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PRIVATE EQUITY FUNDS IN NORWAY
Activity report
2018(Seed – Venture – Buyout)
ABOUT THE ACTIVITY REPORT 2018
2
Norwegian private
equity funds
The Activity Report 2018 is developed for the Norwegian Venture Capital & Private Equity Association (NVCA) by Menon
Economics and PEREP Analytics during the spring 2019. The figures are collected quarterly and directly from the private equity
firm.
Foreign private equity funds
with investments in Norway
Foreign private equity
funds with advisory
teams located in Norway
The survey covers activities in
Investments and divestments at cost in portfolio companies located in
Norway
Investments and divestments
at cost in portfolio companies
located in Norway and abroad
Fundraising activity in
Norwegian private equity
firms
This report gives an overview over all PE-activity related to Norway
NVCA uses a different definition of private equity firms than Invest Europe.
This definition differs from the Invest Europe definition, which defines a private equity firm on the basis of where the advisory team responsible for
the investment and divestment is located.
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 Invest Europe and NVCA statistics are not completely compatible.
ABOUT THE ACTIVITY REPORT 2018
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 3
Two examples of how the NVCA’s definition applies to the statistics:
1. 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 private equity fund.
NVCA defines a «Norwegian
private equity firm» as a firm with
headquarters located in Norway.
Buyout segments – definitions
• Small cap: Transaction value less than 500 million NOK
• Mid cap: Transaction value between 500 and 1 500 million NOK
• Large cap: Transaction value larger than 1 500 million NOK
When looking at the different buyout segments we look exclusively at initial investments in Norwegian enterprises.
ABOUT THE ACTIVITY REPORT 2018
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4
Industry statistics
• Norwegian PE funds invested a total of NOK 8.1 billion in 2018, a reduction of about 900 million from 2017. Despite the reduction the last two years, the level of investment is still higher than any year pre 2015.
• Large single deals characterize the statistics from year to year, measured in number of investments the level is relatively stable. Number of investments in 2018 was 239, a slight decrease from 260 in 2017. The last five years the number of investments has remained remarkably stable in the interval of 227 to 262.
• Norwegian PE funds invested NOK 4.8 billion in Norwegian companies, which is a reduction of just under 900 million from 2017. Investments in foreign companies remained stable at almost 3.3 billion 2017. The reduction in the total amount invested were primarily because of the decrease in investments in Norwegian firms.
• Norwegian venture funds invested NOK 2.3 billion in 2018, an increase of almost 150 million from 2017. Only one previous year has shown higher levels of investments from Norwegian venture funds, namely in 2016.
MAIN OBSERVATIONS 2018
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 5
Market statistics
• Almost 17 billion were invested in Norwegian companies, just down about 1.8 billion from the historically high level in 2017. Out of 18 billions invested in Norwegian companies, 4,8 came from Norwegian PE firms.
• Despite a reduction of 900 million invested in Norwegian companies by Norwegian PE firms, 4.8 billion invested is still higher than any level recorded before 2016.
• 72 percent of the amount invested in Norwegian companies where invested by foreign buyout funds. In terms of number of investments in Norwegian companies, three out of four investments were made by Norwegian PE firms.
• Investments in the Norwegian venture market amounted to about 700 millions in 2018, down 169 millions from 2017. In the seed market the amount invested were 252 millions, which are at the highest level since 2009. For the first time in a decade the level of seed investments were over a quarter billion.
• Investments in the Norwegian market are mainly channelled to the IT industry, business services and the oil and gas industry. In particular, there is an increasing trend in the IT industry, which increased by over 1.75 billions from the already record high level in 2017. The falling trend of investments in the petroleum industry continues, with a sharp decline from 2.6 billion in 2017 to 900 million in 2018.
• The number of divestments were halved in 2018 compared to 2017, primarily driven by a reduction in the buyout stage.
