Nordic Capital sells remaining Nordnet shares
Nordic Capital has sold its remaining shares in Nordnet, a pan-Nordic digital savings and investments platform.
Under Nordic Capital’s ownership, and in close partnership with the founding Öhman Group, Nordnet underwent significant transformative change and now offers a best-in-class customer experience in the digital savings industry with sustainable growth potential.
In November 2020, Nordnet was successfully listed on Nasdaq Stockholm at an equity value of approximately SEK24 billion. The successful listing and subsequent strong share price performance reflect the strength of Nordnet’s business and its fast growth; the result of significant improvements implemented during Nordic Capital’s ownership. On 26 May 2021, Nordic Capital initiated an accelerated book building process to sell its remaining 9.2 per cent shareholding to a group of long-term institutional investors. Following this sale, Nordic Capital no longer owns any shares in Nordnet, while the founding Öhman Group remains the largest shareholder. The equity value of Nordnet on 26 May 2021 was SEK38 billion.
In 2017, Nordnet was taken private by Nordic Capital and the Öhman Group, who shared the ambition to create a best-in-class customer experience in the digital savings industry. As a result of significant platform investments, enhanced user experiences and product innovation, Nordnet considerably increased its customer activity and engagement, expanded its share of the Nordic market and accelerated its growth trajectory. In addition, Nordnet advanced its sustainability agenda to further promote sustainable savings and democratise savings and investments in society. Nordnet also invested in a strengthened organisation, with its experienced management team focused on scaling the platform and delivering strong profitable growth.
In the first quarter of 2021, Nordnet had a record-breaking inflow of new savers with 39 per cent annual customer growth and all-time high net savings capital of SEK 648 billion. Nordnet more than doubled the customer base and nearly tripled net savings capital during Nordic Capital’s ownership.
Christian Frick, Partner at Nordic Capital Advisors, says: “Nordnet’s pan-Nordic digital savings and investments platform with best-in-class customer experience enables private savers to grow their savings every day. The Company has experienced a journey of growth and sustainable transformation as a result of significant platform investments and enhanced product innovation. We are immensely proud of the Nordnet team and would like to thank them for their dedication and exceptional work. During the joint ownership of the Öhman Group and Nordic Capital, Nordnet was truly transformed, now standing stronger than ever with an exciting growth journey ahead.”
Lars-Åke Norling, CEO of Nordnet, comments: “Under the private ownership of Nordic Capital and the Öhman Group, Nordnet has grown to become a driving force in the digital savings industry. Nordic Capital has supported us during this journey in a very professional way, with full focus on enhancing the customer experience. I want to thank Nordic Capital for their contribution to Nordnet’s development, and at the same time thank our close to 1.5 million customers who trust us with their savings every day. Our promise to the Nordic savers remains the same – to build the best platform for savings and investments.”
Tom Dinkelspiel, Chairman of the Board of Nordnet representing the Öhman Group, says: "I am incredibly proud of Nordnet’s growth journey that started almost 25 years ago with a promise to democratise savings and investments. In true partnership with Nordic Capital, we made significant investments into the platform and product innovation which put Nordnet in a unique position to offer a leading customer experience. Representing the largest shareholder, we want to thank both the Nordnet and Nordic Capital teams for great efforts in making this happen and are looking forward to continuing this exciting journey ahead.”