Our approach to long-term value creation

Introduction

Bertel O. Steen Kapital invests in unlisted Nordic companies. We have a long-term focus, and we employ an active approach to industrial ownership.

Our primary emphasis is on small and medium-sized enterprises. We partner with founders and fellow investors to create sustainable and profitable growth. Depending on the situation, Bertel O. Steen Kapital can take both majority and minority positions.

In addition to providing capital, we offer extensive support in areas such as strategic planning, operational optimization, financial management, and talent development. We also support the portfolio companies with structural growth, helping to defining and execute the company’s M&A agenda. Our dedicated team of professionals work closely with the portfolio companies to identify and capitalize on growth opportunities, mitigate risks, and enhance overall performance.

We have a disciplined approach to evaluating investment opportunities. Our due diligence process entails in-depth analysis of market dynamics, competitive landscape, growth prospects, financial performance, and risk factors. We carefully assess the alignment of the company's business model, strategy, and management capabilities with our investment criteria and objectives.

At Bertel O. Steen Kapital, we are committed to fostering long-term relationships built on trust, integrity, and shared success. Our goal is to create sustainable value for our investors, portfolio companies, and all stakeholders involved.

What do we look for?

We actively pursue investment opportunities across a range of sectors, placing our primary focus on companies that exhibit resilient and predictable growth trajectories while possessing significant potential for expansion. Additionally, an integral aspect of our investment criteria is to partner with companies that are committed to sustainability, actively driving positive impact in environmental and social domains.

Financial factors & Exposure

Company size: Our investment strategy focuses on companies with a revenue range of 50 million to 500 million NOK. We prioritize companies that have achieved positive EBITDA. Exceptions may be made in cases where we identify a strong growth/ scaling potential.

Ticket size: For equity investments, we typically allocate between 50 million to 150 million NOK. However, we also maintain the flexibility to provide follow-up investments as needed, ensuring adequate funding to support the company's growth trajectory.

Type of control: We prefer majority stakes, as this allows us to effectively leverage our expertise, resources, and network to drive operational enhancements and capture opportunities for expansion. We maintain a flexible approach that enables us to consider club deals and minority stakes when the circumstances warrant it. Our commitment to active ownership remains unwavering regardless of the extent of our ownership stake.

Type of companies

Ownership: We focus on unlisted companies.

Geography: Our primary interest lies in companies headquartered in Norway, which has potential to expand within the Nordic region and internationally.

Industries: Our investment focus extends to companies operating within B2B services, B2B distributors, technology, and the healthcare sector. These industries offer promising growth opportunities and align with our investment strategy.

Market position: We seek companies with a robust market position. This includes potential platforms for market consolidation, which present opportunities for M&A-driven growth. We are drawn to market leaders who possess a sustainable competitive advantage, enabling them to maintain a dominant position within their industry. Additionally, we are interested in late venture/scale-up companies that have already achieved significant milestones and show strong potential for further expansion.

Situations

We are particularly interested in companies that seek competent capital to fuel new organic or structural initiatives. Our goal is to provide the necessary financial resources and expertise to support the company's expansion plans and help drive its growth trajectory.

We also actively seek opportunities where companies are undergoing a generational transition. In such cases, we recognize the unique challenges and opportunities that arise during leadership handovers. By partnering with these companies, we offer stability, continuity, and strategic guidance to facilitate a smooth transition and ensure the company's long-term success.

Additionally, we are well-equipped to engage in situations involving the restructuring of larger groups. We understand that larger organizations may occasionally require divestment of certain parts or business units to streamline operations or refocus their strategic direction. In such scenarios, we have the capability and flexibility to provide new ownership and inject fresh capital into these divested entities, enabling them to thrive as independent businesses under our stewardship.

Our ability to adapt to various situations and provide tailored solutions allows us to partner with companies in diverse circumstances, offering the necessary financial support, operational expertise, and strategic guidance to facilitate their growth, transition, or restructuring objectives.

Team and culture

When assessing potential investment opportunities, we place great importance on the team and culture within the target company. We seek a strong leadership team with deep domain expertise and a track record of success. The team's competence, experience, and strategic vision are crucial factors that contribute to the company's ability to execute its growth plans effectively.

We value motivated leaders and employees who share our passion for success and are willing to invest alongside Bertel O. Steen Kapital. This alignment of interests helps create a strong partnership and fosters a collaborative environment where all stakeholders are dedicated to achieving common goals.

Furthermore, we are attracted to companies with a strong sense of integrity, as this forms the foundation of a sustainable and ethical business. We believe that a culture of integrity and shared values enhances decision-making, fosters innovation, and promotes a positive working environment.

By partnering with companies that possess these qualities, we aim to create a synergistic relationship where our values align, and together we can build a resilient and successful organization.

“We believe in team work and partnerships”

How do we add value to our portfolio companies?

We use our expertise and network to provide support in areas such as strategic planning, M&A, operational optimization, negotiations, financial management and talent acquisition. We work closely with management to identify growth opportunities, address challenges and implement best practices

We create focused and tangible strategies

We strive to enhance each new investment by establishing strategic partnerships with experienced industrial advisors who complement the expertise of the BOS Kapital team.

While we actively take board seats in our portfolio companies, we do not always retain the Chairman of the Board (CoB) position.

To provide additional support and guidance, we offer CEOs within our portfolio the opportunity to engage in weekly or biweekly calls with the lead Partner at BOS Kapital. This enables effective collaboration and ensures that our CEOs have access to the resources and expertise necessary for their success.

We build the best eco systems of advisors