PE Deals

Mutares tops ROIC target with Nordec sale

A consortium including two Finnish family offices bought the steal frame structure and facade producer.

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  • The exit strategy was ‘strategically ideal’ compared to an earlier plan for an IPO, said Mutares
  • Nordec was described by Mutares as an industry leader in the Nordic countries
  • The Helsinki-based firm had revenues of around €225.5m in 2021

Mutares exceeded its target ROIC of 7-10x times as it sold steel frame structure and facade producer Nordec Group to a consortium of buyers, the private equity firm said on Thursday.

The consortium – mainly comprising Finnish family offices Harjavalta Oy and Tirinom Oy – bought 100 percent of Nordec’s shares.

The sale “achieved the strategically ideal exit solution compared to the IPO planned in spring, which initially would only have been a partial exit”, according to a statement from Mutares.

Helsinki-based Nordec is an industry leader in the Nordic countries and has a “strong position” in Central and Eastern Europe, according to Mutares. The firm had been part of Mutares portfolio company the Donges Group since its acquisition in 2020 and generated revenues of around €225.5 million in 2021.

Mutares is a listed private equity holding company headquartered in Munich with offices around Europe. It acquires medium-sized European companies in special situations.

The firm has been busy of late, such as last week, when it announced an agreement to sell its portfolio company Royal de Boer to Turntide Technologies.