Ontario Teachers’ Pension Plan, Toronto, and Nordic Capital agreed to jointly acquire Max Matthiessen Group, a Stockholm-based financial adviser for pensions, insurance and investments in the Nordic region.
Terms of the transaction were not disclosed, said a Nov. 20 release. The investment is subject to customary regulatory approvals and is expected to close in the first half of 2025.
Specifically, OTPP and Nordic will co-own the Max Matthiessen business. Nordic Capital initially invested in Max Matthiessen in 2020. The ownership stakes have not been disclosed, said a spokesperson for OTPP.
Nordic Capital will now invest via Nordic Capital XI, following the exit of its initial investment through Nordic Capital IX, the release noted.
OTPP is buying a 50% stake in Max Matthiessen, valuing the financial adviser at about €1 billion ($1.1 billion) including debt, said Bloomberg.
The new ownership will support Max Matthiessen’s “continued growth and international development,” the release noted.
Max Matthiessen provides pension, insurance and wealth management solutions for employers, entrepreneurs and individuals.
“Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions,” said Inaki Echave, senior managing director and head of EMEA private capital at OTPP, in the release.
Max Matthiessen has approximately 113 billion SEK ($10.3 billion) in assets under management, said a spokesperson for OTPP.
OTPP has more than C$13 billion ($9.3 billion) in direct investments in insurance and financial services, making it a core sector for the pension plan, the release noted. The private capital team at OTPP has now made 14 investments in financial services companies globally, including 7iM, a British wealth and investment manager. OTPP had total net assets of C$255.8 billion as of June 30, 2024.
Stockholm-based Nordic Capital is a private equity investor focused on financial services in Northern Europe and has €31 billion in assets under management, according to the firm’s website.