MAIN OBSERVATIONS 2018
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 6
FUNDRAISING IN 2018 – NORWEGIAN PRIVATE EQUITY FUNDS
7
Seed
490 mill. NOK
(51 mill EUR)
Venture
1 233 mill. NOK
(129 mill. EUR)
Buyout
2 825 mill NOK
(294 mill. EUR)
First Seed
Viking Venture
Idekapital Fund I
EV Private Equity
Verdane Edda
Total fundraising 2018 – NOK 4 548 mill. (474 mill EUR )
Overall:
• Norwegian PE firms invested 8 097 mill. NOK (EUR 843 mill.) in Norwegian and foreign portfolio companies- 4 812 mill. NOK (EUR 501 mill.) in Norwegian enterprises
- 3 285 mill. NOK (EUR 342 mill.) in foreign enterprises
• Seed: - 268 mill. NOK (EUR 28 mill.) invested. Up from 212 mill. NOK (EUR 23 mill.) in 2017.
• Venture:- 2 335 mill. NOK (EUR 243 mill.) invested. Up from 2 193 mill. NOK (EUR 235 mill.) in 2017.
• Buyout: - 5 494 mill. NOK (EUR 573 mill.) invested. Down from 6 590 mill. NOK (EUR 707 mill.) in 2017.
INVESTMENTS (INITIAL AND FOLLOW UP) BY NORWEGIAN PE FIRMS 2018 (INDUSTRY STATISTICS)
8
Overall:
• 16 959 mill. NOK (EUR 1 767 mill.) invested in Norwegian enterprises by both Norwegian and foreign PE firms- Norwegian PE firms invested 4 812 mill. NOK (EUR 501 mill.)
- Foreign PE firms invested 12 147 mill. NOK (EUR 1 266 mill.)
• Seed: - 252 mill. NOK (EUR 26 mill.) invested. Up from mill. 183 NOK (EUR 20 mill) in 2017.
• Venture: - 695 mill. NOK (EUR 72 mill.) invested. Down from 864 mill. NOK (EUR 93 mill) in 2017.
• Buyout: - 16 012 mill. NOK (EUR 1 669 mill.) invested. Down from 17 683 mill. NOK (EUR 1 896 mill.) in 2017.
INVESTMENTS (INITIAL AND FOLLOW UP) IN NORWEGIAN COMPANIES BY NORWEGIAN AND FOREIGN PE FIRMS 2018 (MARKET STATISTICS)
9
• Divestments in Norwegian and foreign enterprises by Norwegian PE firms- 31 divestments by Norwegian PE firms. Down from 43 in 2017.
- 5 divestments within the seed stage. Up from 3 in 2017.
- 12 divestments within the venture stage. Down from 15 in 2017.
- 14 divestments within the buyout stage. Down from 25 in 2017.
- 6 out of 31 divestments were sales to trade buyers.
• Divestments in Norwegian enterprises by Norwegian and foreign PE firms- 21 divestments in Norwegian enterprises. Down from 42 in 2017.
- 2 divestments within the seed stage. Down from 3 in 2017.
- 2 divestments within the venture stage. Down from 7 in 2017.
- 17 divestments within the buyout stage. Down from 32 in 2017.
- 4 out of 21 divestments were sales to trade buyers.
DIVESTMENTS (EXITS) 2018
1 0
Appendix
Graphs and charts:
Fundraising
Investments
Divestments
FUNDRAISING
1 3
COMMITTED CAPITAL PER YEAR FROM 2001-2018
1 481
5 273
1 465
5 2423 984
14 002
4 831
15 257
924
4 017
11 344
2 005
6 008
15 040
889
21 992
1 253
4 548
200320022001 2004 2005 2006 20142007 20112008 20152009 2010 2012 2013 2016 2017 2018
Figure 1: New committed capital per year from 2001-2018 (million NOK)
INVESTMENTS
Norwegian PE firms’ investments in Norwegian and foreign enterprises
(Industry statistics)
INDUSTRY STATISTICS: NORWEGIAN PE FIRMS’ INVESTMENTS (INITIAL AN D FOLLOW UP)
IN NORWEGIAN AND FOREIGN COMPANIES
1 6
4 666
3 4392 806
3 734
2 5343 482
3 971
2 768
4 637
5 945 5 6994 812
1 533
1 736
1 081
1 790
962
1 385
2 3353 846
4 205
5 958
3 297
3 285
201020092007 2008 2013
5 175
2011
4 867
2012 20172014 2015 2016 2018
6 199
3 887
5 524
11 903
3 496
6 3056 613
8 842 8 996
8 097
Foreign company
Norwegian company
