Case studies

Bythjul Norden AB
Verdane Capital V acquired shares in Bythjul Norden AB (Bythjul) in 2006.
 
At time of investment:
  • Bythjul is an online rims and tyres retailer with real operations only in Sweden.
  • The company has revenues of Skr 30m.
Important actions by Verdane Capital Advisors since Verdane funds’ investment:
  • Verdane Capital Advisors helped the company expand into the other Nordic markets, such that the company already in 2008 had business in Denmark, Finland and Norway, in addition to Sweden.
  • Also, implemented improved financial and operational control systems.
  • Strengthened the management team with new hires, including CEO, CFO and customer support manager positions.
  • Verdane Capital Advisors led the sale to international trade buyer Mobivia Groupe in 2014. Bythjul had approximately Skr 200m in revenues in 2014.
 
C3 Technologies AB
 
Verdane Capital VI acquired shares in C3 Technologies from Saab Ventures in 2008.
 
At time of investment:
  • C3 Technologies provides photographic 3D and related data for use in online mapping and navigation services. The unique technology enables fast and cost efficient capturing and rendering of 3D models from standard aerial imagery equipment.
  • The company has revenues of Skr 3m, and an order book of approximately Skr 15m.
 Important actions by Verdane Capital Advisors since Verdane funds’ investment:
  • Verdane Capital Advisors identified the opportunity to establish C3 as a leading content owner in the fast growing 3D market and to leverage the content database with recurring revenues from multiple customers.
  • Led the business planning and definition of business model based on this opportunity.
  • Also, recruited a new chairman of the board and recruited for other management positions, including CEO from Verdane funds’ network
  • C3 closed a commercial deal with a global online maps provider in 2010. Verdane Capital Advisors then developed a plan together with management to approach all potential customers to gauge interest for an acquisition.
  • C3 was acquired by a global software company in 2011 at a significant strategic multiple. In 2011, the company was expected to have revenues of Skr 50m, and order intake of Skr 250m.
 
Reslink AS
 
Verdane Capital IV acquired shares in Reslink in 2003 from SND Invest.
 
At time of investment:
  • Reslink provides solutions that increase oil production from horizontal wells, through patented wire-wrap sand screens. The core technology is supplemented by engineering applications and complementary products for sand control and intelligent-well completions.
  • Reslink had launched its first product to market, with reference customers secured and saw an exciting pipelines.
  • Revenues in 2003 were Nkr 66.8m.
Important actions by Verdane Capital Advisors since Verdane funds’ investment:
  • Verdane Capital Advisors had the vision to create a global leader in the open-hole completions niche.
  • Streamlined the R&D programme by reducing 15 parallel projects to three. One of these resulted in a product launch in late 2005 that delivered half of 2006 revenues.
  • Helped professionalise sales and marketing, for example by implanting key performance indicator (KPI) reporting and focusing on key accounts
  • Verdane Capital Advisors ran the trade sale process that resulted in the sale of the company to Schlumberger in December 2006 at which point the company had revenues of Nkr265m.