Our forty-seventh edition email tracks recent actions and news concerning European FICs, featuring 20 FICs from Sweden, Belgium, Switzerland, Germany, France, Norway, Denmark, Finland, Bermuda, UK and Italy.
FICs have started reporting their 2023 results and we discuss five in this edition. One announced a record NAV but another with reduced NAV. One unveiled record sales but reduced profits, while two more showed strong growth.
On the transaction front, FICs and their portfolio companies invested in biotech, credit information services and agtech, with another entering the food supplements space with an acquisition in its home market. A DIA launched a new B2B tech fund and a portfolio company of a listed FIC had a successful bond refinancing. We have one exit – a FIC completing the sale of its stake in a listed construction business.
Business news is dominated by portfolio companies. One raises additional capital from new investors, one secures a new solar project while another scales up its investment operation in an EMEA market. Meanwhile, the major listed investee company of a major listed FIC launches a new, AI-focused Disruptech Support Unit (DSU).
With ‘human capital’ we have reports of three non-family employees: an internal candidate is promoted to FIC CEO, a Chairman retires and one celebrates 25 years of service. As we did last month, we note the passing of a FIC leader.
And we close, as is now our custom, with a summary of the month’s news coverage.
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