Figure 2: Total amount invested by Norwegian PE firms (million NOK)
INDUSTRY STATISTICS: NORWEGIAN PE FIRMS’ INVESTMENTS (INITIAL AN D FOLLOW UP) IN NORWEGIAN AND FOREIGN COMPANIES
1 7
251
196
255282 288 283
222186
146182 174
148
87
117
9273
106
47
78
52
81
80 8691
2015 20182009
238
2007 20122008
330
201420112010 2013
347
2016 2017
338
313
355
394
300
227
262 260239
Norwegian company
Foreign company
Figure 3: Number of investments by Norwegian PE firms
1 8
Figure 4: Amount invested by phase (million NOK)
NORWEGIAN PE FIRMS’ INVESTMENTS (INITIAL AND FOLLOW UP) BY PHASE
3 630 3 211 2 431
3 657
2 223
3 576
5 381 5 313
7 154
9 131
6 590 5 494
2 294
1 552
1 197
1 618
994
1 123
769 1 137
1 512
2 646
2 193
2 335
413
274
249
20082007 2018
259
2009 2010
280
2011
168
2012
156
2013
163
5 175
2014
3 496
2015 2017
126
2016
268
212
6 199
3 887
6 305
5 524
4 867
6 613
8 097
8 842
11 903
8 996
176
Seed
Venture
Buyout
1 9
Figure 5: Number of investments by phase
NORWEGIAN PE FIRMS’ INVESTMENTS (INITIAL AND FOLLOW UP)
BY PHASE
41 43 47 48 59 54 57 55 60 63 73 52
217171
195 189
217
163 142103 97
140 117111
81
99
107 122
129
115
106
82 71
6073
79
2009 20132007 2008 20142010 20122011 2015 2016 2017 2018
Buyout
Venture
Seed
2 0
Figure 6: Buyout - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
3 153 2 763
1 613
2 686
1 318
2 4283 318 3 644
4 205
6 129
2 964
4 271
478447
818
971
904
1 148
2 063 1 669
2 949
3 001
3 627 1 223
20122007 2014201120102008 20162009 2013 2015 2017 2018
Follow up
Initial
2 1
Figure 7: Number of initial and follow up buyout investments
INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
32
2319 20 22 21 22
31
23 2327
36
920 28 28
3733
3524 37 40
46
16
2007 2008 2014 20182009 20132010 20122011 2015 2016 2017
Follow up
Initial
2 2
Figure 8: Venture - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
1 347
619 580
917
329 420 313527
411
1 718
1 176
1 526
947
933
617
701
665702
455
6101 100
929
1 017
809
2012
2 294
2014
1 123
20132007 2009 20112008 2010 2015 2016 2017 2018
1 552
1 197
1 618
994
769
1 137
1 512
2 646
2 193
2 335Follow up Initial
2 3
Figure 9: Number of initial and follow up venture investments
INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
101
36 4156
38 2919 25 21
4739 41
116
135
154 133179
134
123
7876
93
78 70
20082007 2009 20152010 2011 20132012 2014 2016 2017 2018
Initial
Follow up
2 4
Figure 10: Seed - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
236192
82 7842 33 29
6990
65 85
189
38
221
177 171 238
135 127
9586
62
127
79
163
2013
212
280
2014
168
20162007
259
20092008 2010 2011 2012 2015 2017 2018
274 268
413
249
156176
126
Follow up
Initial
2 5
Figure 11: Number of initial and follow up seed investments
INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
65
37
2132
13 9 13 915 15 21
47
1662
86
90116
106 93
73 5645
52
32
2007 20102008 20182009 20132011 2012 2014 2015 20172016
Initial
Follow up
2 6
Figure 12 a): Norwegian PE firms investments by sector and phase in 2018 (million NOK)
INVESTMENTS (INITIAL AND FOLLOW UP) BY SECTOR AND PHASE BY NORWEGIAN PE FIRMS
12 7934 5
6 16102
1126
33
543239
415145
3
1995
695
1320499
400
233
Retail
/consumer
services and
products
Financial
services
66
0
021
00 92
Life scienceBusiness
related
services
and industry
services
5894
Chemicals
and materials
25
Other energy
sources
60
1916
032
Business
related
products
and industry
products
0
Fishery and
aquaculture
