Verdane closes continuation vehicle for three Verdane Capital VIII companies

To further enhance the value creation in its 2013-vintage fund Verdane Capital VIII K/S and an associated co-investment vehicle, Verdane Capital VIII Winds SPV K/S, Verdane has today established a new vehicle, Verdane Capital 2020. The new continuation vehicle provides additional time and capital to address further value creation opportunities in three assets, two of which have a strong sustainability angle as suppliers to the global wind turbine industry.

The companies being transferred into the new vehicle are Polytech, a global leader in lightning protection systems and leading edge protection for wind turbines; Jupiter Bach, a global leader in nacelle and spinner covers for wind turbines; and Bellman Group, a full-service provider of field-related works required for construction of crucial infrastructure and buildings. Polytech and Jupiter Bach are headquartered in Denmark, while Bellman Group is headquartered in Sweden.

The transaction increases the Verdane Capital VIII distributed-to-paid-in capital ratio to approximately 150%, and a number of assets still remain in the Fund following the transaction. Other successful exits from the Fund, prior to the establishment of Verdane Capital 2020, include JSB Group, Norstat, RoyalDesign and WhiteAway.

In order to adhere to industry best practice and ensure the best possible outcome for existing investors, Verdane was during the sales process open to offers from new private equity managers to manage the portfolio going forward.

Verdane was advised by investment bank Evercore’s Private Capital Advisory team, and Andulf Advokat, a boutique law firm specialising in Private Equity.

About Verdane

Verdane is a specialist growth equity investment firm that partners with ambitious Northern European tech-enabled businesses to help them reach the next stage of international growth. Verdane pioneered portfolio acquisitions in Northern Europe in 2003, and announced a complementary fund strategy entirely dedicated to direct investments in 2018. Verdane’s eight funds hold €2.1bn in total commitments and have made over 120 investments into category leaders in digital consumer, energy & resource efficiency and software businesses. Verdane’s team of 62, based in Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled businesses in Northern Europe.

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