The largest buyout deals by Norwegian private equity firms

2021 marked an unprecedented year for private equity across Europe. According to PitchBook’s 2021 Annual European PE Breakdown, strong leveraged lending markets, heightened dry powder, willing sellers and an influx of government stimulus set the stage for one of the best PE dealmaking environments in a decade.

The Nordic Region had an especially monumental exit year, with blockbuster IPOs from companies like AutoStore, Oatly and Synsam Group. While 2021 was record-setting for PE, the Nordic Region is no stranger to Europe’s private equity scene. Economic stability, well-capitalized banks and a strong emphasis on education are just a few factors that have made the region a fertile ground for a mature, growing PE market. As a result, Sweden, Norway, Finland and Denmark house globally recognized fund managers, an emerging secondary market and a rapidly growing tech industry.

In this post, we zoom in on private equity in Norway, examining some of the largest buyout deals by Nordic private equity firms since 2020. For the purpose of this post, we define the largest buyouts as those with the highest deal size from January 2020 to February 3, 2022.

Top 5 largest buyouts by Norwegian private equity firms

*According to PitchBook data as of February 3, 2022; data is subject to change

ExxonMobil (oil and gas fields in the British North Sea)

Investors: HitecVision and NEO Energy
Deal size: € 1.15B
Deal date: December 8, 2021

ExxonMobil’s non-operated upstream assets in the British North Sea include 40 oil and gas producing fields with the potential to generate 80,000 barrels of oil and 441 million cubic feet of gas per day. In December 2021, London’s NEO Energy acquired these assets via their Norwegian financial sponsor, HitecVision, in an LBO valued at over €1 billion. This substantial portfolio addition not only diversifies NEO’s energy-producing assets but also moves them toward their goal of becoming a leading full-cycle E&P company in the United Kingdom Continental Shelf.

Zennor Petroleum

Investors: HitecVision and NEO Energy
Deal size: € 524.81M
Deal date: July 13, 2021

Zennor Petroleum is an independent operator of oil and natural gas, specializing in the appraisal, development and production of various offshore hydrocarbons in Northwest Europe. The company was acquired by NEO Energy through its financial sponsor, HitecVision, in an LBO valued at €524.81M. The deal is expected to increase NEO Energy’s production from 80,000 barrels of oil equivalent per day (boepd) in 2021 to roughly 100,000 boepd by 2026, solidifying its position as a leading independent operator in the UK offshore oil and gas industry.

Lumene

Investors: Verdane
Deal size: € 508.91M
Deal date: September 15, 2021

Based out of Finland, Lumene is a leader in sustainably sourced cosmetic products. Using Nordic botanicals and arctic plants, Lumene products combine potent nutrients and antioxidants with the latest advancements in skincare technology. With initiatives dedicated to responsible sourcing, carbon-neutral product development and recyclable packaging, the company has been an active player in forging the framework for a circular, sustainable economy in cosmetics.

In September 2021, they were acquired by Norwegian private equity firm, Verdane, in an LBO valued at € 508.91M. Over the past couple of years, Lumene has established a presence in both China and the UK; this deal is expected to further fuel their international expansion and grow their direct-to-consumer (D2C) footprint.

FocusVision Worldwide

Investors: Verdane, Confirmit and Zobito
Deal size: €302.37M
Deal date: March 9, 2021

FocusVision Worldwide is a New York-based provider of qualitative and quantitative market and customer research, offering a comprehensive suite of technology services designed to test product and brand awareness. Through online surveys, focus groups and interviews, the software helps uncover the motivations and behaviors of a company’s consumers—how they think, feel and act. FocusVision was acquired by Confirmit through its financial sponsors Zobito and Verdane through a €302.37M LBO. The deal provides a complementary addition of technology and services to Confirmit’s existing platform, expanding the scale and scope of their solutions.

Edison Norge

Investors: HitecVision and Sval
Deal size: €250.58M
Deal date: March 25, 2021

Edison Norge, a Norwegian subsidiary of Italy’s Edison, is a hydrocarbon exploration and production company based in Stavanger. In March 2021, the company was acquired by Sval through its financial sponsor, HitecVision, in an LBO valued at €250.58M. As part of the acquisition, Sval gained 10 production licenses on the Norwegian Continental Shelf, expanding its portfolio, diversifying its assets in the region and enhancing its position in low-carbon oil and gas assets.

More on Nordic private equity and the European private capital markets

See how European PE fared in 2021
Download PitchBook’s Annual European PE Breakdown report

Explore top PE firms in Sweden
Read our blog post about the top Swedish private equity firms by AUM

Take a closer look at Danish PE firms
Read our blog post about the most active Danish PE firms by number of investments

Learn about key trends that defined European VC in 2021
Download PitchBook’s Annual European Venture Report