50
224
Cleantech
21
IT
65
Petroleum Construction
0
481
1385
1045
664
56 37
2109
Venture
Buyout
Seed
2 7
Figure 12 b): Number of investments by sector and phase in 2018 (million NOK)
NUMBER OF INVESTMENTS BY SECTOR AND PHASE BY NORWEGIAN PE FIRMS
45
2110 7
126 3 1
27
21
12
6 5
11
86
6 8 1 1
3
IT Business
related
products
and industry
products
Life science Fishery and
aquaculture
0
75
Petroleum
2
2
02
Retail
/consumer
services and
products
3
4
Financial
services
Chemicals
and materials
0
8
Other energy
sources
9
0
Cleantech
030
3
Business
related
services
and industry
services
33
0
Construction
5
1
42
2016 16
9 9
2
Buyout
Seed
Venture
Investments in Norwegian enterprises by Norwegian
and foreign PE firms(Market statistics)
2 9
Figure 13: Total amount invested in Norwegian companies (million NOK)
MARKET STATISTICS: INVESTMENTS (INITIAL AND FOLLOW UP) IN NORWEGIAN COMPANIES
4 6663 439 2 806
3 7342 534
3 482 3 9712 768
4 6375 945 5 699 4 812
4 6525 966
3 462
8 994
5 059 3 903
9 013
16 269
9 487
3 115
13 030
12 147
20162007 201320112008 2009
9 318
20142010 2012 2015 2017 2018
9 405
6 267
12 727
7 593 7 385
12 984
19 037 18 729
14 124
9 060
16 959Foreign PE firm
Norwegian PE firm
3 0
Figure 14: Total number of investments in Norwegian companies
MARKET STATISTICS: INVESTMENTS (INITIAL AND FOLLOW UP) IN NORWEGIAN COMPANIES
252
196
257282 290 285
226188
147183 175
149
29
47
50
44 3685
61
60
56
4685
48
2010 201320082007 2009 2011 2012
248
2014
243
2015 2016 2017 2018
281
307326 326
370
287
203
229
260
197
Foreign PE firm
Norwegian PE firm
3 1
Figure 15: Amount invested in Norwegian companies by phase (million NOK)
INVESTMENTS (INITIAL AND FOLLOW UP) IN NORWEGIAN ENTERPRISES BY PHASE
7 1448 030
5 028
11 303
6 607 6 407
12 428
18 081
13 536
8 129
17 68316 0121 922
1 082
976
1 175
743 807
816
835
864
695
292
263
249
243 170
147
140
142
183
252
96252
2012 20172007
446
2008 2009 20132010 2011
409
2014 2015 2016 2018
Buyout
Venture
Seed
3 2
Figure 16: Number of investments in Norwegian companies by phase
INVESTMENTS (INITIAL AND FOLLOW UP) IN NORWEGIAN ENTERPRISES BY PHASE
41 51 61 58 63
10681 68 53 62 70
42
162102
139 146 139
149
103101
83
110121
56
78
90
107122 124
115
103
79
67
57
69
99
20122007 2010 20132008 2009 201520142011 2016 2017 2018
Buyout
Venture
Seed
3 3
Figure 17: Buyout - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
6 5555 684
3 581
9 737
5 532 5 297
10 449
17 126
10 271
4 793
7 241
14 0882 346
1 447
1 566
1 075 1 110
1 979
955
3 264
3 337
10 442
1 923
2009 2010
17 683
2007
588
20132008 20172011 2012
8 030
2014 2015 2016 2018
7 144
5 028
11 303
6 607 6 407
12 428
16 012
18 081
13 536
8 129
Initial
Follow up
3 4
Figure 18: Number of initial and follow up buyout investments
INITIAL AND FOLLOW UP BUYOUT INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
3226
17 21 25 26 2936
20 2026 21
9 25 44 3536
75
5129
3341
43
21
20132007 20122008 20112009 2010 20182014 2015 2016 2017
Follow up
Initial
3 5
Figure 19: Venture - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
1 109
721584
757
252 236109
303
83
315 339454
814
361
391
418
491 571
299
513
363
520 525 241
2014 201520082007 20112009 20132010 20162012 2017 2018
1 922
1 082
807
976
1 175
743
409
816
446
835 864
695
Follow up
Initial
3 6
Figure 20: Number of initial and follow up venture investments
INITIAL AND FOLLOW UP VENTURE INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
