Daily Company Scan — 5 Companies
AH MAT AS
Drift av restauranter · Norway
Private Norwegian company (AS) in Drift av restauranter, ~28 employees
Deal angle: Brønnøysund Register + Regnskapsregisteret
Thesis: AH MAT AS offers Baltic groups (Apranga, TKM) a low-cost Norwegian restaurant platform for Nordic entry amid local consolidation. Acquirers secure 28-employee operations and potential margin expansion toward 9-10% peer levels at 7-9x EV/EBITDA. Key risk: undisclosed financials and thin restaurant margins versus higher-margin Baltic assets.
100 VEDLIKEHOLD AS
Detaljhandel med kosmetikk og toalettartikler · Norway
Private Norwegian company (AS) in Detaljhandel med kosmetikk og toalettartikler
Deal angle: Brønnøysund Register + Regnskapsregisteret
Thesis: 100 VEDLIKEHOLD AS provides Baltic retailers (Apranga 8.5x, TKM 15.1x) a Norwegian cosmetics retail foothold via small tuck-in. Acquirer secures Nordic channel access and margin uplift potential against Baltic peer EBITDA margins of 4.9-9.7%. Risk: opaque financials from Brønnøysund registers limit visibility on true profitability.
AFFA HOLDING AS
Uoppgitt · Norway
Private Norwegian company (AS) in Uoppgitt
Deal angle: Brønnøysund Register + Regnskapsregisteret
Thesis: AFFA HOLDING AS provides Baltic strategic buyers a low-profile entry into Norway’s private AS segment, where EV/EBITDA multiples for listed peers range 5.6–15.1x. An acquirer gains direct access to Brønnøysund-registered assets and potential cross-border consolidation without public scrutiny. Key risk is complete opacity on sector, EBITDA, and ownership, limiting reliable valuation.
ADVIS AS
Regnskapsføring og bokføring · Norway
Private Norwegian company (AS) in Regnskapsføring og bokføring, ~9 employees
Deal angle: Brønnøysund Register + Regnskapsregisteret
Thesis: ADVIS AS provides direct exposure to Norway’s mandatory filings via Brønnøysund and Regnskapsregisteret, a consolidating niche where Baltic peers trade at 5.6-15.1x EV/EBITDA. A strategic buyer secures local compliance know-how and a ready client base of ~9 staff at an estimated low-teens multiple on thin EBITDA. Key risk is limited scale versus larger regional operators like TKM Grupp or Tallink.
🇱🇹 LIVINDEEP DIVE
Retail/Health · Lithuania
Healthy lifestyle retailer operating in Baltics.
Deal angle: BGF sold controlling stake to Ogmios Group
Thesis: LIVIN's BGF exit to Ogmios provides entry into Baltics health retail at a step-up to peers like APG (8.5x) or TKM (15.1x), leveraging sector growth and Ogmios' local platform. Acquirer gains immediate scale plus margin upside versus low-margin retailers. Risk: thin Baltic consumer spending could compress multiples toward Grigeo or Pieno Zvaigzdes levels (5.6-6.1x).
Deep Dive
🇱🇹 LIVIN
Retail/Health · Lithuania · BGF sold controlling stake to Ogmios Group
Company Overview
LIVIN operates as a niche healthy-lifestyle retailer across Lithuania, Latvia and Estonia, selling supplements, organic foods, fitness equipment and wellness accessories. With revenue below €10 m it remains a small-scale player relative to listed Baltic peers, yet benefits from secular demand for health products in a region where organised retail penetration is still rising.
Deal Context
BGF’s sale of its controlling stake to Ogmios Group constitutes a classic PE exit to a local strategic buyer. Ogmios gains immediate Baltic scale, store network and supplier relationships, while the transaction signals that health-retail assets can attract domestic capital even at modest absolute sizes. No founder succession or acqui-hire elements are evident; the deal is purely strategic consolidation.
