions and reducing its climate footprint. The partial sale and management buy-in will strengthen Lagur’s investment capacity and resources, accelerating domestic and international expansion. The company will be led by the new CEO, Dan Iversen, with international experience from Sentinel, part of Aalberts, as well as Grundfos, Xylem, and Adey. Dan Inversen, the new CEO of Lagur, says: “Lagur is built on an exceptionally strong foundation and has demonstrated both its relevance and potential through a well-documented solution. This provides a solid platform for international growth, which we look forward to helping realize.”

Advisor to Road Mobility Services on the acquisition of EBS and TJ Truck Service

THE DEAL

Road Mobility Services, a pan-Nordic roadside assistance and vehicle services platform backed by the Nordic investment company, Consolid Equity, acquired European Breakdown Service ApS and TJ Truck Service

INSIGHT

Founded in 2024 through the merger of 28 tire and towing companies, Road Mobility Services has a clear vision to build the Nordics’ most reliable network for roadside assistance and vehicle services. Today, the group comprises +40 companies, employs +300 people and generated revenue of over SEK 1 billion in 2024

Advisor to Adelis Equity on the acquisition of four companies that form Circura Danmark

THE DEAL

Adelis Equity Partners and four entrepreneur-led companies — Arne Pedersen A/S, Lundbæk & Hansen Bygningsforbedring A/S, LKA Entreprise A/S, and Egon Olsen & Søn A/S — have joined forces to create Circura Danmark, a leading provider of rehabilitation services in Denmark with 400 employees and an annual revenue of c. DKK 750 million.

INSIGHT

Circura Danmark will operate as a decentralized group, with each company maintaining its name, local presence, and leadership while benefiting from collaboration, shared expertise, and extensive industry experience. “We see great potential in driving the consolidation of well-run entrepreneurial-led companies with stable earnings and focus on rehabilitation projects and service work as well as close customer relations. Through cooperation, the companies can obtain synergies and develop their competitiveness, making Circura Danmark stand out very clearly from the other players in the Danish market,” say Erik Hallert and Jesper Bahlke at Adelis. “Together, we will have an even higher competency level and a wider and stronger service offering to the benefit of our customers. We are maintaining the local presence and look forward to pursuing growth opportunities together. At the same time, we will jointly take on the task of developing and improving the important efforts within the sustainability field,” says Kim Pedersen (CEO, Arne Pedersen) and Kim Hansen (CEO, Lundbæk & Hansen). “We are looking forward to the cooperation in Circura Danmark and drawing on our common knowhow, experience and competencies across the companies when we work for our customers with the same sharp focus on quality and accountability, which have always been key to us,” says Kenneth Valentin (CEO, LKA Enterprise) and Michael Hoff-Møller (CEO, Egon Olsen)

Advisor to Danespo on the carve-out of the ware potato activities to Njord Kartofler

THE DEAL

Danespo, one of Northern Europe’s leading companies in the breeding, production and sales of high-quality seed potatoes, has divested its ware potato activities to Njord Kartofler, a Danish family-owned company.

INSIGHT

Danespo was founded in 1991 and is headquartered in Give, Denmark. The company employs approximately 100 employees across Denmark, Germany and the Netherlands, Danespo exports seed potatoes to more than 40 countries worldwide. Danespo is owned by DLF Seeds, a global seed company headquartered in Roskilde, Denmark and Florimond Desprez Group, which is an independent family-owned French company operating in 65 countries.

Advisor to the owners of AquaPri on the sale to the van der Wees family

THE DEAL

The family-owned and largest fish farming group in Denmark, AquaPri, has been acquired by the van der Wees family, which is now the new majority shareholder of the company. The two families share a common ambition to consolidate and expand the over 100-year-old company. AquaPri is the market leader within sustainable production of high-quality trout, trout caviar and fresh zander.

