In general, it has not been a good deal for private equity firms to list their portfolio holdings over the past decade. This is shown by a review conducted by Dagens industri.
No less than 60 percent of companies with a venture capital owner have underperformed the SIXRX stock market index since 2014. The worst performer is Harald Mix Altor, which has not managed to get a single listing on the Stockholm Stock Exchange to generate a positive return. This is evident from the aforementioned review.
Revolution Race, Ctek, and Dustin have performed particularly poorly, with the common denominator that all three have Altor as a major shareholder. Revolution Race, which has fared best of the three, has still delivered a negative return of 35 percent, while SIXRX climbed 13 percent over the same period.
Altor defends itself by saying that it is building for the future. “What we are really focusing on is the company’s operational and financial development, because that is where we can make a difference,” the company writes in an email to Di.
Nordic Capital, in contrast, appears to be something of a winner with companies such as Bufab, Thule, and Nordnet, where several listings have outperformed the index. EQT and IK Partners, on the other hand, have a weaker track record, with all listings underperforming.
Two companies on their way to the stock market are Noba and Enity, planned by Nordic Capital and EQT respectively, notes Di.