Valuation Context
Listed Baltic multiples range from 5.6–6.1× EV/EBITDA for low-margin retailers (Grigeo, Pieno Zvaigzdes) to 8.5–15.1× for higher-quality consumer names (APG, TKM). A sub-€10 m private company would trade at a 30–40 % liquidity and size discount, implying 4.0–5.5× EBITDA or 0.6–0.9× revenue assuming typical 12–15 % margins. Revenue multiples are the more relevant metric given limited public EBITDA disclosure for micro-retailers.
Triage Verdict
REVIEW
- Fit: Exact sector and geography match with announced transaction; growth tailwinds intact.
- Red flags: Revenue scale below €10 m limits liquidity and increases key-man exposure.
- Next step: Request three-year financials and customer-concentration schedule from Ogmios or BaltCap to model synergy-driven upside.
Key Risk
Sustained weakness in Baltic discretionary spending could compress margins faster than peers, pushing the asset toward the lower end of the 5–6× EBITDA range.
Bottom line: Concrete exit provides a valuation anchor, but size and cyclical exposure warrant further diligence before committing.
Top Hedge Funds by YTD Return
| # | Fund | AUM | YTD | Positions |
|---|---|---|---|---|
| 1 | Ma Investment Partnership, LP | $322.6B | +177.4% | 18 |
| 2 | Graticule Asia Macro Advisors LLC | $1.1T | +169.2% | 4 |
| 3 | Shengqi Capital (Hong Kong) Ltd | $95.6B | +147.9% | 10 |
| 4 | Anther Capital Ltd | $3.8T | +147.8% | 31 |
| 5 | Central Asset Investments & Manag… | $261.4B | +134.4% | 63 |
| 6 | Oxbow Capital Management (HK) Ltd | $731.4B | +130.1% | 14 |
| 7 | Merck & Co., Inc. | $625.7B | +120.1% | 26 |
| 8 | Elemental Capital Partners LLC | $422.8B | +117.1% | 18 |
| 9 | Step Capital Management Pte. Ltd. | $467.4B | +112.1% | 53 |
| 10 | AIHC Capital Management Ltd | $226.4B | +111.3% | 11 |
Hedge Fund Spotlight
Step Capital Management Pte. Ltd.
AUM $467.4B · 53 positions ·
+112.1% YTD
Top 5 Holdings
| Security | Value | Weight |
|---|---|---|
| MICRON TECHNOLOGY INC | $54.9B | 25.8% |
| MICRON TECHNOLOGY INC | $54.2B | 25.4% |
| ADVANCED MICRO DEVICES INC | $39.2B | 18.4% |
| MODERNA INC | $32.8B | 15.4% |
| ADVANCED MICRO DEVICES INC | $32.1B | 15.1% |
IPO Pipeline Snapshot
Upcoming IPOs
| Company | Ticker | Exchange | Expected | Deal Value |
|---|---|---|---|---|
| SpaceX | SPCX | NASDAQ | 2026-06-12 | — |
| Pelican Acquisition II Corp | PLCIU | UNKNOWN | TBD | $86.2M |
| Cartesian Growth Corp IV | CGCFU | UNKNOWN | TBD | $287.5M |
| Research Alliance Corp IV | RACD | UNKNOWN | TBD | $75.0M |
| GLGHK Ltd | GLG | UNKNOWN | TBD | $40.2M |
Pre-IPO Watchlist
| Company | Sector | Valuation |
|---|---|---|
| Anthropic | Artificial Intelligence | $965.0B |
| OpenAI | Artificial Intelligence | $894.3B |
| Databricks | Data and Analytics | $193.3B |
Deal Radar — Buyer ↔ Target Synergy Pairs
🇪🇪 Estonia · 3 pairs
BUYER · PUBLIC
DCC ENERGY PLC ORD EUR0.25 (CDI
DCC.L · $5.4B
→
3.80
TARGET · PRIVATE
ORLEN EESTI OÜ
Wholesale And Retail Trade; Repair Of Motor Vehicles And Motorcycles · ~€1158.7M rev
Solid — pursue with focused integration plan.
DCC's fuel distribution platform aligns well with ORLEN EESTI's 1.16B EUR Estonian wholesale/retail operations, delivering the largest synergies via procurement and Baltic market access. Key risk is execution across borders with limited organizational overlap and typical revenue synergy overstatement.
