Primary Investment: Ceder Capital


Through a sound and comprehensive analysis of the Scandinavian private equity market, NORD Holding got in contact with Ceder Capital in 2013. Back in 2013, the team consisted out of two experienced deal managers who funded their transactions on a deal-by-deal basis. Ceder’s existing portfolio not only showed strong performance, but also presented high potential for future value creation.


NORD Holding’s fund investments team developed with the Ceder team an institutional fund structure including a plan to build an investment team. This fund structure included (i) a sharpened focus of the investment strategy to reflect the great experience of the team to grow companies and (ii) a significant team expansion (iii) a roll-in of one deal at first closing and (iv) a significant investment from the team to reflect their commitment to the fund and to align interests.


NORD Holding invested as an anchor investor in the first closing of the fund in August 2014, together with a significant commitment from the Ceder team to align interests in the partnership. As the first investor of the fund, NORD Holding has ensured further alignment of interests through special anchor investing rights which were pre-negotiated and tailored to the Ceder fund.


Ceder Fund I sold its first portfolio company just 18 months after the 1st closing nearly reaching a DPI of 1.0x and showed strong performance of the rest of the portfolio. Also, Ceder continued investing in line with their defined investment strategy and fulfilled building a complete investment team since NORD Holding committed to the fund. This formed the basis for NORD Holding to commit to Ceder Fund II in 2018.

We have been extremely happy with having NORD as an investor and have formed a special relationship with them as our founding investor. Their valuable input and feedback are highly appreciated when discussing investment ideas and specific companies, a clear advantage NORD beholds given their focus on both direct and fund investments.

Thomas Ramsay
Founding Partner