Nordic Capital has agreed to acquire Max Matthiessen, a financial advisor focused on pensions, insurance and investment in the Nordics, from Willis Towers Watson.
Founded in 1889, Max Matthiessen has been active in the insurance sector for more than 130 years. Nordic Capital aims to develop the company’s customer offering and its next phase of growth and innovation.
“The company fits perfectly within Nordic Capital’s sector focus and strategy for financial services,” said Christian Frick, partner and head of financial services, Nordic Capital Advisors.
“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,” added Frick.
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, according to Nordic Capital.
“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,” said Bo Ågren, CEO of Max Matthiessen.
Headquartered in Stockholm, Max Matthiessen has 440 full-time employees of which 235 are advisors, based across circa 30 locations throughout Sweden.
Its offering includes occupational pensions, asset management and non-life insurance. The company has a customer base of around 13,000 corporate clients, with revenues of SEK 1,552 million, or EUR 148 million, in 2019.
Citi acted as financial advisor to Nordic Capital and Cederquist acted as its legal advisor on the deal. Nordic Capital’s portfolio includes MFEX, Nordnet, Resurs Holding, Nordax, Bank Norwegian, Lindorff, Trustly, Bambora and Point.
Johan Forsgård, head of Nordics, Willis Towers Watson, said: “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.”