FSN Capital Confluence: Nordlo successfully completes SEK 3.6 billion refinancing

Stockholm, December 19, 2024

Nordlo, a portfolio company of FSN Capital Confluence, has completed a full debt refinancing with Barings, Capital Four and DNB to continue its proven buy-and-build strategy and return capital to shareholders.

FSN Capital Confluence* is pleased to announce that its portfolio company Nordlo, a leading provider of cloud and managed services to SMBs in Sweden and Norway, has completed a full debt refinancing. The credit case attracted significant interest from leading direct lenders and banks. The debt package raised totals SEK 3.6 billion (equivalent to c. €315m), consisting of senior term debt and committed M&A facilities provided by Barings and Capital Four, as well as a super senior revolving credit facility provided by DNB. The funds will be used to repay existing debt, support Nordlo’s continued buy-and-build strategy as well as to return capital to Nordlo’s shareholders.

Nordlo was acquired by FSN Capital Confluence in July 2024, providing Nordlo with a solid capital base for further, and larger, M&A. The refinancing completes and adds to this arrangement with approximately SEK 1.5 billion of additional commitments available to finance future acquisitions.

Patrice Jabet, Partner at FSN Capital Partners (investment advisor to FSN Capital Confluence), comments: “We see great opportunity to further expand Nordlo in both existing and new geographies. We are pleased to welcome Barings and Capital Four as new lenders to Nordlo to support this journey, and to further extend the existing banking relationship with DNB.”

Michael Gentili, Head of Capital Markets at FSN Capital Partners (investment advisor to FSN Capital Confluence), comments: “This financing arrangement is a testament to Nordlo’s strong track record and provides ample room for Nordlo to execute its growth strategy, while at the same time returning significant capital to FSN Capital Confluence and other shareholders ahead of plan.”

White & Case (legal), EY (financial) and PWC (tax structuring) acted as advisors to Nordlo and its shareholders, including FSN Capital Confluence, in relation to the transaction. Roschier advised Barings and Capital Four as senior lenders, and Mannheimer Swartling advised DNB as super senior lender.

* FSN Capital Confluence GP Limited acting in its capacity as general partner for and on behalf of each of FSN Capital Confluence L.P. and FSN Capital Confluence Invest L.P. ​

About FSN Capital

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 professionals across Oslo, Stockholm, Copenhagen, and Munich. Our ethos, “We are decent people making a decent return in a decent way” defines our core values.

The FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. The FSN Capital Funds are committed to being responsible investors and having a positive environmental and social impact across its portfolio while achieving market-leading returns.

Learn more about FSN Capital on our website: www.fsncapital.com

About FSN Capital Confluence

FSN Capital Confluence is a €588 million continuation fund established in July 2024 to acquire two former FSN Capital V portfolio companies – Nordlo and Saferoad – with the aim of accelerating their organic growth and strategic M&A activities. The fund was significantly oversubscribed and attracted leading institutional investors, including endowments, pension funds and asset managers from around the world.

About Nordlo

Nordlo is a leading Nordic cloud and managed services provider, established through a proprietary three-way merger originally facilitated by FSN Capital V in 2018. Having successfully completed a total of fifteen subsequent add-ons, Nordlo was acquired by FSN Capital Confluence in July 2024. Nordlo is set to leverage its strong M&A pipeline to continue to expand its client base across Northern Europe. The company expects pro-forma revenues of approximately SEK 2.4 billion in 2024, of which c. 70% is contractually recurring.

Learn more about Nordlo Group here: www.nordlo.com

Contact 

Angela Wu
Investor Relations & Communications, FSN Capital
awu@fsncapital.com