Odin fully deploys Fund I, holds €220m first close on Fund II

Having completed the buyout of an €80m offshore marine parts supplier for its first fund, the Danish lower mid-market firm has widened its investor base for its second fund and already surpassed its €200m target.

Odin Equity Partners has held the first close on its second fund at around €220 million ($306 million), though it has yet to begin investing the fund.

The fund, which the Danish mid-market firm began marketing in January this year, had a €200 million target and the firm intends to hold the final close before the end of the 2008. The fund’s hard cap is €250 million.

The investor base for the second fund is broader than that of Odin’s first, which was dominated by Danish institutions. Fund II features commitments from a mixture of fund of funds, family offices and asset managers from the US, Switzerland, France Luxembourg and Denmark.

Odin has also recently completed the final acquisition from its €130 million first fund. It has taken a majority stake in an industrial supplier of parts to the offshore marine and windmill industries.

The size of the deal was not disclosed, but the enterprise value of the Danish company is around €80 million.

Odin is based in Denmark and invests in small- to mid-market companies throughout Denmark, Southern Sweden and Northern Germany, adopting a buy-and-build approach.

Odin typically invests between €50 million and €100 million in companies with enterprise values of up to €130 million.