Altor has acquired a minority stake in Mandatum
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Stockholm, 13/10/2023 – Altor Fund VI (“Altor”) has today acquired 8.0% in Mandatum plc (“Mandatum”) following the demerger from Sampo plc (“Sampo”) and subsequent listing of Mandatum on Nasdaq Helsinki.
The Nordic investment firm Altor has over its 20 years of operation made investments and partnered with management in more than 95 private and public companies, and is currently a minority shareholder in five publicly listed companies. Altor also has extensive experience in investing in regulated financial entities, including Carnegie, C WorldWide, Nordic Trustee, Sbanken, Kommunalkredit, Lindorff and Max Matthissen.
Mandatum is the leading Finnish financial services provider offering a wide array of services covering asset and wealth management, savings and investment, compensation and rewards, complimentary pension plans and personal risk insurance to corporates, retail customers as well as institutional and wealth management customers. Mandatum serves a network of 20,000 Finnish corporates and through its highly skilled sales force and customer relationship personnel, succeeds with cross-selling products from its broad and recognized offering.
Mandatum operates in a fast growing and resilient market, as its client and product profiles are geared toward long-term customer relationships, enhancing the stickiness of customer assets. Mandatum has today approx. BEUR 11 in client assets under management across corporates, instituitional, wealth management and retail customers.
“We are pleased to welcome Altor as a new shareholder to Mandatum. We appreciate a long-term investor with valuable experience from the sector” says Patrick Lapveteläinen, Chairman of Mandatum.
“We are excited to invest in Mandatum, the leading wealth- and asset manager in Finland. We are highly impressed by what the company has achieved, particulary its unrivalled customer standing, strong brand, impressive management team, employee satisfaction and investment track record. The minority investment in Mandatum is core to two of our most prominent themes within our financial services group - addressing the structural growth trend in pension savings and the continued outperformance of focused financial services providers. We look forward to participating as an investor in the company’s attractive growth journey” says Herman Korsgaard, Principal and Co-Head of Financial Services at Altor.
Paal Weberg, Co-Managing Partner in Altor “Altor has a long track record and strong franchise within Financial Services, with successful investments across the sector and geographies. We have also been active in investing in public minorities, as exemplified by Sbanken and most recently FLSmidth. Mandatum has an attractive platform with significant further value creation opportunities, and we have great confidence in the company and the strong management team.“
Contact
Altor
Tor Krusell
Head of Communications
P + 46 705 43 87 47
M tor.krusell@altor.com
About Altor
Since inception, the family of Altor funds has raised north of EUR 10 billion in total commitments. The funds have invested in more than 95 companies. The investments have been made in medium sized predominantly Nordic and DACH companies, with offices in Helsinki, Stockholm, Copenhagen, Oslo and Zürich, to create value through growth initiatives and operational improvements. Altor has a longer holding period, up to 15 years, than many other funds and recent funds are domiciled in Sweden. Current and past Altor investments include Eleda, Trioworld, OX2, Marshall Group, Svea Solar, Rossignol and SiloAI.
For more information visit www.altor.com