SEB Företagsinvest

Report
SEB Företagsinvest
- an active Venture Capital partner
1
A north european financial group
History


Established player - SEB founded in 1856
Wallenberg family have a significant shareholding
Significant Resources
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


Listed on Stockholm Stock Exchange with a
market capitalization of €13.2 billion
Total Assets in excess of €210 billion
€115 billion in Asset under Management
Total Book Equity in excess of €6.4 billion
Global presence


Local presence in ten countries + strategic locations
globally
Over 20.000 employees
2
SEB Group offers a full range of financial
services
President & CEO
Annika Falkengren
Group Credits &
Group Risk Control
Internal Audit
Johan Andersson
Agneta Brevenhag
Merchant Banking
Retail Banking
Wealth
Management
Life
Magnus Carlsson
Bo Magnusson
Fredrik Boheman
Anders Mossberg
Group Operations
Pia Warnerman
Group IT
Max Currie
Group Staff
Hans Larsson/Per-Arne Blomquist
3
SEB is a significant player in the private
equity market
SEB Private Equity – EUR 1.1bn
SEB Strategic Investment – EURM 100
KTH Seed Capital
SEB Företagsinvest - EURM 130
Enskilda Securities
SEB Acquisition Finance EUR 1.5bn
Bank financing
Venture Capital
Seed Capital
Start-up
Expansion
Buy-out
IPO M&A
Company life cycle
In addition, SEB is an investor in EQT, Innovations Kapital, AskEmbla (Baltics) etc
4
SEB Företagsinvest
- one of Sweden’s leading venture capital investors
Our business concept…
We invest venture capital and supply expertise
and a broad network of contacts to growth
companies in the Technology and Life Science
sectors
5
SEB Företagsinvest in brief…
 Evergreen fund structure
 No. of existing investments
 No. of exits
 No. of investment professionals
 Established
SEK 1,200m
40
35
14
1995
6
SEB Företagsinvest in brief...
 Balanced portfolio vis-à-vis sector and
maturity
 Minority owners
 Max. investment sum SEK 80m
 Investment horizon of up to 7 years
 Exits
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Investment criteria
 The company has a unique product or service
with a sustainable competitive edge
 Highly skilled management who are also
partners in the company
 Business concept with international market
potential
8
Active ownership
- value creation
 Powerful networks
 Experienced venture team
 Industry-specific expertise
 Close co-operation with management
 Commitment
 Board representation
9
Professionals
Frederick Johansson
Head of unit
Arpinée Åhrberg
Assistant
Senior Investment Managers
Hans Engblom
Ola Romney
Business Development
Technology
Business Development
Health Care
David Sonnek, PhD
Investment Managers
Ulf Lewander
Anna Ljungdahl
Viktor Drvota, MD, PhD
Business Controller
Andreas Pennervall
Venture Analyst
Jonas Nyman
Björn Österlund
Patrik Westerberg
Stefan Olofsson
Malin Carlström
Anna Gustafsson
Rickard Malmsjö
10
Portfolio - key figures
1996-97
Portfolio, no of companies
Exits, no of companies
Cumulative paid out capital
No. of employees
9
1
50
3
1998
8
3
70
4
1999 2000 2001
15
8
220
7
27
10
360
11
35
15
580
12
2002 2003
37
19
755
13
2004
2005
2006
2007
38
39
21
26
910 1100
13
14
40
29
1220
14
38
35
1380
16
40
35
1450
16
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Co- investors
3i
ABN Amro
Abingworth
Applied Biosystems
Alafi Capital
Atlas Ventures
Bankinvest
Beijer
Biofund
Bure
CapMan
Centrecourt
Chalmersinvest
Cimon
Cirkus
Concordia Capital
CR&T
Credit Suisse
Dansk Kapitalanlaeg
Danish Investment Fund
EMA
Emano
Företagsbyggarna
GE Capital
Healthcap
H&B Capital
IDI
Industrifonden
Industrivärden
Innovationskapital
Investor Growth Capital
Kantonal Bank
Karolinska Investment
Fund
KIHAB
Latour
Malmöhusinvest
Metall
Metallica
Microdrug
Nordic BioScience
Nordic Biotech
Novo AS
Optiomi
Pomona
Schibstedt
6:e AP-Fonden
SLS
Skandia
Skanditek
Universal
W-Capital
Wallgrund
Öresund
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35 Exits to date
Divestment of
Divestment of
Divestment of
Divestment of
Divestment of
to Crucell N.V. for a
min value of EUR 39,4m
2006
to Wind River
For a value of $21.5m
2006
to Motorola Inc
Amount not disclosed
2006
to Biovitrum AB
Amount not disclosed
2005
to Astra Tech
Amount not disclosed
2005
Divestment of
Divestment of
to Aixtron AG
amount not disclosed
1998
to Nortel for
a total of SEKM 1,400
2000
The number 1
selling show world wide
Grand opening 1999
Initial Public Offering of
on the Stockholm SE for
a value of SEKM 2,500
2000
Divestment of
Divestment of
to Segulah and founders
amount not disclosed
2004
to a consortium of
private investors
Amount not disclosed
2004
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Investment focus
Growth companies within...
Technology
Life Science
Technology
Life Science
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SANOSBIOSCIENCE
Emers Holding
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Portfolio companies - Technology
»
A system for the manufacture of powerful, compact lasers in
visible and infra-red wavelengths
»
Platforms and products in telematics, e.g. elevator
communication
»