86
31 29
50
20 2614 15
8
28 27 24
76
68
108
96
119123
87 85
74
8294
32
201320112007 2008 201220102009 2014
110
2015 2016 2017 2018
162
99
137
146139
149
101 100
82
121
56
Follow up
Initial
3 7
Figure 21: Seed - initial and follow up investments (million NOK)
INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
214
11086 78
34 3521
45 5734
56
173
38
182
177171
209
135
12695
84
62
127
79
96
292
2014
142
2007
263
20132008 2009 2010 2011 2012 20162015 2017 2018
252 252249
147
243
170
140
183
Follow up
Initial
3 8
Figure 22: Number of initial and follow up seed investments
INITIAL AND FOLLOW UP SEED INVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS
61
3522
32
10 9 9 612 12 17
58
1655 85
90
114106
92
7355
44
52
31
201420102007 2008 20122009 2011 2013 2015 2016 2017 2018
Follow up
Initial
3 9
INVESTMENTS IN NORWEGIAN ENTERPRISES BY SECTOR AND PHASE IN 2018(MILLION NOK)
Buyout Venture Seed Total
Follow-up Initial Total Follow-up Initial Total Follow-up Initial Total
Business related products and industry products 1961 1961 4 65 69 11 2 12 2042
Business related services and industry services 188 2272 2460 2460
Chemicals and materials 21 10 30 8 8 16 46
Cleantech 764 764 3 3 6 770
Construction 3 3 10 11 21 23
Financial services 407 407 0 10 10 15 15 433
Fishery and aquaculture 16 60 76 5 5 81
IT 515 8768 9283 167 313 480 19 77 96 9860
Life science 12 29 40 12 58 69 110
Other energy sources 9 25 34 34
Petroleum 788 61 849 15 9 24 8 24 32 906
Retail /consumer services and products 174 174 8 8 16 3 1 4 194
Total 1923 14088 16012 241 454 695 79 173 252 16959
4 0
NUMBER OF INVESTMENTS IN NORWEGIAN ENTERPRISES BY SECTOR AND PHASE IN 2018
Buyout Venture Seed Total
Follow-up Initial Total Follow-up Initial Total Follow-up Initial Total
Business related products and industry products 4 4 1 5 6 3 2 5 15
Business related services and industry services 8 2 10 10
Chemicals and materials 3 1 4 2 2 4 8
Cleantech 2 2 1 2 3 5
Construction 1 1 1 1 2 3
Financial services 7 7 1 1 2 3 3 12
Fishery and aquaculture 1 1 2 1 1 3
IT 1 6 7 13 9 22 11 15 26 55
Life science 3 4 7 6 27 33 40
Other energy sources 1 1 2 2
Petroleum 3 2 5 7 1 8 3 9 12 25
Retail /consumer services and products 2 2 2 2 4 2 1 3 9
Total 21 21 42 32 24 56 31 58 89 187
Figure 23: Investments in the IT sector
IT
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 1
2 644
927 946
4 621
1 651
2 731
595
5 926 6 123
1 593
8 103
9 860
0
10
20
30
40
50
60
70
80
90
100
110
120
1.000
0
2.000
3.000
4.000
10.000
8.000
5.000
6.000
7.000
9.000
2011 20122007 2008 2009 2010 2013 2014 2015 2016 2017 2018
Million NOK, l.a.
Number, r.a.
Figure 24: Initial and follow up investments in petroleum
PETROLEUM
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 2
1 788
2 639
484 499 298
3 011
2 051
3 720
906
0
5
10
15
20
25
30
35
40
45
50
55
60
1.000
2.500
0
500
2.000
1.500
3.000
3.500
4.000
2009 20152007 2008 2010 2011 2012 2013 20172014 2016 2018
1 191
3 212
2 616
Million NOK, l.a.
Number, r.a.
Figure 25: Initial and follow up investments in business related services
BUSINESS RELATED SERVICES
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 3
375 467
176
860
316
1 096
1 783 1 546
621
3 752
2 460
0
5
10
15
20
25
30
3.500
2.000
0
3.000
2.500
1.500
500
1.000
4.000
201620152007 2008 20112009 2010 2012 2013 2014 2017 2018
1 611
Million NOK, l.a.
Number, r.a.