INSIGHT

With the partnership, the van der Wees family becomes the new majority shareholder of AquaPri as of 1st of October. The Priess family will retain a significant shareholding, and Henning and Morten Priess, who have led the company for the past 20 years, will continue in the management team, closely together with the new CEO, Alexandre van der Wees. “My family and I are proud to partner with the Priess family, who, over the past 124 years, have developed a beautiful company that provides high quality products and a great place to work. Moving to Denmark already from 1st of October, I am particularly excited to join the team of experts that make up AquaPri and look forward to continuing to learn about the company through its operations and alongside industry specialists,” states Alexandre van der Wees. For the Priess family, the partnership with the van der Wees family marks the end of a thorough search for the right strategic partner. “We have been looking for a partner to help us develop and grow AquaPri for some time. But we have also allowed ourselves to be picky and take the time needed. We first met Alexandre in 2019, and the ties that we have bound with the van der Wees family through the past 5 years have convinced us that they are the perfect partner. Our families share the same values and have a mutual and long-term ambition to develop AquaPri, which is extremely important to us,” says Henning Priess

Advisor on long-term financing of up to DKK 225m for 60MW solar facility owned by Doral Energy

The Deal

Doral Energy, the global leader in renewable energy, has secured a financing deal with a Danish bank for up to DKK 225m of the DKK 330m Urup solar facility in Denmark, after running a competitive process with several Danish and international financing partners. The Urup solar facility has a capacity of 60 MWp and will produce 75.5 GWh of green electricity annually, enough to power more than 18,800 Danish homes. It will also eliminate about 8,800 tons of CO2 emissions every year from the Danish energy production. The solar park will be connected to the grid by the end of 2024.

Insight

The Doral Group is a leading company in renewable energy, operating in Israel and around the world since 2007. In addition to its large portfolio of profitable PV and storage projects, Doral is developing the first green hydrogen production facility in Israel and is a pioneer and leader in investing in clean-tech through its investment arm Doral Energy-Tech Ventures. The company supplies electricity to major businesses and is the largest and leading provider of green electricity in Israel. Yaki Noyman, CEO of Doral Energy comments on the perspectives: “We are excited to see our first solar park in Denmark, out of many to come, being constructed. This project is especially exciting due to the capacity and the possibility to apply the latest in solar PV technology to maximise yield. We appreciate our strong partnership with GreenGo Energy, the local landowners, and other stakeholders on this project.”

Advisor to Amayse on the sale to Lifco

The Deal

Amayse is the leading global supplier of 3D advertising for televised sports events and stadium branding solutions . They are the originator of 3D signage and the world’s largest provider of 3D CamCarpets and 3D painted signs at sports events across the glob e

Insight

Amayse is headquartered in Denmark with offices in London and South Africa. Their impressive customer portfolio consists of FC Barcelona, Bayern Munich, UEFA, Chelsea among others.

Advisor to John Jensen VVS on the sale to InstallatørGruppen backed by FSN Capital

Financial advisor to John Jensen VVS on the sale to InstallatørGruppen backed by FSN Capital

Advisor to Nørrebro Bryghus on the sale to Royal Unibrew

The Deal

Royal Unibrew A/S, a multinational beverage company has acquired Nørrebro Bryghus, a leading Danish microbrewery located in Copenhagen. Nørrebro Bryghus is a leading Danish microbrewery located in Copenhagen, Denmark. Founded in 2003, it is one of the pioneers of the Danish craft beer movement. The brewery is known for its innovative and unique beer styles, high quality, sustainable brewing methods and lo cally sourced ingredients.

Insight

Nørrebro Bryghus offers a wide range of beers, including IPAs, stouts, pilsners, and sours. Nørrebro Bryghus distributes its certified organic beers to restaurants and stores from its brewery in Hedehusene and direct – to – consumer through its webshop, the Nørrebro Bryghus brewpub and the Reffen container brewery. Royal Unibrew is a multi – beverage company with local brand portfolios in the Nordic region, the Baltic countries, Italy, and France. Royal Unibrew has a broad po rtfolio within a wide range of categories, including beer, malt beverages, soft drinks, energy drinks, cider/RTD, juice, water, wine, and spirits. In addition to own brands, Royal Unibrew offers license – based international brands from PepsiCo and Heineken in Northern Europe. Royal Unibrew realised net revenue of DKK 8.7 billion and EBIT of 1.7 billion in 2021 .

