Ontario Teachers’ Pension Plan and Nordic Capital have agreed to jointly acquire Max Matthiessen, a Nordic financial adviser specialising in pensions, insurance, and investments.
The financial terms of the deal were not revealed.
Ontario Teachers’ Pension Plan will acquire its stake through its private capital division, which has extensive investments in the financial services sector.
Nordic Capital, which initially invested in Max Matthiessen in 2020, will reinvest through its Nordic Capital XI fund, following the exit of its original investment from Nordic Capital IX.
The new co-control ownership is set to support Max Matthiessen’s continued growth and international expansion.
Established in 1889 and headquartered in Sweden, Max Matthiessen offers insurance, pension, and wealth management solutions to employers, entrepreneurs, and individuals.
The company also provides advice, analysis, administration, and procurement of pension and insurance products along with investment and asset management solutions. It also offers clients access to ESG-focused financial products.
Max Matthiessen operates across 45 locations in the Nordic region, employing over 800 staff. The Swedish financial adviser is said to serve more than 18,000 corporate clients.
Through the deal, Max Matthiessen aims to gain access to long-term capital and industry expertise, enabling it to speed up its expansion into international markets through organic growth and acquisitions.
The Swedish company’s strong management team and position as an integrated employee benefits and risk platform make it well-placed to continue its growth trajectory, according to Ontario Teachers’ Pension Plan.
Max Matthiessen CEO Jacob Schlawitz said: “We are excited to have Ontario Teachers’ backing the next phase of our development alongside Nordic Capital. This partnership underscores our commitment to putting clients at the heart of everything we do.
“We are grateful for Nordic Capital’s support, together we have reached significant milestones — expanding our client offerings, driving sustainability, entering new markets, all while staying focused on delivering value to our customers.”
Ontario Teachers’ Pension Plan, with its C$13bn ($9.3bn) financial services private equity portfolio, will contribute expertise and capabilities in developing international insurance distribution and wealth management businesses to Max Matthiessen.
Its private capital unit has made 14 financial services investments globally, including acquisitions of UK wealth manager 7iM, European trading and savings platform TradeRepublic, and others.
Ontario Teachers’ Pension Plan Private Capital EMEA senior managing director and head Iñaki Echave said: “Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions.”
The transaction will also enable Nordic Capital to further drive Max Matthiessen’s growth, building on the platform established over the past four years.
Nordic Capital is said to have completed 18 transactions in financial services and financial technology, deploying €3.3bn in equity capital to date. Its current financial services portfolio generates €1.3bn in annual revenues.
Subject to customary regulatory approvals, the transaction is expected to be completed in the first half of 2025.
