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NORD Holding kickstarts the first half of 2003 with 6 new investment deals


Tax uncertainties inhibit market development
Bucking continued investment caution in the private equity sector NORD Holding Unterhemensbeteiligungsgesellschaft mbH (Hanover) has made a successful start to the first half of 2003 with six new investment deals. A total of € 21m has been invested.

Alongside funding for three buy-outs in the wake of succession transitions three further investments were concluded in strong growth middle market companies. The structuring and financing of succession profiles and expansion funding of medium-sized companies are the core activities of the Hanover based private equity firm. NORD Holding also takes silent partner stakes in profitable medium-sized family run companies. Currently it has holdings of approx. € 180m. in more than 50 partner companies.

"Despite the difficult economic environment we want to make the most of our opportunities. The opportunities we seize today will ensure our future profitability," explained Matthias Kues, managing director, in Hanover today:

According to NORD Holding, marked uncertainty regarding future tax conditions is acting as a brake on the development of the private equity market. Kues: "We urgently need clarity on the tax front so that we have a firm base for our investment decisions. Continuity and reliability are more important for companies in all sectors than the fine tuning in optimising the tax system."

NORD Holding is concerned about the increasingly difficult to calculate credit allocation policy of banks. Kues: "It is understandable that in times of high write-downs banks are more reluctant to take risks. We would however, prefer more clarity relating to the criteria for credit allocation particularly in the case of our investment company which is exclusively dedicated to the middle market sector. Continuity and reliability are also a big plus here. Increasingly only regionally established credit institutions such as savings banks are proving to be truly stable partners."

About NORD Holding

With its 50-year history and over € 2.0 billion assets under management, NORD Holding is one of the leading private equity asset managers in Germany with a focus on direct and fund investments.

The fund investments division targets the small- and mid-cap segment of the European private equity market through primaries, secondaries and co-investments.

NORD Holding has a strong focus on emerging buyout managers, hands-on investment strategies and regularly acts as an anchor investor. The division manages € 1.3 billion and ranks among the top decile fund investment groups in Europe.

The direct investments division of NORD Holding focuses on structuring and financing company succession models, acquiring parts of larger groups/subsidiaries as well as on expansion financing of medium-sized companies. In contrast to most other financial investors, who only manage closed-end funds, NORD Holding acts as a so-called "evergreen fund", thereby investing from its own balance sheet with no maturity restrictions. Currently, the fund has interests in more than 15 companies in the DACH region.

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NORD Holding
Unternehmensbeteiligungsgesellschaft mbH
Christiane Lukas
Walderseestraße 23
30177 Hannover