Nodica Group AB (“Nodica Group” or the “Company”), a prominent actor in the development and production of advanced power solutions, hereby announces its intention to list the Company’s shares on Nasdaq Stockholm (the “Listing”) and to launch an offering of its shares (the ”Offering”). The Offering is expected to consist of both newly issued shares and existing shares in the Company. Grenspecialisten AB, Stena Sessan AB, the fund TIN Ny Teknik, and TomEnterprise Private AB (together the “Cornerstone Investors”) have, subject to certain customary conditions, undertaken to subscribe for shares in the Offering corresponding to a total value of SEK 300 million. In addition to the undertakings from the Cornerstone Investors, the existing shareholder Bure Growth AB[1] (“Bure”) intends to acquire shares in the Company for an amount of up to approximately SEK 200 million in connection with the Listing, at the same price as other investors.
Nodica Group is a profitable, high-growth company offering innovative, technologically advanced, high-quality, and sustainable solutions within attractive and fast-growing niches. The Company enables its customers to drive innovation and make new discoveries within medical technology, scientific research, and various industrial applications. With a leading[2] market position as a premium provider of solid-state power solutions, the Company is a driving force in the transition from older electron tube-based technology. The Company has demonstrated strong and profitable growth historically, both organically and through acquisitions, with a compounded annual growth rate (CAGR) of 32 percent in net sales between 2019 and 2024 and an adjusted EBITA margin[3] of 14 percent in 2024. The Company sells its products to over 200 unique customers across 30 countries[4], with Europe and North America as its largest markets.
The board of directors and management of Nodica Group, together with the Company’s largest shareholders Stiftelsen Industrifonden (“Industrifonden”), Bure, and SEB Venture Capital (“SEB Venture”), believe that the Offering and Listing of the Company’s shares on Nasdaq Stockholm represent a natural and important step in Nodica Group’s continued development in line with its strategic objectives. The board of directors and management also believe that a listing will increase awareness of Nodica Group’s business and support its potential by strengthening the Company’s profile and brand among investors and customers, as well as enhancing its ability to attract and retain qualified employees and key personnel. The Listing and Offering are also intended to provide Nodica Group with access to Swedish and international capital markets and enable new shareholders to participate in the next phase of the Company’s development.
Nasdaq Stockholm's listing committee has made the assessment that Nodica Group fulfils the applicable listing requirements. Nasdaq Stockholm will approve an application for admission to trading of the Company’s shares on Nasdaq Stockholm provided that certain customary conditions are fulfilled, including that the Company submits such an application and fulfils the distribution requirement for its shares. The Listing is expected to be completed during the first half of 2025 subject to market conditions.
Lena Olving, chair of the board of directors of Nodica Group, comments:
”The Listing is a natural and strategically important milestone for Nodica Group. In recent years, we have built a solid platform for continued profitable growth, with a scalable business model and long-term customer relationships across several attractive and expanding markets. The Listing provides access to a broader investor base and creates new opportunities to further strengthen the Company’s global position. We look forward to welcoming new shareholders to be part of our continued growth journey.”
Gösta Johannesson, board member of Nodica Group and Senior Advisor at Bure, comments:
”Since our investment in Nodica Group in 2019, we have been impressed by the Company’s development and its ability to combine technological innovation with scalability, profitability, growth, and strong customer relationships across several attractive and fast-growing niches. We see long-term potential in Nodica Group’s business model and are convinced that the Company is well positioned for continued growth. The Listing presents an opportunity to further accelerate the Company’s expansion, strengthen its market position, and create value for both customers and shareholders. As a major shareholder, we are taking this opportunity to increase our ownership in connection with the Listing and thereby continue to support Nodica Group in the long term.”
Niklas Edling, CEO of Nodica Group, comments:
”Nodica Group has built a strong position by delivering high-performance and reliable power solutions for advanced applications within medical technology, industry, and scientific research. Our combination of innovative solid-state technology, deep customer understanding, and high-quality products has made us a trusted partner for leading OEMs globally, who provide critical systems for, among other applications, cancer treatment and diagnostics. We see the Listing as an important step to enhance our visibility, attract capital, and enable further investments in our continued growth and strategic acquisitions. We look forward to taking the next step in our growth journey as a publicly listed company.”
The Offering in brief
Should the Company proceed with the Listing, the Offering is expected to include the following:
The offering to institutional investors will only be made to certain institutional investors outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended.
