HG CAPITAL, KKR & CINVEN take majority stake in VISMA GROUP
Context
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.
VISMA GROUP, which reported an EBITDA margin of in 2013, 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).
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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
FREE VIEW21000M NOK
Equity Value
Multiples
FREE VIEW
EV / Revenue
3.3x
EV / EBITDA
EV / EBIT
Historical Financials (NOK)
FREE VIEWOther operations with VISMA GROUP
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2023 | HG CAPITAL | VISMA GROUP | NORWAY | ERP, HR & Finance |
| 06/2017 | HG CAPITAL / GIC / MONTAGU PRIVATE EQUITY / ICG | VISMA GROUP | NORWAY | ERP, HR & Finance |
| 09/2010 | KKR | VISMA GROUP | NORWAY | ERP, HR & Finance |
| 05/2006 | HG CAPITAL | VISMA GROUP | NORWAY | ERP, HR & Finance |
REFERENCES
Valuation range: EV 3b - 100b NOK
Revenue range: 5b - 100b NOK
EBITDA range: 1b - 3b NOK
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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: kkr / cinven / hg capital