PRIVATE EQUITY FUNDS IN NORWAY ACTIVITY REPORT 2014
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1 NORWEGIAN VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION (NVCA) PRIVATE EQUITY FUNDS IN NORWAY ACTIVITY REPORT 204 (SEED VENTURE BUY OUT)
2 2 ABOUT THE ACTIVITY REPORT 204 The Activity Report 204 is developed for the Norwegian Venture Capital & Private Equity Association (NVCA) by Menon Business Economics and PEREP Analytics during April 205. The figures are collected quarterly and directly from the private equity firms. The survey covers activities in Norwegian private equity funds Foreign private equity funds with advisory teams located in Norway Foreign private equity funds with investments in Norway Investments and divestments at cost in portfolio companies located in Norway and abroad Investments and divestments at cost in portfolio companies located in Norway Fundraising activity in Norwegian private equity firms
3 3 THIS REPORT GIVES AN OVERVIEW OVER ALL PE-ACTIVITY RELATED TO NORWAY NVCA uses a different definition of private equity firms than EVCA. This definition differs from the EVCA definition, which defines a private equity firm on the basis of where the advisory team responsible for the investment and divestment is located. Two examples of how the NVCA s definition applies to the statistics:. Investments made from the Swedish office of a Norwegian headquartered PE firm would be defined as Norwegian 2. Investments made from the Norwegian office of a Swedish headquartered PE firm would be regarded as an investment made by a foreign located private equity fund. NVCA defines a «Norwegian private equity firm» as a firm with headquarters located in Norway. In addition all investments and divestments from the early stage funds backed with 50/50 public funding are categorized as seed activity. The advantage of the NVCA definition is that the investment and divestment activity is compatible with the fundraising statistics. In addition, the NVCA definition is in line with what is commonly perceived as the Norwegian private equity industry. Due to the discrepancy in definition the EVCA and NVCA statistics are not completely compatible.
4 4 MAIN OBSERVATIONS 204 Highest fundraising level since billion NOK raised by Norwegian PE firms. Hitec Vision dominates the numbers. The trend with fewer and bigger deals carries on into 204. The amount invested continues on a high level, but the number of investments in 204 is even lower than 203. All time high investments by foreign PE firms in Norwegian companies. Venture investments in Norwegian companies almost doubled from 203. Highest level of buyout divestments ever by Norwegian PE firms. The two new early stage funds established with 50/50 public funding made four investments.
5 5 FUNDRAISING IN 204 NORWEGIAN PRIVATE EQUITY FUNDS Total fundraising 204 NOK 8.0 bn (EUR 2.25 bn) SEED NOK.2 bn (EUR 50 bn) VENTURE NOK 2.9 bn (EUR 362,5 bn) BUY OUT NOK 3.9 bn (EUR,74 bn) SINTEF Venture IV Alliance Venture Spring ProVenture Seed II NeoMed Innovation V Northzone VII Verdane Capital VIII HitecVision VII Herkules Private Equity Fund IV Viking Venture 4, 5, 6
6 6 INVESTMENTS BY NORWEGIAN PE FIRMS 204 (INDUSTRY STATISTICS) Overall: Norwegian PE firms invested 6 55 mill. NOK (EUR 84 mill.) in Norwegian and foreign portfolio companies mill. NOK (EUR 409 mill.) in Norwegian enterprises mill. NOK (EUR 405 mill.) in foreign enterprise Seed: 70 mill. NOK (EUR 2 mill.) invested. Up from 55 mill. NOK (EUR 9 mill.) in 203. Venture: 067 mill. NOK (EUR 33 mill.) invested. Up from 637 mill. NOK (EUR 80 mill.) in 203. Buyout: mill. NOK (EUR 660 mill.) invested. Down from mill. NOK (EUR 746 mill.) in 203.
7 7 INVESTMENTS IN NORWEGIAN PORTFOLIO COMPANIES BY NORWEGIAN & FOREIGN PE FIRMS 204 (MARKET STATISTICS) Overall: 8 48 mill. NOK (EUR 2 30 mill.) invested in Norwegian enterprises by both Norwegian and foreign PE firms Norwegian PE firms invested mill. NOK (EUR 409 mill.) Foreign PE firms invested mill. NOK (EUR 90 mill.) Seed: 37 mill. NOK (EUR 7 mill.) invested. Down from 5 mill. NOK (EUR 9 mill.) in 203. Venture: 94 mill. NOK (EUR 4 mill.) invested. Up from 447 mill. NOK (EUR 56 mill) in 203. Buyout: mill. NOK (EUR 2 79 mill.) invested. Up from 2 68 mill. NOK (EUR 585 mill.) in 203.
8 8 DIVESTMENTS (EXITS) 204 Divestments in Norwegian and foreign enterprises by Norwegian PE firms 56 divestments by Norwegian PE firms. Down from 7 in divestments within the seed stage. Down from 7 in divestments within the venture stage. Down from 30 in divestments within the buyout stage. Up from 24 in out of 39 divestments were sales to trade buyers. Divestments in Norwegian enterprises by Norwegian and foreign PE firms 60 divestments in Norwegian enterprises. Down from 79 in divestments within the seed stage. Down from 8 in divestments within the venture stage. Down from 22 in divestments within buyout. Same number of divestments in 203.
