Bridgepoint sells Trustly to Nordic Capital, gets a 8.8x return for a 4 year investment.

Sweden Secondary 14 March 2018
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Trustly, a Stockholm, Sweden-based technology company which develops and sells online payment solutions, announced that it entered into agreement whereas Nordic Capital becomes the major owner of the company.

Nordic Capital will acquire 70% of Trustly from Bridgepoint Development Capital and other shareholders, while management, founders and investment company Alfvén & Didrikson will remain significant shareholders in the company. Alfvén & Didrikson invested $3.2M for 25% of the company in 2011.

The deal values the company at about €700M ($860M)

Bridgepoint Development Capital acquired a minority stake in Trustly in October 2014 for EUR 23M ($30M). Since then, Trustly more than doubled revenues and expanded the number of countries in which it operates from nine to 29.

Trustly, founded in 2008 by Carl Wilson, Joel Jacobsson and Lukas Gratte and led by CEO Oscar Berglund, enables online account-to-account payments. Instead of relying on credit or debit cards, Trustly allows consumers to pay directly from one account to another one, reducing costs on fees and speeding the transaction time.

The company operates in 29 European countries and processes more than 3.5 million transactions worth around SEK6bn ($730M) every month.