Polaris Sells RelyOn Nutec to Mubadala Capital

Polaris, a Copenhaghen, Denmark-based investment company, has entered into an agreement to divest global safety training and competence provider RelyOn Nutec to Mubadala Capital, a wholly-owned asset management subsidiary of Mubadala Investment Company.

The amount of the deal was not disclosed. The transaction is subject to regulatory approvals and is expected to close during the summer of 2024. It will not constitute a change of control event pursuant to the terms for the senior secured sustainability-linked bonds issued by BidCo RelyOn Nutec A/S in an aggregate principal amount of EUR 80 million and trading on the Oslo Børs and the Open Market of the Frankfurt Stock Exchange under ISIN NO0012904079. Upon closing, the Issuer intends to redeem all of the outstanding bonds by exercising its voluntary early redemption call option in accordance with section 10.2 of the bond terms, dated 9 May 2023.

Led by Torben Harring, CEO, RelyOn Nutec is a global business delivering safety and competence services across the world, helping customers protect their people, assets and the environment. With headquarters in Copenhagen, the company has a global footprint and around 1,250 employees worldwide.

The acquisition, part of Mubadala Capital’s flagship Private Equity Fund IV, strengthens the asset manager’s footprint in the business services sector. Polaris partnered with RelyOn Nutec (formerly Falck Safety Services) in 2018. Under Polaris’ ownership, RelyOn Nutec has undergone significant transformation, evolving a fragmented franchise model to a scalable and edtech platform. The company now serves a variety of customers across a range of high consequence industries including energy infrastructure, renewables, maritime and oil and gas. It has delivered operational performance in recent years, in 2023 reaching revenue of DKK 1,086 million and operating profit (EBITDA) of DKK 257 million.

FinSMEs

30/05/2024