mynth
06/2017

HG CAPITAL, GIC, MONTAGU PRIVATE EQUITY & ICG take majority stake in VISMA GROUP

NORWAY Software / ERP, HR & Finance EV 3b - 100b NOK

Context

HgCapital is leading a buying investor group to orchestrate a major equity restructuring of Nordic and Benelux software provider Visma. The transaction facilitates the full exit of KKR after a seven-year investment cycle and allows HgCapital to increase its ownership stake to 41%. The reconstituted shareholder structure introduces GIC (Singapore’s sovereign wealth fund), Montagu, and ICG as significant minority investors, while Cinven divests a portion of its holdings to retain a 17% stake. Visma’s management team will also roll over equity to maintain a 7% interest. Subject to regulatory approvals, this buyout builds upon HgCapital's long-term stewardship of the asset, which began with a public-to-private delisting in 2006 and was subsequently adjusted in 2014. This new LBO will leverage this expanded global institutional network to accelerate pan-European market expansion and drive Visma's ultimate transformation into a pure cloud computing (SaaS) business.

In the past, the company had already been the subject of several LBOs, notably led by Kkr in 2010 and Hg Capital / Kkr / Cinven in 2014. This succession of buyouts highlights the strong attractiveness of the company's business model.

VISMA GROUP, which reported an EBITDA margin of in 2016, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Visma Group Holdings is a leading software and business process outsourcing (BPO) services provider in the Nordic region, offering accounting, resource planning, and payroll solutions for small and medium-sized enterprises. Founded in 1996, Visma has become one of the largest software and SaaS service providers in Europe, with an extensive presence across the Nordic region. The company provides a comprehensive range of products and services, from financial management solutions to payroll and human resource services, designed to help businesses improve operational efficiency and reduce costs. With an experienced management team and a strong reputation for quality and reliability, Visma is well-positioned to continue growing and innovating in the software and SaaS services sector.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (NOK)

Year
Rev
EBITDA
EBIT
2016
2015

Other operations with VISMA GROUP

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
12/2023HG CAPITALVISMA GROUPNORWAYERP, HR & Finance
04/2014HG CAPITAL / KKR / CINVENVISMA GROUPNORWAYERP, HR & Finance
09/2010KKRVISMA GROUPNORWAYERP, HR & Finance
05/2006HG CAPITALVISMA GROUPNORWAYERP, HR & Finance

REFERENCES

Valuation range: EV 3b - 100b NOK

Revenue range: 5b - 100b NOK

EBITDA range: 1b - 3b NOK

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of VISMA GROUP by HG CAPITAL / GIC / MONTAGU PRIVATE EQUITY / ICG are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: visma group

Acquirer: montagu private equity / gic / hg capital / icg