Figure 26: Initial and follow up investments in cleantech
CLEANTECH
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 4
406 364430
528 517
125192 204
117
770
0
5
10
15
20
25
30
35
40
45
50
0
500
1.500
1.000
20102009 201420082007 2011 20152012 2013 2016 2017 2018
1.414 1.443Million NOK, l.a.
Number, r.a.
Buyout investments by segment (market statistics)
Figure 32: Buyout – investments in Norwegian entreprises by segment (million NOK)
BUYOUT INVESTMENTS BY SEGMENT
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 6
1 631 2 576 2 279
6 872
2 910 1 902
6 547
12 309
3 805 2 532 2 355
9 772
2 883
3 109
1 302
507
2 622 3 395
3 902
1 454
3 919
2 261 2 953
1 634
2 041
2 359
3 363
2 547
1 702
1 992
201220082007 2009 20162010 2011 2013 2014 2015 2017
5 684
2018
6 555
3 581
9 737
10 449
5 532 5 297
17 126
10 271
4 793
7 010
13 399
Small cap
Medium cap
Large cap
Figure 33: Buyout – number of investments in Norwegian entreprises by segment
BUYOUT INVESTMENTS BY SEGMENT
1 7 / 0 6 / 2 0 1 9M E N O N E C O N O M I C S 4 7
13
13 4
2
75
2 31 2
3
23
16
1
21 24
22
2
3
17
4 2
28
17
29
15
20
15
20122010 20112007
21
2008 2009 2013 2014 2015 2016
25
2017 2018
25
32
26
17
26
29
36
20 2019
Small cap
Medium cap
Large cap
Divestments
Norwegian PE firms’ divestments
in Norwegian and foreign enterprises
(Industry statistics)
5 0
Figure 27: Number of divestments by phase
NUMBER OF DIVESTMENTS IN NORWEGIAN AND FOREIGN ENTERPRISES (EXCL. WRITE OFFS) BY NORWEGIAN PE FIRMS
20
7 917 19
2532 28
11
2514
11
5 7
13
11
17 67
5
80
32
19
22
37
30
2925
20
25
15
12
20112007 2012
4
20102008 2018
4
2009 2013 2014 2015
4
2016
3
2017
Buyout
Seed
Venture
5 1
Figure 28: Number of industrial sales by phase
NUMBER OF INDUSTRIAL SALES OF NORWEGIAN AND FOREIGN ENTERPRISES BY NORWEGIAN PE FIRMS
52 3 3
7
13
18 19 20
6
11
3
2
33
3
7 2
4
32
15
10
11
27 18
17
1111
159
2
2007
1
2008 2009
1
2010 2011 2012 2013
1
20172014 2015 2016
1
1
2018
Buyout
Seed
Venture
5 2
Figure 29: Number of divestments in 2018 by phase and divestment method
TYPE OF DIVESTMENT METHOD BY NORWEGIAN PE FIRMS - NUMBER OF DIVESTMENTS
2
1
6
1
5
2
1
2
2
1
3
Sale to another
private equity firm
Sale to trade buyers
6
Sale of quoted
equity post flotation
Other IPO - First divestment
following flotation
3
Management/Owner buy-back
8
1
5
3
Buyout
Seed
Venture
Divestments in Norwegian enterprises by Norwegian and
foreign PE firms(Market statistics)
5 4
Figure 30: Number of divestments in Norwegian enterprises by phase
NUMBER OF DIVESTMENTS IN NORWEGIAN ENTERPRISES BY NORWEGIAN AND FOREIGN PE FIRMS (EXCL. WRITE OFFS)
60
15 1318
2621 21
1611 11
7
9
5 7
13
1116
6 18
34
8
11
14
19
39
41 23
17 32
17
4
2007 2008
4
2009 20112010 2012 2013 20182014 2015
4
2016
24
3
2017
76
22
103
28
42
51
44
63
52
32
42
21
Buyout
Seed
Venture
5 5
Figure 31: Number of divestments in Norwegian enterprises in 2018 by phase and divestment method
TYPE OF DIVESTMENT - NUMBER OF NORWEGIAN COMPANIES DIVESTED
1
5
4
1
1 1
4
1
2
Sale to another
private equity firm
IPO - First divestment
following flotation
Sale of quoted
equity post flotation
Management/Owner
buy-back
Sale to trade buyers Other
5
Venture
Buyout
Seed