M&A advisors

Value focused financial due diligence
of the highest quality

With more than 10 years of experience with M&A and financial due diligence and hundreds of deals behind us across industries and borders and for both buyers and sellers, we are confident to insure that we:

Provide financial due diligence of the highest quality
Focus on the value drivers having the largest financial impact for you
Communicate in a concise manner and overall contribute to a pragmatic and smooth process

With roots in the Purchase Act, you as a buyer has an obligation to examine the object you are buying. This also applies when buying a business, and many buyers therefore carry out financial, legal and commercial due diligence. To reduce buyers’ need for investigating the object to be bought, seller may conduct sell-side due diligence.

The primary focus of financial due diligence, is to test the assumptions underlying the valuation of the business and to calculate the purchase price. For this reason, the financial due diligence scope will almost always cover analyses of EBITDA, net working capital and net debt.

The final financial due diligence scope may depend on industry, the process planned (exclusive / competitive), the nature of the buyer (strategic / financial) amongst others, and may cover the following matters;

Revenue and gross margin development driven by price, volume and mix between customers and products
Underlying growth rates adjusted for acquired/lost customers/companies
Impact from currency fluctuations
Variability in and scalability of cost base
Capacity and potential capacity restraints especially in manufacturing companies
Level of investments in maintaining and/or expanding operations
Cash flow generation and EBITDA conversion to accommodate potential debt service
Quantification of synergies between buyer and seller
Stand-alone performance in carve-out deals

Lomax
Informed advised the owners of Lomax about the financial aspects of the deal in their sale to Lyreco. The sales process was backed by a financial databook.

Lomax is a B2B online-driven provider of office supplies, furniture and office technology products, mainly targeting small and medium sized businesses in Denmark.

ComIzed
Informed performed financial due diligence on behalf of Avit - Wingmen and the equity fund, Quadrum Capital, in their acquisition of ComIzed.

ComIzeds expertise lies within internal and external communication systems including call center solutions. ComIzed is located in Copenhagen, Denmark.

EveryonePrint
Informed assisted the shareholders in the sale of EveryonePrint to the strategic buyer, YSoft.

Everyone Print builds infrastructure for cloud-printing and is located in Copenhagen, Denmark.

Profacto
Informed performed financial due diligence on behalf of AddPro and Axcel in their acquisition of Profacto.

Profacto delivers ERP consultancy and is located in Copenhagen, Denmark.

AddPro was acquired by the private equity fund, Axcel, in 2020 and is a Nordic provider of mission-critical IT services. AddPro is headquartered in Malmö, Sweden.

SystemGruppen
Informed performed financial due diligence on behalf of AddPro and Axcel in their acquisition of SystemGruppen.

SystemGruppen delivers IT outsourcing services to companies in the SME segment, including consultancy services and hardware sales. SystemGruppen is located in Aalborg, Denmark.

AddPro was acquired by the private equity fund, Axcel, in 2020 and is a Nordic provider of mission-critical IT services. AddPro is headquartered in Malmö, Sweden.

Systemcenter
Informed performed financial due diligence on behalf of AddPro and Axcel in their acquisition of Systemcenter.

Systemcenter delivers IT outsourcing services to companies in the SME segment, including consultancy services and hardware sales. Systemcenter is located in Randers, Denmark.

AddPro was acquired by the private equity fund, Axcel, in 2020 and is a Nordic provider of mission-critical IT services. AddPro is headquartered in Malmö, Sweden.

Commentor
Informed advised the founder Michael Hove about the financial aspects of his sale of Commentor to Solita. The sales process was backed by a financial databook.

Commentor is an IT service company providing technology consulting, development projects and application management services for both private and public customers.

Picca Automation
Informed conducted financial due diligence on behalf of Axcel in their acquisition of Picca Automation.

Picca Automation is an engineering company delivering industrial automation services within the verticals utilities, pharma, industry and food & beverages. The headquarter is in Søborg and other locations are Troldhede, Silkeborg and Thisted.

Broen-Lab
Informed advised Capidea about the financial aspects of the sale process of Broen-Lab to LI Enterprises Group. The sales process was backed by a financial databook.

Broen-Lab develops and manufactures laboratory valves, faucets and fittings for laboratories globally. Broen-Lab is located in Assens, Denmark.

4 Dimensions
Informed performed financial due diligence on behalf of AddPro and Axcel in their acquisition of 4 Dimensions.

