Mutares exits Nordec for 7x-10x ROIC

Nordec Group Oyj generated revenues of approximately €225.5 million in 2021.

  • Mutares has agreed to sell the company to two Finnish family offices
  • Harjavalta Oy and Tirinom Oy are looking to complete the purchase in Q4 2022
  • Nordec Group is a supplier of steel frame structures and facades

Mutares has signed an agreement to sell Nordec Group to two Finnish family offices, Harjavalta Oy and Tirinom Oy, for a 7x-10x return on invested capital.

Nordec Group is a supplier of steel frame structures and facades for construction projects in the Nordic countries. The Helsinki-headquartered company generated revenues of approximately €225.5 million in 2021.

“I am firmly convinced that the exit option now chosen represents the optimum for all parties,” said Johannes Laumann, CIO of Mutares. “Harjavalta Oy and Tirinom Oy’s industry expertise and investment focus make them the ideal new owners to further drive the implementation of Nordec’s strategic growth targets. The transaction also demonstrates once again that Mutares enjoys an excellent reputation in the private equity industry as a turnaround specialist.”

Mutares is a private equity company based in Munich. The firm focuses on carve outs from large corporations and medium-sized companies in transitional situations. It looks to invest across the automotive and mobility, technology and engineering, and goods and services sectors. The firm looks to invest in companies with revenues of between €100 million to €750 million.