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Portico Advises Karnov Group on its Sale to Five Arrows Principal Investments

July 16, 2015
London, England

Portico Capital Securities Limited is pleased to announce that it served as the exclusive financial adviser to GMT Communications Partners on its sale of Karnov Group to Five Arrows Principal Investments.

Giles Roshier, Managing Director and Head of Europe commented, “We are delighted to have worked with GMT on this transaction.  Under GMT’s ownership, Karnov has reinforced its position as the leading provider of legal, tax & accounting information solutions in Denmark and Sweden.  The investments made in the Company’s technology platform and online workflow tools will support its attractive growth profile.  This transaction marks another successful deal for Portico in B2B information services.”

Below are more details from the press release:

GMT Exits Karnov Group

GMT Communications Partners ("GMT"), the European private equity firm focused on investments in Content, Communications Infrastructure and Tech-Enabled Services, has sold Karnov Group ("Karnov"), the leading provider of legal, tax & accounting information in Denmark and Sweden to a private equity firm.

GMT acquired Karnov from Thomson Reuters in 2011. The company, founded in 1910, delivers indispensable content to the legal, tax & accounting professions. It has an online subscription based model, with a broad, stable customer base and extremely low churn rate. Since GMT’s acquisition, Karnov has made significant improvements in technology, driving online migration, providing a high-quality technology platform and allowing higher speed and searchable delivery to clients.

Two acquisitions during that time have helped to reinforce the company’s market leading position; VJS Kurs, a classroom based legal training course was acquired in 2012, and tax and accounting business, Magnus Informatik, in 2013. An enhanced management structure has been implemented with significant investment in and focus on the team and company infrastructure. These improvements have, in aggregate, readied Karnov for a further period of accelerated growth.

Portico Capital advised GMT on the sale of Karnov and Shearman & Sterling provided legal support.

About Karnov Group

Karnov Group is the leading provider of legal and tax & accounting information to businesses and professionals in Denmark and Sweden. It provides legislation, case law, regulatory information, news and continued legal education, and is renowned for its authority, industry expertise and innovative technology. The business employs approximately 150 people across offices in Copenhagen and Stockholm. Its key brands include KARNOV, UfR, PACTA, LEXINO, and VJS. For more information, please visit www.karnovgroup.com.

About GMT Communications Partners

GMT Communications Partners is a leading private equity firm focusing on investments in European Content, Communications Infrastructure and Tech-Enabled Services. With over 20 years of active investing, the GMT team is Europe’s longest-established private equity firm specialising in these markets. Pioneers during the growth of the European Information and Communications Industry, GMT has established three funds since its launch in 1993 and has completed over 100 transactions across 19 countries. GMT has organised syndicated portfolio financings - including equity and debt - with a total value in excess of €3.5 billion. For more information, please visit www.gmtpartners.com.

About Portico Capital Securities Limited

Portico Capital provides independent strategic and financial advisory services in the areas of mergers & acquisitions (M&A), recapitalizations and capital raisings exclusively to private and public companies in the global information and business services/software sector. The firm, founded in 2000, has offices in Greenwich, Connecticut and London, England.  For more information, please visit www.porticocapital.com.

PORTICO CONTACT
Giles Roshier, Managing Director & Head of Europe
giles@porticocapital.com
+44 (0) 20 3011 0470