HG CAPITAL, KKR & CINVEN take majority stake in VISMA GROUP

KKR is partially exiting its controlling stake in Nordic software group Visma. This equity reshuffle enables HgCapital to reinvest through its HgCapital 7 fund and the listed HgCapital Trust, while bringing Cinven on board as a new equity partner. Subject to regulatory clearance, the transaction establishes a balanced governance triumvirate, with KKR, HgCapital, and Cinven each holding an equal 31% stake. Concurrently, the legacy HgCapital 5 fund (2006 vintage) will fully exit its historical position. The deal allows KKR to realize partial liquidity without completely stepping away from the asset. For HgCapital, which has tracked Visma since 2004, this reinvestment doubles down on a predictable, subscription-based business model. As the dominant provider of ERP and payroll software for Nordic SMEs, Visma's priority is accelerating the migration of its core products to a pure SaaS architecture. The newly formed sponsor consortium will back the incumbent management team over a five-to-six-year horizon, driving value through organic growth and an aggressive bolt-on acquisition strategy to scale operations and expand margins.

In the past, the company had already been the subject of several LBOs, notably led by Hg Capital in 2006 and Kkr in 2010. These multiple LBO cycles illustrate the strong appeal for this type of asset.