The Offering is expected to consist of existing shares offered by Industrifonden, SEB Venture, and certain other selling shareholders, as well as new shares issued by the Company, corresponding to gross proceeds of up to approximately SEK 250 million for the Company before deduction of transaction costs.
The Company intends to use the net proceeds primarily to make acquisitions of complementary businesses, such as product companies, whereby the entire net proceeds may be used. Secondly, and to the extent that the net proceeds are not used to make acquisitions, they are intended to be used to finance the Company's organic geographical expansion, and thirdly for general corporate purposes.
Industrifonden intends to retain the majority of its existing holding, and Bure intends to increase its holding by up to approximately SEK 200 million in connection with the Listing, at the same price as other investors, and thereby becoming the largest shareholder in the Company. Industrifonden and Bure will therefore remain as engaged shareholders and continue to support the Company’s future development following the Listing. SEB Venture is expected to sell its entire holding in connection with the Listing.
In connection with the Listing, Bure and Industrifonden, as well as certain other existing shareholders, including members of the Company’s board of directors and management, intend to enter into customary lock-up undertakings. The lock-up period for Bure and Industrifonden, as well as for Nodica Group’s board of directors and management, is expected to be 360 days after the commencement of trading in the Company’s shares on Nasdaq Stockholm. Furthermore, Thomas Nilsson (directly or indirectly through companies), along with certain other existing shareholders, is expected to enter into equivalent lock-up undertakings for a period of 180 and 90 days, respectively.
Full terms, conditions and instructions for the Offering will be included in the prospectus which is expected to be published by the Company prior to the Listing. The prospectus will, if published, be available on the Company’s website (www.nodicagroup.com).
Cornerstone Investors
The Cornerstone Investors have, subject to certain conditions, undertaken to acquire shares amounting to a total of SEK 300 million in the Offering, based on a market value of up to approximately SEK 1.5 billion for the Company’s total outstanding shares prior to the Offering[5].
Nodica Group in brief
Nodica Group, originating from ScandiNova Systems, has 25 years of experience in developing and producing innovative, technologically advanced, high-quality, and sustainable pulsed power electronics solutions for use in medical technology, industry, and scientific research. The Company’s product range includes pulse modulators, RF systems, RF and microwave amplifiers, gradient amplifiers, high-precision magnet power supplies, magnets and coils. The Company has a clear OEM strategy with long-term customer relationships. Nodica Group’s products are often integrated into customers’ system specifications and constitute critical components of their systems. The Company’s diversified product portfolio is used across multiple application areas, providing exposure to fast-growing and innovative niches where Nodica Group, through its brands ScandiNova Systems, Scanditronix Magnet, Microwave Amps, and IECO, has established a leading[6] market position as a premium provider of solid-state based power solutions.
With approximately 240 dedicated employees in four countries, Nodica Group has a strong corporate culture that promotes innovative, sustainable and high-quality solutions, which has contributed to the Company’s successful historical development. Innovation is a strong driver in day-to-day operations and Nodica Group continuously invests in research and development to stay at the forefront of technological developments.
The Company has a broad international presence with applications delivered worldwide and a growing local market presence reached through a network of sales agents, distributors and local sales forces with high technical expertise. The Company’s customer-focused strategy also ensures high customer satisfaction and recurring customers, with a customer base located in approximately 30 countries.
Key financial figures
| As of and for the financial year ended 31 December | |||
| 2024 | 2023 | 2022 | |
| Order intake1), SEK million | 766.8 | 700.9 | 443.5 |
| Order book1), SEK million | 578.1 | 557.3 | -2) |
| Net sales3), SEK million | 760.1 | 638.0 | 414.1 |
| Organic growth4), % | 13 | 11 | 5 |
| EBITA4), SEK million | 94.0 | 72.9 | 44.5 |
| Adjusted EBITA4,5), SEK million | 106.9 | 72.9 | 44.5 |
| EBITA margin4), % | 12.4 | 11.4 | 10.7 |
| Adjusted EBITA margin4,5), % | 14.1 | 11.4 | 10.7 |
| Return on capital employed4), % | 28.1 | 23.9 | 20.4 |
| Net debt/EBITDA excl. IFRS164), multiple | 0.54 | 1.77 | 0.96 |
| 1) Operational performance measure.2) The Company does not report the operational performance measure Order book for periods earlier than the financial year 2023.3) Key performance measure defined under IFRS.4) Alternative performance measure.5) EBITA adjusted for costs associated with IPO-preparations. |
Further information of Nodica Group’s historical financial information will be included in the prospectus expected to be published by the Company ahead of the Listing.
