Willis Towers Watson (WTW) has decided to sell its Swedish financial advisor Max Matthiessen to private equity group Nordic Capital.
The financial details of the transaction have not been made public.
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Since 1889, the Stockholm-based Max Matthiessen has been providing occupational pensions, asset management, and non-life insurance to nearly 13,000 corporate clients.
The company has 440 employees across 30 locations in Sweden and has recorded €148m in revenues as of 2019.
Max Matthiessen CEO Bo Ågren said: “Nordic Capital has a great strategic approach and deep experience across our sector.
“Together, we will be able to accelerate our growth by continuing to provide the best financial advice as one of the leading financial advisors and by developing and expanding our product portfolio further.”
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By GlobalDataThe investment from Nordic Capital is expected to scale up the company’s operations and target future investment opportunities.
Since 1989, Nordic Capital has so far invested over €14.5bn in more than 110 investments.
Nordic Capital Advisors partner and financial services head Christian Frick added: “The Company fits perfectly within Nordic Capital’s sector focus and strategy for financial services.
“Going forward, the joint focus will be on scaling Max Matthiessen’s operations and investing in organic as well as acquisitive growth.”
Upon completion of the transaction, which is subject to the receipt of regulatory approval, Nordic Capital will become the new owner of WTW’s Max Matthiessen business.
WTW Nordics head Johan Forsgård said: “WTW and Max Matthiessen will have ongoing relationships in certain aspects of the business where we remain closely aligned and we look forward to continuing to work together.”