4 Dimensions is an IT services provider focusing on support, hosting, ERP implementation and managed services. 4 Dimensions is headquartered in Skovlunde, Denmark.

AddPro was acquired by the private equity fund, Axcel, in 2020 and is a leading Swedish provider of mission-critical IT services. AddPro is headquartered in Malmö, Sweden.

AG Snus
Informed performed financial due diligence on behalf of Phillip Morris International in its acquisition of AG Snus from the founders.

AG Snus manufactures snus and other smokeless tobacco products and is headquartered in Assens, Denmark. Products are distributed worldwide through a sales office in Linköbing, Sweden under the brand Tobacco House of Sweden and an international network of distributors.

Philip Morris International (PMI) is one of the world’s leading international tobacco companies and the brand portfolio includes Marlboro, L&M and Chesterfield. The acquisition of AG Snus is a step towards replacing cigarettes with smoke-free products. PMI is headquartered in New York City, US and is listed on the New York Stock Exchange.

JS World Media
Informed performed financial due diligence on behalf of the investment company, Solix Group, in its acquisition of JS World Media from founder, Jens Stausholm.

JS World Media is specialised in producing digital marketing content such as interactive brochures, which is funded by suppliers. JS World Media is headquartered in Aarhus, Denmark and is present in 9 countries in Europe.

BC Hospitality Group
Informed performed financial due diligence on behalf of a consortium of private investors in its acquisition of BC Hospitality Group from the private equity fund, Solstra Capital Partners. The consortium is led by Christian Riis-Hansen, Peter Korsholm og Martin Gaarn Thomsen.

BC Hospitality Group owns Bella Center Copenhagen and operates 3 Copenhagen-based hotels; Marriott, AC Hotel Bella Sky and Crowne Plaza. BC Hospitality Group is thereby responsible for operating 1,600 hotel rooms, more than 160 meeting- and conference rooms as well as 200,000 sqm of meeting and event facilities, which can accommodate more than 30,000 people.

IT Advisor
Informed performed financial due diligence on behalf of AddPro and Axcel in their acquisition of IT Advisor from the founders.

AddPro AB is a leading Swedish provider of mission-critical IT services, headquartered in Malmö with offices in Stockholm, Gothenburg, Helsingborg and Kristiansand. AddPro was acquired by the private equity fund, Axcel, in 2020.

IT Advisor Sweden AB is an IT security provider of consultancy services and products within the areas Cloud Migration & Integration, Cyber Security Monitoring & Control, Risk & Compliance Management and Identity & Access Management. IT Advisor is headquartered in Stockholm, Sweden.

UT Transport
Informed conducted financial due diligence on behalf of DanX in their acquisition of UT Transport i Norr AB

UT Transport delivers transportation and distribution services, and is a recognised brand in Northern Sweden with headquarter in Umeå, Sweden.

Obsidian Group
Informed conducted financial due diligence on behalf of the private equity fund, Capidea, in the acquisition of Obsidian Group.

Obsidian Group is headquartered in Copenhagen and consists of Obsidian Digital, a performance marketing bureau, and Obsidian Media, an operator of a wide range of affiliate marketing websites.

Nanostone
Informed conducted financial due diligence on behalf of the family office, Maigaard & Molbech, in the acquisition of a majority share in Nanostone.

Nanostone is national market leader in cleaning of facades, tiles and roofs/gutters headquartered in Hedehusene.

Spectre
Informed assisted Industri Udvikling in their financial due diligence of Spectre in the acquisition of a minority share from founders.

Spectre is a private label manufacturer of high-end outdoor sports garments, and has a strong footprint with large international brands in the customer base. The headquarter is located in Ikast, Denmark, while production is carried out in Vietnam and Latvia.

SBS Friction
Informed advised the primary shareholder and financing banks about the financial aspects of their sale of SBS Friction A/S. The sales process was backed by a financial databook.

SBS Friction is a global market leader of brake parts for two-wheel vehicles. SBS Friction was listed on OMX Copenhagen as subsidiary to Scandinavian Brake Systems.

Lawo Oslo
Informed conducted financial due diligence on behalf of REKOM, when acquiring 4 bars (Lawo, Lawo Terrasse, Johns and Stortorvets Gjestgiveri) located in Oslo, Norway. The acquisition increased REKOMs footprint in Norway.

Hosting Palvelu
Informed performed financial due diligence on behalf of Axcel and Loopia Group in their acquisition of Suomen Hostingpalvelu Oy from the founders.

