Nordic Private Equity - Buyout H1 2024Analysis of the Nordic PE Buyout market in the first half of the year

The report is based on available data and Argentum's estimates. The number of sales does not include companies that have been written off (so-called write-offs). Investment figures are calculated from equity value and excludes add-on investments. Only Nordic companies listed on the main stock exchanges are included in IPO figures.

In the report, we have categorized companies into small/mid-cap and large-cap companies. We have chosen not to distinguish between small- and mid-cap companies, but rather to combine them into a single category.

To classify investee companies into small/medium and large-cap categories, we applied the following methodological approach:

• Companies where the enterprise value exceeds EUR 500 million are categorized as large-cap. The values have been estimated where no public value is available.

When classifying exited companies into small/medium and large-cap, we have followed a three-step approach. First, we have identified companies that may potentially be categorized as large-cap based on the manager exiting the company.

Next, we conducted a manual check of other exited companies and tagged those which we believe may be large-cap based on our market knowledge. Finally, we gathered financial data (e.g. market cap and revenue) on all the companies on the list of potential large-cap exits and used the data to evaluate whether they are indeed large-cap companies.

Moreover, in the remaining of the report, the invested amount considers only the invested amount by the fund and does not account for the enterprise value.