Nordic Capital to acquire Max Matthiessen, a leading financial advisor in the Nordic region
May 25 2020
Nordic Capital has signed an agreement to acquire Max Matthiessen, one of the leading financial advisors within pensions, insurance and investment in the Nordic region, from Willis Towers Watson. Nordic Capital is a leading investor in the financial services sector and has a deep understanding of the Nordic financial advice and savings markets. By investing in Max Matthiessen’s continued product development and enhancing its organisational capacity, Nordic Capital intends to support the Company’s expanded customer offering and its next phase of sustainable growth and innovation.
Max Matthiessen was founded in 1889 and has been active in the insurance sector for more than 130 years. The Company is headquartered in Stockholm and has 440 full-time employees of which 235 are advisors, based across circa 30 locations throughout Sweden. Its product offering includes occupational pensions, asset management and non-life insurance. Max Matthiessen has a customer base of circa 13,000 corporate clients, with revenues of SEK 1,552 mn (EUR 148 mn) in 2019.
Max Matthiessen is operating in an industry that is subject to constant change as a result of an increasing focus on sustainability, transparency and regulation. Furthermore, the industry transformation is driven by technical advancements and product development. By leveraging its deep sector expertise, extensive industrial network and access to significant capital, Nordic Capital sees an opportunity to support Max Matthiessen to realise its full potential by scaling the Company’s platform and driving growth through investment in the team, modernising its product offering for the benefit of customers and exploring selective acquisition opportunities.
"Max Matthiessen has a high-quality, talented team and is one of the leaders in the Nordic region. The Company fits perfectly within Nordic Capital’s sector focus and strategy for Financial Services. Nordic Capital is excited to partner with Max Matthiessen to support the Company’s growth journey. Going forward, the joint focus will be on scaling Max Matthiessen’s operations and investing in organic as well as acquisitive growth. Together with the Company, Nordic Capital will support continued product innovation to the benefit of the customers and pension savers," says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.
"We are excited to partner with Nordic Capital for the next chapter of Max Matthiessen’s development. We are wholly aligned when it comes to our strategic vision. Together, we will be able to accelerate our growth by continuing to provide the best financial advice as one of the leading financial advisors and by developing and expanding our product portfolio further. Nordic Capital has a great strategic approach and deep experience across our sector. They have a strong history of growing companies and we look forward to leveraging Nordic Capital’s expertise in the next phase of our development," says Bo Ågren, CEO, Max Matthiessen.
Johan Forsgård, Head of Nordics, Willis Towers Watson said: "We are very proud of what Max Matthiessen has accomplished and are confident that Max Matthiessen will continue to grow and expand their capabilities in order to deliver first-class client solutions with Nordic Capital as the new owner. Willis Towers Watson and Max Matthiessen will have ongoing relationships in certain aspects of the business where we remain closely aligned and we look forward to continuing to work together."
Nordic Capital’s previous experience in the Financial Service sector includes investments in MFEX, Nordnet, Resurs Holding, Nordax, Bank Norwegian, Lindorff (combined with Intrum), Trustly, Bambora and Point as well as a long history of enabling and driving rapid organic and acquisitive growth.
The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals. Citi acted as financial advisor to Nordic Capital and Cederquist acted as its legal advisor.
Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as Nordic Capital Advisors.
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
Petra Broman, Communications Manager
Tel: +46 733 75 74 36
About Max Matthiessen
Max Matthiessen, founded in 1889, is a leading Swedish advisor within pensions, insurance and investment, offering advice, analysis, administration and procurement of pension and insurance solutions to employers, entrepreneurs and individual customers. The Company also offers advice within savings, investment advisory and asset management. Max Matthiessen has 440 employees at circa 30 locations throughout Sweden. In 2019, revenues were SEK 1,552 million. For further information, please see www.maxm.se.
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14.5 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com