Accent Equity Partners, a Swedish private equity firm that targets mid-market buyouts in the Nordic region, has held a first and final close on €380 million ($523 million) for its latest fund, beating its original target after a short fundraising process.
Accent Equity 2008 hit its hard cap of €380 million in just over a month, easily passing its original target of €325 million. The firm said that it could have raised more money, but decided to maintain the hard cap in order to “retain the firm’s focus on the smaller end of the Nordic mid-market”.
Accent typically invests €5m to €50m of equity in companies in Sweden, Norway, Finland and Denmark valued between €10m and €250m.
The firm has already completed its first deal since closing the fund, taking a 51 percent stake in Swedish group Coffee Queen. Terms were not disclosed, but the company – which supplies coffee machines to offices and restaurants – is expecting turnover of more than SK 225 million (€24.6 million; $33.9 million) this year.
The 2008 fund is the firm’s sixth, and takes its total funds under management to €700 million. The Coffee Queen deal is the 50th in its 13-year history, during which time it has also completed 36 exits.