BUYER · PUBLIC
Fortum Corporation
FORTUM.HE · $18.6B
→
3.65
TARGET · PRIVATE
EESTI ENERGIA AS
Electricity, Gas, Steam And Air Conditioning Supply · ~€1779.3M rev
Solid — pursue with focused integration plan.
Fortum gains immediate Baltic scale and cost synergies through consolidation of operations and procurement; largest lever is operational (35% weight) while revenue upside remains modest. Key risk is regulatory scrutiny on energy market concentration and modest realisation of cross-border commercial synergies.
BUYER · PUBLIC
Uber Technologies, Inc.
UBER · $154.5B
→
3.65
TARGET · PRIVATE
BOLT OPERATIONS OÜ
Information And Communication · ~€1765.0M rev
Solid — pursue with focused integration plan.
Uber gains the clearest value from cost consolidation and elimination of a direct European rival (strategic lever), tempered by high organizational and antitrust risks. Realization haircut of ~30% on cost synergies and ~70% on revenue synergies over 2–3 years produces a credible but not exceptional composite.
🇳🇴 Norway · 3 pairs
BUYER · PUBLIC
EQUINOR
EQNR.OL · $962.2B
→
3.75
TARGET · PRIVATE
A/S Norske Shell
Utvinning av naturgass · ~€2171.4M rev
Solid — pursue with focused integration plan.
Strongest lever is cost_operational consolidation of overlapping Norwegian gas assets (high probability, quick payback); main risk is regulatory scrutiny of further NCS concentration and modest revenue synergies after 70-80% realization haircut.
BUYER · PUBLIC
AKER SOLUTIONS
AKSO.OL · $21.1B
→
3.65
TARGET · PRIVATE
AIBEL AS
Bygging av sivile skip og flytende materiell · ~€1636.6M rev
Solid — pursue with focused integration plan.
Largest lever is cost_operational consolidation of overlapping Norwegian offshore yards and supply chain; primary risk is modest revenue synergy realisation and potential minor antitrust scrutiny in a concentrated domestic market.
BUYER · PUBLIC
SUBSEA 7
SUBC.OL · $99.8B
→
3.65
TARGET · PRIVATE
AIBEL AS
Bygging av sivile skip og flytende materiell · ~€1636.6M rev
Solid — pursue with focused integration plan.
Primary synergy is cost/operational consolidation in Norwegian offshore yards and supply chain; revenue synergies are modest due to overlapping customers. Biggest risk is execution on a target representing ~25% of buyer revenue, requiring disciplined integration to avoid overpaying on overstated synergies.
🇩🇰 Denmark · 3 pairs
BUYER · PUBLIC
Addtech AB ser. B
ADDT-B.ST · $91.3B
→
3.65
TARGET · PRIVATE
Antoax Holding A/S
· ~€512.8M rev
Solid — pursue with focused integration plan.
Addtech’s distribution platform offers clear cost synergies through Nordic procurement and overhead consolidation with Antoax; biggest risk is revenue synergy uncertainty due to sparse target product/customer data.
BUYER · PUBLIC
Bilia AB ser. A
BILI-A.ST · $13.5B
→
3.65
TARGET · PRIVATE
Toyota Danmark A/S
· ~€420.5M rev
Solid — pursue with focused integration plan.
Bilia gains immediate Danish market access and procurement leverage from Toyota Danmark, delivering the strongest cost synergies in a classic horizontal Nordic roll-up. Revenue and strategic upside are real but secondary, while organizational fit is high due to proximity; the main risk is modest revenue realization and any local competition scrutiny.
BUYER · PUBLIC
DSV A/S
DSV.CO · $316.1B
→
3.65
TARGET · PRIVATE
Alfa Dana Holding ApS
· ~€414.3M rev
Solid — pursue with focused integration plan.
DSV's scale delivers reliable cost synergies in freight operations and IT, amplified by geographic proximity. Revenue and strategic upside exist but face standard realisation discounts. Biggest risk is execution distraction from DSV's larger global integration agenda.
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