Hostingpalvelu is headquartered in Helsinki, Finland, is a provider of webhosting and webservices to more than 35,000 customers. The webhosting services are sold under the brands Hosting Service and Domainhotelli. Besides traditional webhosting, Hostingpalvelu offers domain registration and cloud-based infrastructure specialised for Wordpress to consumers and companies in the SME segment.

Lomax
Informed advised the owners of Lomax about the financial aspects of the deal in their sale of a minority stake to A/S Motortramp. The sales process was backed by a financial databook.

Lomax is a B2B online-driven provider of office supplies, furniture and office technology products, mainly targeting small and medium sized businesses in Denmark.

Planeetta Internet
Informed performed financial due diligence for Axcel and Loopia Group in their acquisition of Planeetta Internet from the founders.

Planeetta Internet, headquartered in Helsinki, Finland, is a provider of webhosting and webservices to more than 20,000 customers. The webhosting services are sold under the brands Planeetta, Ops.Host, Neutech and Webhotellit.com. Besides hosting, Planeetta offers domain registration and cloud infrastructure-services to consumers and companies of all sizes.

Xena Networks
Informed acts as business partner to the management of Xena Networks, primarily assisting with financial reporting, model development, budget preparation and other ad hoc sparring.

Xena Networks specialises in high performance test equipment for Gigabit Ethernet. The customer base is international and includes large Network Equipment Manufacturers (NEMs) and service providers.

Billy
Informed advised the sellers in their sale of Billy to Ageras about the financial aspects of the deal. The sales process was backed by a financial databook.

Billy is a danish easy-to-use ERP system for small and medium sized companies, which is sold as software-as-a-service (SaaS) in the danish market

WebSupport
Informed performed financial due diligence for Axcel and Loopia Group in their acquisition of WebSupport from the founders.

WebSupport, headquartered in Bratislava, Slovakia, is a Central European provider of web hosting and web services to over 100,000 customers in Slovakia and Hungary. Besides hosting, Websupport offers domain registration and cloud infrastructure-services to consumers and small and medium sized companies.

REKOM, add-on acquisition
Informed conducted financial due diligence on behalf of REKOM in its acquisition of seven bars and pubs located in Stavanger, Norway.

REKOM is Scandinavia’s largest nightlife group with more than 80 bars, pubs and nightclubs in Denmark, Norway and Finland.

Exit Zone
Informed advised the founders of Exit Zone in the merger with Exit Sound.

Exit Zone is a supplier to the Danish niche market within emergency-lighting, while Exit Sound have focus on emergency-sound-systems.

EveryonePrint
Informed assists management and shareholders of EveryonePrint in their financial management of the business.

EveryonePrint is a provider of Mobile and Cloud-based Print technology, servicing more than 15,000 customers. The products are mainly sold through re-sellers globally. EveryonePrint was founded in 2004 and is based in Copenhagen with subsidiaries in France, UK, and North America.

DAY ET
Informed advised a consortium of private investors in their acquisition of DAY ET, which was carved out of the fashion company DAY Birger et Mikkelsen.
After the consortium acquired the brand in 2018, Informed held the position as interim CFO and assisted the management team in building the organisation needed to run the business on a stand-alone basis and prepare for further growth.

DAY ET designs and produces accessories such as everyday-bags, fashion leathers, workbags, yoga mats, travel trolleys, merino scarfs, gloves etc., mainly sold in the Nordic countries.

Mouseflow
Informed performed financial due diligence for Offspring Capital in their acquisition of Mouseflow from the founder.

Informed has, since Offspring Capital acquired Mouseflow in August 2018, assisted Mouseflow with monthly financial reporting and quarterly reporting for the financing bank.

Mouseflow is a web analytics tool that lets users replay visitor sessions, see heatmaps showing where visitors click, scroll, and pay attention, monitor funnels, analyze form performance, and create targeted feedback campaigns/surveys. The software is sold globally as software-as-a-service (SaaS) directly to the end users. Mouseflow was founded in 2009 by Lasse Schou.

Skinetworks
Informed assisted the shareholders of Skinetworks gaining financial transparency in their relatively complex group of companies (consisting of 31 different entities within several countries). Within 2 weeks Informed could provide a consolidated overview of income statement, balance sheet and cash flow for the last 3 financial years for the group - despite restructurings of the legal structure and information being spread across several ERP systems and employees.

Skinetworks is a Nordic ski tour operator focusing on destinations in the Alps. Skinetworks operates through Slopetrotter, Nortlander, Danski and three other sub-brands.