9 APPENDIX Graphs and charts: Fundraising Investments Divestments
10 FUNDRAISING
11 COMMITTED CAPITAL PER YEAR FROM Figure : Committed capital per year, million NOK
12 INVESTMENTS
13 Norwegian PE firms investments in Norwegian and foreign enterprises (Industry statistics)
14 4 INDUSTRY STATISTICS: NORWEGIAN PE FIRMS INVESTMENTS IN NORWEGIAN AND FOREIGN COMPANIES Figure 2: Total amount invested by Norwegian PE firms (million NOK) Figure 3: Number of investments by Norwegian PE firms Foreign company Norwegian company
15 5 NORWEGIAN PE FIRMS TOTAL INVESTMENTS BY PHASE Figure 4: Amount invested by phase (million NOK) Figure 5: Number of investments by phase Buyout Venture Seed
16 6 INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN & FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS Figure 6: Buyout - initial and follow up investments (million NOK) Figure 7: Number of initial and follow up buyout investments Follow up Initial
17 7 INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN & FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS Figure 8: Venture - initial and follow up investments (million NOK) Figure 9: Number of initial and follow up venture investments Follow up Initial
18 8 INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN & FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS Figure 0: Seed - initial and follow up investments (million NOK) Figure : Number of initial and follow up seed investments Follow up Initial
19 9 TOTAL AMOUNT INVESTED BY SECTOR AND PHASE BY NORWEGIAN PE FIRMS IN 204 Figure 2: Norwegian PE firms investments by sector and phase in 204 (million NOK) Buyout Venture 65 Seed Petroleum Retail/ consumer services and products Other energy sources Business related products and industry products IT Business related services and industry services Communication Financial services Life Science Cleantech Chemicals and materials Construction Fishery and aquaculture
20 Investments in Norwegian enterprises by Norwegian and foreign PE firms (Market statistics)
21 2 MARKET STATISTICS: INVESTMENTS IN NORWEGIAN COMPANIES Figure 3: Total amount invested in Norwegian companies (million NOK) Figure 4: Total number of investments in Norwegian companies Foreign PE firm Norwegian PE firm
22 22 INVESTMENTS IN NORWEGIAN ENTERPRISES BY PHASE Figure 5: Amount invested in Norwegian companies by phase (million NOK) Figure 6: Number of investments in Norwegian companies by phase Seed Venture Buyout
23 23 INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN & FOREIGN PE FIRMS Figure 7: Buyout - initial and follow up investments (million NOK) Figure 8: Number of initial and follow up buyout investments Follow up Initial
24 24 INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN & FOREIGN PE FIRMS Figure 9: Venture - initial and follow up investments (million NOK) Figure 20: Number of initial and follow up venture investments Follow up Initial
25 25 INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN & FOREIGN PE FIRMS Figure 2: Seed - ini/al and follow up investments (million NOK) Figure 22: Number of ini/al and follow up seed investments Follow up Initial
26 26 INVESTMENTS IN NORWEGIAN ENTERPRISES BY SECTOR & PHASE IN 204 (MILLION NOK) Segment Seed Venture Buyout All Sector/Phase Initial Follow up Total Initial Follow up Total Initial Follow up Total Total Business related products and industry products Business related services and industry services Chemicals and materials Cleantech Communication Construction Financial services Fishery and aquaculture IT Life Science Other energy sources Petroleum Retail /consumer services and products Total
27 27 NUMBER OF INVESTMENTS IN NORWEGIAN ENTERPRISES BY SECTOR & PHASE IN 204 Segment Seed Venture Buyout All Sector/Phase Initial Follow up Total Initial Follow up Total Initial Follow up Total Total Business related products and industry products Business related services and industry services Chemicals and materials Cleantech Communication Construction Financial services Fishery and aquaculture IT Life Science Other energy sources Petroleum Retail /consumer services and products Total
28 DIVESTMENTS
29 Norwegian PE firms divestments in Norwegian and foreign enterprises (Industry statistics)
30 NUMBER OF DIVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES (EXCL. WRITE OFFS) BY NORWEGIAN PE FIRMS 30 Figure 23: Number of divestments by phase Buyout Venture Seed
31 NUMBER OF INDUSTRIAL SALES OF NORWEGIAN AND FOREIGN ENTERPRISES (EXCL. WRITE OFFS) BY NORWEGIAN PE FIRMS 3 Figure 24: Number of industrial sales by phase Buyout Venture Seed
32 32 TYPE OF DIVESTMENT METHOD BY NORWEGIAN PE FIRMS IN NUMBER OF DIVESTMENTS Figure 25: Number of divestments in 204 by phase and divestment method Sale to trade buyers Sale to another private equity firm Other Write offs, including sales for a nominal amount Sales to secondary private equity funds Sale to management (buy-back) Flotation (IPO) Buyout Other capital flows Venture Seed Repayment of preference shares/loans Sale to financial institutions
33 Divestments in Norwegian enterprises by Norwegian and foreign PE firms (Market statistics)
34 NUMBER OF DIVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS (EXCL. WRITE OFFS) 34 Figure 26: Number of divestments in Norwegian enterprises by phase Buyout Venture 20 Seed
35 35 TYPE OF DIVESTMENT IN NUMBER OF NORWEGIAN COMPANIES DIVESTED Figure 27: Number of divestments in Norwegian enterprises in 204 by phase and divestment method Sale to trade buyers Sale to another private equity firm Write offs, including sales for a nominal amount Other Flotation (IPO) Sale to management (buy-back) Repayment of preference shares/loans Sales to secondary private equity funds Other capital flows Buyout Sale of quoted equity post flotation Venture Sale to financial institutions Seed Unknown
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