Financial targets and dividend policy
The board of directors of Nodica Group has adopted the following financial targets and dividend policy:
Strengths and competitive advantages
Nodica Group believes that the following strengths and competitive advantages have contributed to its positive development in recent years and are expected to enable the Company to realise its strategy and achieve its financial targets, including the 2030 revenue target and the medium-term profitability target:
About Bure
Bure is an investment company based in Stockholm and has been listed on Nasdaq Stockholm since 1993. By actively developing a diversified portfolio of professionally managed companies and businesses, Bure aims to create value and returns for its shareholders. Bure’s investments currently consist of twelve portfolio companies, most of which are technology-based with a strong focus on international markets.
About Industrifonden
Industrifonden is an independent foundation managing approximately SEK 5 billion, investing in early-stage and growth-stage companies within deep tech, life sciences, and transformative technology. Initial investments typically range from SEK 10–50 million, with the capacity for additional reinvestments during the holding period. With 40 years of experience in scaling and growth, Industrifonden’s investment portfolio includes companies such as Funnel, EnginZyme, Asgard Therapeutics, Arcam, Oatly, and CellaVision. Industrifonden is constantly seeking transformative investment opportunities in Sweden — those with the potential to drive meaningful improvements in people’s lives, industries, and society.
About SEB Venture
SEB Venture is a unit within SEB, operating in the Venture Capital segment since 1995. Since its inception, over 100 investments have been made, primarily in B2B technology and life sciences. However, since the late 2010s, SEB Venture has primarily focused on FinTech investments.
Advisers
Carnegie Investment Bank AB (publ) is Sole Global Coordinator and Sole Bookrunner. Advokatfirman Cederquist KB is legal adviser to the Company. Gernandt & Danielsson Advokatbyrå KB is legal adviser to Carnegie Investment Bank AB (publ).
For further information, please contact:
Niklas Edling, CEO, Nodica Group
M: +46 18 480 59 00
Email: niklas.edling@nodicagroup.com
Hans Grufman, CFO, Nodica Group
M: +46 18 480 59 00
Email: hans.grufman@nodicagroup.com
Pernilla Enkler, Head of Communications and Sustainability, Nodica Group
M: +46 79 143 52 90
Email: pernilla.enkler@nodicagroup.com
IMPORTANT INFORMATION
This announcement is not and does not form a part of any offer for sale of securities.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States.
Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
In any EEA member state other than Sweden, this communication is only addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus Regulation.
This communication and any other materials in relation to the securities described herein is only being distributed to and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.
Carnegie Investment Bank AB (publ) (the "Manager") is acting exclusively for the Company and no one else in connection with any offering of securities referred to herein. The Manager will not regard any other persons as its clients in relation to any offering of securities referred to herein and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to such offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
Neither the Manager nor any of its affiliates, or any of their directors, officers, employees, advisors or agents, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, in relation to the truth, the accuracy or completeness of the information, statements or opinions, whichever their source, contained in this announcement (or whether any information has been omitted from the announcement) or any oral information provided in connection herewith, or any data it generates and accepts no responsibility, obligation or liability (whether direct or indirect, in contract or otherwise) in relation to any of such information.
[1] In connection with the Offering, the shares in the Company held by Bure Growth AB will be transferred to its parent company Bure Equity AB.
[2] The Company’s assessment.
[3] EBITA adjusted for costs associated with IPO-preparations.
[4] During 2023 and 2024.
[5] The market value is based on 33,013,080 shares.
[6] The Company’s assessment.
[7] EBITA adjusted for costs associated with IPO-preparations.
[8] Source: A third-party market report commissioned by Nodica Group in 2024.
Nodica Group AB (“Nodica Group” or the “Company”), a prominent actor in the development and production of advanced power solutions, hereby announces its intention to list the Company’s shares on Nasdaq Stockholm (the “Listing”) and to launch an offering of its shares (the ”Offering”). The Offering is expected to consist of both newly issued shares and existing shares in the Company. Grenspecialisten AB, Stena Sessan AB, the fund TIN Ny Teknik, and TomEnterprise Private AB (together the “Cornerstone Investors”) have, subject to certain customary conditions, undertaken to subscribe for shares in the Offering corresponding to a total value of SEK 300 million. In addition to the undertakings from the Cornerstone Investors, the existing shareholder Bure Growth AB[1] (“Bure”) intends to acquire shares in the Company for an amount of up to approximately SEK 200 million in connection with the Listing, at the same price as other investors.
