Established in 1889, Max Matthiessen has been engaged in offering occupational pensions, asset management, and non-life insurance products
Max Matthiessen to be acquired by Nordic Capital. (Credit: Pete Linforth from Pixabay)
Nordic Capital, a private equity firm, has agreed to acquire Swedish insurer and financial advisor Max Matthiessen from Willis Towers Watson for an undisclosed price.
The Swedish firm is said to be among the top financial advisors within pensions, insurance, and investment in the Nordic region.
Established in 1889, Max Matthiessen has been engaged in offering occupational pensions, asset management, and non-life insurance products. The company has 440 full-time employees, of which 235 are advisors.
The company, which has nearly 30 locations across Sweden, is said to have a customer base of around 13,000 corporate clients. Last year, the company had revenues of SEK1.55bn (€148m).
In 2014, Willis Group, a global risk advisor and insurance broker, acquired a stake of about 75% in Max Matthiessen for $205m. This was followed by the $18bn merger between Willis Group and professional services firm Towers Watson to create a new group called Willis Towers Watson.
Nordic Capital Advisors financial services partner and head Christian Frick said: “Max Matthiessen has a high-quality, talented team and is one of the leaders in the Nordic region. The Company fits perfectly within Nordic Capital’s sector focus and strategy for Financial Services.”
Nordic Capital said that it sees an opportunity in backing Max Matthiessen to achieve its full potential by scaling its platform and generating growth via investment in the team, modernisation of its product offering for the benefit of customers, and pursuing selective acquisition opportunities.
Max Matthiessen CEO comments on the acquisition by Nordic Capital
Max Matthiessen CEO Bo Ågren said: “Nordic Capital has a great strategic approach and deep experience across our sector. They have a strong history of growing companies and we look forward to leveraging Nordic Capital’s expertise in the next phase of our development.”
The closing of the deal is subject to receipt of customary regulatory approvals. Citi has been the financial advisor to Nordic Capital for the deal, while Cederquist served as its legal advisor.