American buyout firm KKR has agreed to acquire a significant stake in Swedish pension adviser and non-life insurance broker Söderberg & Partners for an undisclosed sum.
However, according to a report published in Financial Times KKR paid $1bn to buy a 50% stake in the Swedish insurance broker from TA Associates and certain other shareholders.
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Söderberg & Partners, established in 2004, offers wealth management and corporate pension and insurance services in the Nordic region and the Netherlands.
KKR said that it will continue to support Söderberg & Partners in launching its platform across the Nordic region as well in global market.
Additionally, KKR will help Söderberg & Partners in developing its product portfolio and services proposition, and enhancing its capabilities across investment management and research.
Söderberg & Partners CEO and co-founder Gustaf Rentzhog said: “I look forward to working together with KKR to continue delivering our successful platform to companies and individuals both in existing and new markets.
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By GlobalData“This enhances not only the position of, and possibilities for, Söderberg & Partners, but I also believe it will significantly enhance the products and services we are able to deliver to our customers.
“KKR brings investment and intellectual capital, a global network of financial and industrial experts, and an unrivalled understanding of global markets and macro-economic trends to Söderberg & Partners.”
KKR member and head of EMEA financial services Daan Knottenbelt said: “KKR has an exceptionally strong track record in the Nordic region and investing in founder-led businesses, and this, together with our in-depth understanding of financial intermediaries, differentiated us to the founders and management team.
“Söderberg & Partners benefits from an extremely strong business model and market position, as well as supportive growth dynamics, and we look forward to the next phase of the business’ development.”
Subject to receipt of regulatory approval, the transaction is likely to conclude in the second quarter of this year.