Nodica Group is a profitable, high-growth company offering innovative, technologically advanced, high-quality, and sustainable solutions within attractive and fast-growing niches. The Company enables its customers to drive innovation and make new discoveries within medical technology, scientific research, and various industrial applications. With a leading[2] market position as a premium provider of solid-state power solutions, the Company is a driving force in the transition from older electron tube-based technology. The Company has demonstrated strong and profitable growth historically, both organically and through acquisitions, with a compounded annual growth rate (CAGR) of 32 percent in net sales between 2019 and 2024 and an adjusted EBITA margin[3] of 14 percent in 2024. The Company sells its products to over 200 unique customers across 30 countries[4], with Europe and North America as its largest markets.
The board of directors and management of Nodica Group, together with the Company’s largest shareholders Stiftelsen Industrifonden (“Industrifonden”), Bure, and SEB Venture Capital (“SEB Venture”), believe that the Offering and Listing of the Company’s shares on Nasdaq Stockholm represent a natural and important step in Nodica Group’s continued development in line with its strategic objectives. The board of directors and management also believe that a listing will increase awareness of Nodica Group’s business and support its potential by strengthening the Company’s profile and brand among investors and customers, as well as enhancing its ability to attract and retain qualified employees and key personnel. The Listing and Offering are also intended to provide Nodica Group with access to Swedish and international capital markets and enable new shareholders to participate in the next phase of the Company’s development.
Nasdaq Stockholm's listing committee has made the assessment that Nodica Group fulfils the applicable listing requirements. Nasdaq Stockholm will approve an application for admission to trading of the Company’s shares on Nasdaq Stockholm provided that certain customary conditions are fulfilled, including that the Company submits such an application and fulfils the distribution requirement for its shares. The Listing is expected to be completed during the first half of 2025 subject to market conditions.
Lena Olving, chair of the board of directors of Nodica Group, comments:
”The Listing is a natural and strategically important milestone for Nodica Group. In recent years, we have built a solid platform for continued profitable growth, with a scalable business model and long-term customer relationships across several attractive and expanding markets. The Listing provides access to a broader investor base and creates new opportunities to further strengthen the Company’s global position. We look forward to welcoming new shareholders to be part of our continued growth journey.”
Gösta Johannesson, board member of Nodica Group and Senior Advisor at Bure, comments:
”Since our investment in Nodica Group in 2019, we have been impressed by the Company’s development and its ability to combine technological innovation with scalability, profitability, growth, and strong customer relationships across several attractive and fast-growing niches. We see long-term potential in Nodica Group’s business model and are convinced that the Company is well positioned for continued growth. The Listing presents an opportunity to further accelerate the Company’s expansion, strengthen its market position, and create value for both customers and shareholders. As a major shareholder, we are taking this opportunity to increase our ownership in connection with the Listing and thereby continue to support Nodica Group in the long term.”
Niklas Edling, CEO of Nodica Group, comments:
”Nodica Group has built a strong position by delivering high-performance and reliable power solutions for advanced applications within medical technology, industry, and scientific research. Our combination of innovative solid-state technology, deep customer understanding, and high-quality products has made us a trusted partner for leading OEMs globally, who provide critical systems for, among other applications, cancer treatment and diagnostics. We see the Listing as an important step to enhance our visibility, attract capital, and enable further investments in our continued growth and strategic acquisitions. We look forward to taking the next step in our growth journey as a publicly listed company.”
The Offering in brief
Should the Company proceed with the Listing, the Offering is expected to include the following:
· an offering to the general public in Sweden; and
· an offering to institutional investors in Sweden and abroad.
The offering to institutional investors will only be made to certain institutional investors outside the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended.
The Offering is expected to consist of existing shares offered by Industrifonden, SEB Venture, and certain other selling shareholders, as well as new shares issued by the Company, corresponding to gross proceeds of up to approximately SEK 250 million for the Company before deduction of transaction costs.
The Company intends to use the net proceeds primarily to make acquisitions of complementary businesses, such as product companies, whereby the entire net proceeds may be used. Secondly, and to the extent that the net proceeds are not used to make acquisitions, they are intended to be used to finance the Company's organic geographical expansion, and thirdly for general corporate purposes.
Industrifonden intends to retain the majority of its existing holding, and Bure intends to increase its holding by up to approximately SEK 200 million in connection with the Listing, at the same price as other investors, and thereby becoming the largest shareholder in the Company. Industrifonden and Bure will therefore remain as engaged shareholders and continue to support the Company’s future development following the Listing. SEB Venture is expected to sell its entire holding in connection with the Listing.