Develops and administers loyalty schemes within CRM
»
Software applications for technical decision support, based on
visualised web technology
16
Portfolio companies - Technology
»
Software program for long-term planning and scheduling of
personnel
»
ABBA musical in London, Toronto, USA and Australia etc.
16 shows globally
»
Software/consulting firm that provides activity-based and
process-oriented management solutions
»
Software solution for diagnostics and maintenance of complex
and mission critical software control systems.
17
Portfolio companies - Technology
»
KTH Seed Capital invests in early stage high-tech
companies relating Research and Development at
Royal Institute of Technology (KTH).
»
Develops and sells a software platform to telecom
operators to help in their process of trading, pricing and
routing international interconnect voice traffic.
»
CAPRES develops new technology for direct nanoand micro- scale electrical characterization of materials.
» Develop and sell products, based on centrifugal
separation, for purification of process air to several
industrial applications.
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Portfolio companies - Technology
» ScandiNova develops and sells solid state modulators
(high power pulse generators) for applications such as
radar systems, lasers, radiotherapy systems, research
accelerators and X-ray systems.
» Matrix is a supplier of architectural services in
visualization and 3D modeling. Matrix offers
attractively packaged solutions to industries such as
real estate and whitegoods.
» Tail-f develops On-Device Management Software
solutions for network equipment vendors, reducing
development costs and speed time-to-market.
» SP Devices develops and markets signal processing
electronics and algorithms.
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Portfolio companies - Life Science
Emers Holding
»
Digital X-ray imaging based on photon counting
»
EMERS Holding is the holding company of Bactus AB and
LightUp Technologies AB. LightUp markets PNA based
probes for the diagnostic market within human infectious
diseases. Bactus is a company dedicated to clinical and
industrial microbiology with production of substrates for
various applications.
»
Technology for fetal monitoring during the final stage of
delivery with focus on oxygen supply to the brain.
»
Biotage AB is a leading supplier of complete solutions
for Medical Chemistry Research and Applied genomic
Analysis
»
Products for minimally invasive treatment of enlarged
prostate
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Portfolio companies – Life Science
SANOSBIOSCIENCE
»
Medical supplier of fertility systems, transplantation
systems and biosupportive systems
»
Develops extremely compact multi-parameter probes.
The target group for these is international medical
equipment companies working within the field of
anesthesia, intensive care and emergency care.
»
Sanos Bioscience is a drug discovery company which
develops new compounds for its new proprietary
glucagon-like peptide-2 (GLP-2) pathway for the
treatment and prevention of osteoporosis. The company
will focus on clinical studies aiming to confirm the
promising results from pilot studies.
21
Portfolio companies – Life Science
»
Oligovation is a research-based company developing
innovative tools for genetic analysis, molecular
diagnostics, and gene-based therapeutics.
» Discover and develops so called DIMS drugs (DIMS:
DNA-based Immunomodulary Sequence) for unmet
medical needs in a variety of treatment areas such as
inflammation and cancer. DIMS compounds contain
oligonucleotides, which intreract with Toll-like Receptors
(TLR).
»
Nuevolution is a drug discovery company poised to
revolutionize drug discovery and development by utilising
its proprietary Chemetics ® technologies (molecular
evolution) to rapidly identify vast amounts of drug-like,
high affinity selective small molecules for virtually any
target in weeks.
22
Portfolio companies – Life Science
»
DiLab develops and markets instruments for
automation of measurement & analysis in early and
preclinical in-vivo drug discovery.
» A Medtech company developing a new noninvasive
accurate method for the diagnosis of malignant
melanoma and other skin cancers.
» A Swedish medtech company which developes a new
method to prevent brain damage by cooling of the
brain.
» Develops novel diagnostic kits within the area of IBD
(Inflammatory Bowel Disease).
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Our success factors
Analysis
» Careful selection
Active ownership
» Skill and commitment
Growth in value
» Active measures to
increase value and
enable exits
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Investment process
Shareholders’ agreement
Final investment decision
Additional due diligence
Proposal for term sheet
Preliminary due diligence
Meeting with the company
Evaluation of business plan
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Please contact
SEB Företagsinvest
+46 8 763 79 00
[email protected]
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