Nordic Capital, a Scandinavian buyout firm, has agreed to buy Euroline, a payment business that provides secure card solutions, from SEB, a Nordic corporate bank, for SEK 2.2 billion (€240 million, $330 million).
Stockholm-based Euroline offers businesses a secure infrastructure for card transactions both online and in stores.
Nordic aims to support Euroline’s further growth through the development of market leading local tailored services and to expand into new markets, the firm said in a statement. The transaction is expected to close during the fourth quarter of 2014, subject to legal and regulatory approvals.
Nordic invested in Euroline using capital from its Fund VIII, a vehicle that closed on its €3.5 billion revised hard-cap in December.
This is the second deal from this fund after it bought Unifeeder, a Danish logistics company, from London-headquartered Montagu Private Equity for approximately €400 million last April.
Eurolines marks Nordic’s first investment this year, although the firm did seal an exit in March when it sold Denmark-based playground equipment manufacturer Kompan to a group of Danish investors, netting a 4.5x return and a 20 percent IRR.
This added to Nordic’s impressive run of exits which generated €6 billion for investors since 2011, a source told PEI at the time.