Accent Equity Partners, the Nordic private equity firm created by the merger of Nordico and Euroventures, has announced that it has launched a fund to invest in mid-market buyouts across the Nordic region.
The newly-merged firm has secured commitments totalling E100m from investors in previous Nordico and Euroventures funds. The Sixth AP Fund and Dansk Kapitalanlæg are lead investors in Accent Equity Partners 2003. Other investors include the Fourth AP Fund, KF (the Swedish Cooperative Union), LRF (the Federation of Swedish Farmers), Lantmännen (the Swedish Farmers' Supply and Crop Marketing Association) and FöreningsSparbanken (Swedbank).
“When we combined our operations with Euroventures in April, our objective was to secure E100m for our new fund from our existing investors,” said Jan Ohlsson, formerly CEO of Nordico and now CEO of Accent Equity Partners. “We are proud of the renewed confidence shown in us by our investors and happy that we exceeded the objective in the first closing for our new fund.”
The firm will now seek commitments from international investors as it aims for a E200m to E300m final close by March 2004. “We’ve been encouraged by the feedback we’ve received from international investors who believe in the opportunity that the Nordic mid-market presents,” added Ohlsson. “Many of the larger local players have moved upscale in recent years which leaves a lot of opportunities for local players in the region. It’s a nice niche to be in.”
Accent Equity Partners 2003 will make investments ranging between E5m and E45m, although Ohlsson says the firm’s “sweet spot” is in the E10m to E30m bracket. “There is a significant opportunity in the Nordic countries, including private and public businesses under restructuring, generation changes in privately-owned companies, and businesses in need of expansion capital.”
According to Ohlsson, the firm is close to announcing its first transaction, although he declined to give further details. “We expect to make three to four investments per year from the new fund,” he added.