Advisor to the owners of ARAS Security on the sale to Lagercrantz Group

The deal

ARAS Security is a Danish security solutions company and system developer, specializing in combined alarm and access control systems, smart buildings, and digitization. The company’s solutions are based on the open and modular security system NOX, for which ARAS Security has exclusivity in the Nordics. With main operations in Denmark, ARAS Security has established a local leadership position and are gaining strong traction in Sweden. The acquisition of ARAS Security strengthens Lagercrantz’ leadership position within the security sector as a strong addition to its TecSec division.

Insight

The successful journey of ARAS Security is based on its modern approach to corporate security solutions. With the NOX security system as a base, ARAS can combine the latest technology, which gives customers free choice of card readers, biometrics readers, detectors, and the opportunity for customized applications. Through innovative integrations with the customer’s other operations, ARAS Security provides efficient security solutions tailored to each customer’s unique needs. The partnership with Lagercrantz provides a strong foundation for the future development of ARAS Security and its Nordic expansion plan.

Advisor to NTR Holding (listed on Nasdaq Copenhagen) on the sale of Daniamant to Ernströmgruppen

The Deal

Daniamant specializes in products that contribute to safety at sea. The company operates with sales on a global market from two production sites in Denmark and UK respectively. Their product range consists of three product groups: Survivor Locator Lights, Bridge and Voyage Alarms, Salinity and Oil – in – Water Sensors. The acquisition of Daniamant strengthens Ernströmgruppen’s portfolio of martime safety companies.

Insight

As a long – standing global market leader within survivor location lights, Daniamant is well – posit ioned to capture additional value with the support from Ernströmgruppen through further penetration of the maritime safety market based on innovative and top – quality products. The new partnership with a larger player will drive additional growth through the capitalization of Danimant’s strong company platform and valuable relations with global segment – leading customers . The acquisition will further strengthen Ernströmgruppen’s position in the marine safety market and provide a solid base for further expansion within the space.

Advisor to the owners of EAST on the sale to Accent Equity

The Deal

EAST is an industry leader in providing fashion houses with various garment sourcing and design services with c 190 employees located in Denmark, Germany, Spain and China. EAST has initiated a European expansion plan and aims to accelerate new market entries supported by Accent Equity, a Swedish private equity firm that focuses on investing in Nordic companies where a new partner can serve as a catalyst.

Insight

EAST’s recent success and significant market share gain is based on the combination of Danish – inspired design and local operations in China with a strong network of local suppliers. Through long – standing relations with large prominent fashion houses, EAST consistently provides fast – paced and high – quality sourcing, design and logistics se rvices to the group’s customers across Europe. Key customers include Bestseller, El Corte Ingles, s.Oliver, Bon Prix, IB Company and About You. EAST was previously owned by the management group, key employees and external investors, including CEO and co – founder Poul Skovgaard. Current active owners and the management team will reinvest and continue to develop the group in close cooperation with Accent Equity. The partnership with Accent Equity will strengthen EAST in its recently initiated European expa nsion plan and will also accelerate new market entries as part of the group’s further growth journey.

Advisor to the owners of Poul Johansen Maskiner on the sale to Bila Group

The Deal

PJM is a leading developer, designer and manufacturer of advanced industrial automation solutions with more than 100 employees and attractive global customers within medico and industrial manufacturing. The acquisition of PJM strengthens BILA’s Scandinavian leadership within industrial automation and robotics and provides a strong platform for further growth through improved competitiveness on the international scene.

Insight

The successful development of PJM is based on its profound knowledge a nd extensive experience in the field of automation processes, enabling PJM to deliver innovative, co – developed machine platform solutions as a preferred partner to a highly attractive portfolio of loyal customers. Key customers include Lego, Novo Nordisk, Coloplast , Convatec, Danfoss and Grundfos. The previous owner, Poul Johansen Foundation, which will retain a minority stake in PJM, welcomes BILA as a great match to further strengthen business activities while ensuring that the founder Poul Johansen’s he ritage endures. The partnership with BILA provides strategic strength to excel in the growing industrial automation market and to accommodate current trends among new and future customers that are setting their sights on rapid transitions and increasingl y streamlined production processes.

