Årets
Utmanare
2025

On 18 December 2025, Aquabyte Inc. (“Aquabyte” or the “Company”), a provider of AI-powered real-time monitoring solutions for the aquaculture industry, announced it has partnered with Vitruvian Partners (“Vitruvian”). Vitruvian has acquired a majority ownership position in the Company, with existing institutional investors, management and key employees remaining as significant minority shareholders. Existing institutional investors include, but are not limited to, Costanoa Ventures, NEA, SoftBank Ventures Asia and ArcTern Ventures.

Founded in 2017, Aquabyte has experienced rapid growth with its offering that combines advanced AI algorithms, sophisticated underwater camera technology and deep fish-farming expertise to provide a comprehensive smart monitoring software platform. The new ownership enables Aquabyte to further invest in technology, people and processes in a rapidly growing market.

ABG Sundal Collier is delighted to have had the opportunity to support Aquabyte in its ownership transition, and would like to thank the company and its owners for partnering with us in connection with this exciting transaction!

Norway’s Best Group (“NBG”) has completed the acquisition of Narvikfjellet and Polar Park, expanding its portfolio with a strategically significant destination in Northern Norway. The transaction strengthens NBG’s position as a leading operator within Norwegian tourism and reinforces its commitment to year-round, experience-based travel. With the combination of iconic natural attractions, a growing international visitor base, and strong regional support, the deal represents a highly strategic step for NBG as it scales its nationwide offering.

Norway’s Best Group is a leading Norwegian tourism company offering curated nature-based experiences across Western and Northern Norway, including major destinations such as Flåm, Myrkdalen and fjord cruises. By adding Narvikfjellet and Polar Park to its portfolio, NBG significantly enhances its reach and strengthens its product offering across seasons and regions.

ABG Sundal Collier is proud to have acted as exclusive financial advisor to Norway’s Best Group on this acquisition, supporting the company in executing its strategic ambition to develop a strong, sustainable and internationally competitive year-round tourism platform in Norway.

On Friday 12 December 2025, Jigsaw Bidco AS (“Puzzel” or the “Company”) successfully completed its inaugural NOK 1,000m senior secured bond issue with a 3-year tenor to refinance the existing debt in the Company and for general corporate purposes. The bond issue attracted strong interest from a broad range of institutional investors.

Puzzel is a leading provider of mission critical, cloud-based customer experience software solutions with its primary foothold in the Nordics and UK, and growing presence in Benelux. Puzzel serves ~950 active customers across industries with a particular focus on regulated sectors (e.g. finance, utilities, public sector). The Company is backed by Marlin Equity Partners, a leading global investment firm specialising in software and technology.

ABG Sundal Collier appreciates the opportunity to assist Marlin Equity Partners and Puzzel with their inaugural Nordic bond issue.

On Thursday 11 December 2025, Butterfly Holdco Pte Limited (“EQT”) completed the sale of 8 million shares in Enity Holding AB (publ) (“Enity”), corresponding to approximately 16% of the shares in Enity at a price of SEK 83 per share, yielding proceeds of SEK 664 million. Following the transaction EQT will hold approximately 24% of the shares in Enity.

ABG Sundal Collier acted as Joint Bookrunner in connection with the placement. This is ABG Sundal Collier’s second transaction with Enity and its main owner EQT, following the IPO earlier this year.

On Tuesday 9 December 2025, it was announced that MetaCompliance had acquired Junglemap for an undisclosed consideration.

Junglemap is a leading provider of NanoLearning-based security and compliance awareness. Founded in 2002, Junglemap enables organisations to deliver scalable, high-impact training through short, targeted lessons designed to drive behavioural change and improve knowledge retention.

MetaCompliance is the human risk management company transforming how organisations build resilient security cultures. Its intelligent enterprise-ready platform combines personalised cybersecurity education, behavioural analytics and automation to measure, mitigate and manage human risk at scale. Trusted by over six million users worldwide, MetaCompliance helps global enterprises reduce risk and embed lasting behaviour change. Since 2024, the company has been backed by Keensight Capital, one of Europe’s leading growth-equity buyout firms.

Arctic Falls AB (publ) (the “Company”), a leading Nordic player specialising in winter testing for tyre and vehicle manufacturers has successfully completed its IPO on Nasdaq First North Growth Market. The IPO attracted significant interest from high quality investors, as well as from the general public in Sweden. The offering, including the greenshoe option, amounted to approximately SEK 195m, representing 30% of the outstanding shares in the Company and was multiple times oversubscribed. The IPO was priced at SEK 72 per share, implying a market capitalisation of approximately SEK 651m.

Arctic Falls is a leading Nordic provider of testing services for the tyre and automotive industries, particularly within winter testing. The Company is based in Älvsbyn and has more than 40 years of experience in developing and operating complete testing environments for the automotive industry. Under extreme climatic conditions, Arctic Falls offers advanced test environments and technical solutions that support the development of next-generation vehicle technologies and tyres. Through its facilities in northern Sweden, the Company enables the validation and optimisation of future vehicle technologies, including electric vehicles, autonomous systems, advanced safety solutions and high-performance winter tyres, in a stable winter climate.

The Listing is expected to support the Company’s growth ambitions by broadening its shareholder base and increasing access to both the Swedish and international capital markets. Furthermore, a listing on Nasdaq First North Growth Market is expected to enhance the Company’s visibility and that of its operations, as well as strengthen the brand among customers, partners, employees, investors, and other key stakeholders. Protean Small Cap, Svante Elfving and Swedbank Robur Fonder acted as cornerstone investors in the transaction. Cornerstone investors agreed to subscribe for shares in the offering of up to approximately SEK 69m, corresponding to c. 36% of the total offering.

ABGSC is proud to have acted as Sole Global Coordinator and Bookrunner in the transaction.