In connection with the Listing, Bure and Industrifonden, as well as certain other existing shareholders, including members of the Company’s board of directors and management, intend to enter into customary lock-up undertakings. The lock-up period for Bure and Industrifonden, as well as for Nodica Group’s board of directors and management, is expected to be 360 days after the commencement of trading in the Company’s shares on Nasdaq Stockholm. Furthermore, Thomas Nilsson (directly or indirectly through companies), along with certain other existing shareholders, is expected to enter into equivalent lock-up undertakings for a period of 180 and 90 days, respectively.
Full terms, conditions and instructions for the Offering will be included in the prospectus which is expected to be published by the Company prior to the Listing. The prospectus will, if published, be available on the Company’s website (www.nodicagroup.com).
Cornerstone Investors
The Cornerstone Investors have, subject to certain conditions, undertaken to acquire shares amounting to a total of SEK 300 million in the Offering, based on a market value of up to approximately SEK 1.5 billion for the Company’s total outstanding shares prior to the Offering[5].
Nodica Group in brief
Nodica Group, originating from ScandiNova Systems, has 25 years of experience in developing and producing innovative, technologically advanced, high-quality, and sustainable pulsed power electronics solutions for use in medical technology, industry, and scientific research. The Company’s product range includes pulse modulators, RF systems, RF and microwave amplifiers, gradient amplifiers, high-precision magnet power supplies, magnets and coils. The Company has a clear OEM strategy with long-term customer relationships. Nodica Group’s products are often integrated into customers’ system specifications and constitute critical components of their systems. The Company’s diversified product portfolio is used across multiple application areas, providing exposure to fast-growing and innovative niches where Nodica Group, through its brands ScandiNova Systems, Scanditronix Magnet, Microwave Amps, and IECO, has established a leading[6] market position as a premium provider of solid-state based power solutions.
With approximately 240 dedicated employees in four countries, Nodica Group has a strong corporate culture that promotes innovative, sustainable and high-quality solutions, which has contributed to the Company’s successful historical development. Innovation is a strong driver in day-to-day operations and Nodica Group continuously invests in research and development to stay at the forefront of technological developments.
The Company has a broad international presence with applications delivered worldwide and a growing local market presence reached through a network of sales agents, distributors and local sales forces with high technical expertise. The Company’s customer-focused strategy also ensures high customer satisfaction and recurring customers, with a customer base located in approximately 30 countries.
Key financial figures
[][][][][][][][][][][][][][][][]
As of and
for the
financial
year
ended 31
December
2024 2023 2022
Order intake[1)], SEK 766.8 700.9 443.5
million
Order book[1)], SEK 578.1 557.3 -[2)]
million
Net sales[3)], SEK 760.1 638.0 414.1
million
Organic growth[4)], % 13 11 5
EBITA[4)], SEK 94.0 72.9 44.5
million
Adjusted EBITA[4,5)], 106.9 72.9 44.5
SEK million
EBITA margin[4)], % 12.4 11.4 10.7
Adjusted EBITA 14.1 11.4 10.7
margin[4,5)], %
Return on capital 28.1 23.9 20.4
employed[4)], %
Net debt/EBITDA excl. 0.54 1.77 0.96
IFRS16[4)], multiple
[1)] Operational
performance
measure.[2)] The
Company does not
report the
operational
performance measure
Order book for
periods earlier than
the financial year
2023.[3)] Key
performance measure
defined under
IFRS.[4)] Alternative
performance
measure.[5)] EBITA
adjusted for costs
associated with IPO
-preparations.
Further information of Nodica Group’s historical financial information will be included in the prospectus expected to be published by the Company ahead of the Listing.
Financial targets and dividend policy
The board of directors of Nodica Group has adopted the following financial targets and dividend policy:
· Net sales: SEK 2 billion in 2030 (including acquisitions).
· Adjusted EBITA margin[7]: The adjusted EBITA margin should be at least 15 percent in the medium term.
· Leverage ratio: Net debt to adjusted EBITDA (excluding IFRS 16) on a rolling twelve-month basis should be below 2.0 times, subject to flexibility for strategic initiatives.
· Dividend policy: The Company intends to invest in profitable growth and prioritise initiatives in line with the overall strategy before considering any dividend payment. Dividends will therefore be low or non-existent in the coming years.