Advisor to Ejendomsvirke on the sale to PHM Group backed by Norvestor

The Deal

Ejendomsvirke is a nationwide Danish property management company , servicing more than 350 properties through offering core competencies within property management and various value – adding services within property administration and property maintenance. As part of a broader consolidation in the Nordics, PHM Group expands into Denmark with the acquisition of Ejend omsvirke as a first step towards continued growth in the Danish market.

Insight

Through a customer – driven approach with relentless focus on quality, Ejendomsvirke has created a well – known brand name through a long history in the Danish property management market. T hrough support from Nordic property maintenance specialist PHM Group , Ejendomsvirke is ready to accelerate growth by capitalizing on the leading position in Denmark and strong company platform, including its highly experienced management team, unique employee dedication and up – to – date digital solutions. PHM Group has around 3,000 property maintenance professionals and operations in 30 cities in Finland, 10 cities in Sweden and two cities in Norway.

Advisor to TripleCut on the sale to Private Investors

Financial advisor to TripleCut on the sale to Private Investors

Advisor to Arkas on the sale to Lynx Equity Limited

Financial advisor to Arkas on the sale to Lynx Equity Limited

Advisor to Malmos on the sale to idverde

The Deal

Malmos (DK) is a leading landscaping company on the Danish market with c 100 employees and an annual revenue of more than 200 DKKm. With this transaction, Malmos becomes part of the largest European provider of ground maintenance services and landscape construction projects, idverde (FR). idverde has an annual turnover of 5,200 DKKm and 7,000 employees operating throughout France, the UK and the Netherlands.

Insight

The success of Malmos is built on a foundation of more than 60 years of expertise within complex landscaping. Through long – standing relations and references on large – scale landscaping projects in Denmark, Malmos completes more than 350 landscaping proj ects annually for corporate clients and contractors. Previous projects include Amager Bakke (Copenhill), Tivoli Congress Center and Carlsberg Byen. Malmos is owned by the management group, including Per Malmos, son of the founder Paul Malmos, who establis hed the company in 1953. The partnership with idverde will strengthen Malmos’ position significantly, with added capabilities and specialised knowledge driven by similar values and a passion for landscaping. idverde is owned by leading European private eq uity company Core Equity Holdings (BE). The current owners of Malmos will remain shareholders by investing in the idverde Group alongside other managers of the Group.

Advisor to Rigtig Kaffe on the sale to Stampe + Stampe and Elwis Invest

Financial advisor to Rigtig Kaffe on the sale to Stampe + Stampe and Elwis Invest

Advisor to Wendelbo on the sale to Maj Invest

Financial advisor to Wendelbo on the sale to Maj Invest

Advisor to Interflora on the sale to MyFlower Group

The Deal

Nordic M&A was the exclusive financial advisor to Interflora Danmark on the sale to Groupe MyFlower (FR) backed by LFPI Group (FR).

Insight

In recent years, Interflora Danmark has evolved the business into a leading Danish occasion-based digital marketplace with unchallengeable brand power, market awareness and revenue growth. In the spring of 2018, Interflora Danmark initiated a process to sell a majority part of its shares fully owned by florists from the Danish Interflora network. Interflora Danmark decided to enter into a partnership with Groupe Myflower, and the change of ownership was approved unanimously by the Danish Interflora florists. CEO Søren Flemming Larsen and his team will continue to develop the Interflora brand in Denmark and Iceland, while contributing and benefiting from synergies of the new group. Groupe MyFlower already operates the Interflora brand in Spain, Portugal and Luxembourg, and the group is playing a significant role in the consolidation of the Interflora brand in a very competitive market.

Advisor to Helgstrand Dressage on the sale to Waterland Private Equity

The Deal

Nordic M&A was the exclusive financial advisor to Helgstrand Dressage A/S (Helgstrand) on the sale to Waterland Private Equity (Waterland). The aim of the sale was to accelerate Helgstrand’s global growth strategy.