Strengths and competitive advantages
Nodica Group believes that the following strengths and competitive advantages have contributed to its positive development in recent years and are expected to enable the Company to realise its strategy and achieve its financial targets, including the 2030 revenue target and the medium-term profitability target:
· Application-independent supplier of power solutions focused on high-quality niches with approximately 25 years of innovation experience.
· Significant, attractive and growing niche markets with limited competition, estimated at EUR 1,324 million in 2024[8], underpinned by several structural trends and a general technology shift to solid-state based solutions.
· Operates in a global market with reputable customers across a range of vital societal industries where 80 percent of the Company's 20 largest customers from 2019 were still active in 2024, and the five largest customers have been with the Company for at least 12 years, with an average tenure of 14 years.
· Portfolio of advanced products characterised by quality and reliability with a distinctive value proposition to demanding customers, where Nodica Group has a distinctive ability to customise its solutions to specific customer needs.
· Business model with low capital intensity, proven profitable growth and low financial leverage resulting in attractive cash generation and return on capital.
About Bure
Bure is an investment company based in Stockholm and has been listed on Nasdaq Stockholm since 1993. By actively developing a diversified portfolio of professionally managed companies and businesses, Bure aims to create value and returns for its shareholders. Bure’s investments currently consist of twelve portfolio companies, most of which are technology-based with a strong focus on international markets.
About Industrifonden
Industrifonden is an independent foundation managing approximately SEK 5 billion, investing in early-stage and growth-stage companies within deep tech, life sciences, and transformative technology. Initial investments typically range from SEK 10–50 million, with the capacity for additional reinvestments during the holding period. With 40 years of experience in scaling and growth, Industrifonden’s investment portfolio includes companies such as Funnel, EnginZyme, Asgard Therapeutics, Arcam, Oatly, and CellaVision. Industrifonden is constantly seeking transformative investment opportunities in Sweden — those with the potential to drive meaningful improvements in people’s lives, industries, and society.
About SEB Venture
SEB Venture is a unit within SEB, operating in the Venture Capital segment since 1995. Since its inception, over 100 investments have been made, primarily in B2B technology and life sciences. However, since the late 2010s, SEB Venture has primarily focused on FinTech investments.
Advisers
Carnegie Investment Bank AB (publ) is Sole Global Coordinator and Sole Bookrunner. Advokatfirman Cederquist KB is legal adviser to the Company. Gernandt & Danielsson Advokatbyrå KB is legal adviser to Carnegie Investment Bank AB (publ).
For further information, please contact:
Niklas Edling, CEO, Nodica Group
M: +46 18 480 59 00
Email: niklas.edling@nodicagroup.com
Hans Grufman, CFO, Nodica Group
M: +46 18 480 59 00
Email: hans.grufman@nodicagroup.com
Pernilla Enkler, Head of Communications and Sustainability, Nodica Group
M: +46 79 143 52 90
Email: pernilla.enkler@nodicagroup.com
IMPORTANT INFORMATION
This announcement is not and does not form a part of any offer for sale of securities.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States.
Any offering of the securities referred to in this announcement will be made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
In any EEA member state other than Sweden, this communication is only addressed to and is only directed at qualified investors in that member state within the meaning of the Prospectus Regulation.
This communication and any other materials in relation to the securities described herein is only being distributed to and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.
Carnegie Investment Bank AB (publ) (the "Manager") is acting exclusively for the Company and no one else in connection with any offering of securities referred to herein. The Manager will not regard any other persons as its clients in relation to any offering of securities referred to herein and will not be responsible to anyone other than the Company for providing the protections afforded to its clients, nor for providing advice in relation to such offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
Neither the Manager nor any of its affiliates, or any of their directors, officers, employees, advisors or agents, accepts any responsibility or liability whatsoever for or makes any representation or warranty, express or implied, in relation to the truth, the accuracy or completeness of the information, statements or opinions, whichever their source, contained in this announcement (or whether any information has been omitted from the announcement) or any oral information provided in connection herewith, or any data it generates and accepts no responsibility, obligation or liability (whether direct or indirect, in contract or otherwise) in relation to any of such information.
[1] In connection with the Offering, the shares in the Company held by Bure Growth AB will be transferred to its parent company Bure Equity AB.
[2] The Company’s assessment.
[3] EBITA adjusted for costs associated with IPO-preparations.
[4] During 2023 and 2024.
[5] The market value is based on 33,013,080 shares.
[6] The Company’s assessment.
[7] EBITA adjusted for costs associated with IPO-preparations.
[8] Source: A third-party market report commissioned by Nodica Group in 2024.
Published
Thursday 20 March 2025, 07:58