Insight

Helgstrand is one of the world’s leading equestrian sports companies with state-of-the-art sales and training centres in Aalborg, Denmark, and Wellington, US. The business sources, develops and sells first-class dressage horses, and Helgstrand has won several World Championships over the years. Danish top equestrian and Olympic medal winner Andreas Helgstrand, who continues as a minority shareholder and remains the CEO of Helgstrand Dressage, founded the business in 2008. He has created a highly successful international business with sales activities in more than 35 countries and more than 70 employees. The majority of Helgstrand’s revenue is generated in Europe today, and the com-pany’s strong global position and brand will be leveraged to expand into other attractive markets in the coming years. With the deal, Waterland became the majority shareholder in Helgstrand and, thereby, completed its first investment in Denmark after the opening of Waterland’s office in Copenhagen in August 2017. Waterland is an independent private equity investment group that supports entrepreneurs in realising their growth ambitions. Waterland pursues a focused buy and build strategy. With substantial financial resources and committed industry expertise Water-land will support Helgstrand in the expansion of the business with the ambition of creating the world’s leading equestrian sports company.

Advisor to Sam Partner A/S on the sale to IndustriUdvikling

Financial advisor to Sam Partner A/S on the sale to IndustriUdvikling

Advisor to M. Larsen the sale to Remondis

The Deal

Nordic M&A was the exclusive financial advisor to M. Larsen on the sale to Remondis. With the Remondis-partnership, M. Larsen became part of one of the strongest global players within transport, water management, waste and recycling services to the industrial market.

Insight

M. Larsen was founded in 1947 as a family-owned business in the field of waste recycling. The company has grown into one of Denmark’s largest players with almost 450 vehicles and more than 800 employees. M. Larsen was looking for a strong partner with wide-ranging international experience in the field of waste management and recycling in order to strengthen the future strategic development of the business. M. Larsen sold a majority stake to Remondis and, thereby, joined a company that is similar in many ways: A solid and experienced family- owned business that dates 80 years back. However, Remondis operates on a much larger scale at more stages of the value chain, but still within the fields of waste and recycling while focusing on resource efficiency and sustainability. By entering into a visionary partnership with Remondis, M. Larsen got access to know-how within new areas and financial strength to continue the impressive growth.

Advisor to Sjølund A/S on the sale to DBAG

The Deal

Nordic M&A was the exclusive financial advisor to Sjølund A/S on the sale to the German private equity fund, Deutsche Beteiligungs AG (DBAG). The owner and CEO of Sjølund, Søren Ravn, sold 51 per cent of his shares to Deutsche Beteiligungs AG. With this injection of capital and expertise, Sjølund will reach further out to global markets.

Insight

Sjølund is a leading manufacturer of aluminium and steel components. The company operates in the niche market for complex components made of bent aluminium and steel supplying its products to the wind power industry, the high-speed train industry and construction. Sjølund was established in 1936, and with 80 years of experience the business has built stable customer relationships and a strong market position while reaching a size of around 130 employees. Headquarters are situated in Sjølund, Denmark. Sjølund strives to expand internationally and, consequently, was looking for a partner who could provide additional know-how and execution power for continued global development. Sjølund has operations in several growth markets and will continue its journey to exploit the opportunities within the key business segments including the fast growing high-speed train segment.

Advisor to Friluftsland on the sale to Fenix Outdoor

The Deal

Nordic M&A was the exclusive financial advisor to Friluftsland on the sale to the international group Fenix Outdoor, which is listed on the Stockholm Stock Exchange. Formally, Friluftsland joined the subsidiary company Frilufts Retail Europe AB. With the deal, Fenix Outdoor entered a new market while Friluftsland is now backed by a strong global player.

Insight

Friluftsland sells apparel and equipment for an active outdoor life. Focus is on high-quality products and services ensuring that customers always meet highly skilled staff. Friluftsland believes that great equipment is the way to better adventures. The first shop opened in June 1980 in a small cellar with short opening hours in Copenhagen. The shop soon became a success, and in 2017 Friluftsland operated nine concept stores and a web shop and was the highest earning chain of outdoor shops in Denmark. A few years back, Friluftsland tried to enter the Swedish market, but Fenix Outdoor proved to be a tough competitor. In many ways, Fenix Outdoor resembles Friluftsland given that it focuses on the development, production and sale of high-quality equipment and apparel for outdoor activities. However, Fenix Outdoor operates in a much larger scale, and due to the sale Friluftsland will have the opportunity to develop the Danish business even further.