AnaCap to achieve 4x return with the sale of Oona Health to Topdanmark
- AnaCap’s exit of Oona Health comes after growing the business into a leading Danish digitally enabled private health services and insurance provider
- Under AnaCap’s ownership, Oona Health achieved high growth in earnings with a 5-year CAGR of >60%
- The exit comes 3.5 years after AnaCap’s initial investment in 2019 and is expected to generate a 4x money multiple and 40% IRR at closing
AnaCap Financial Partners (“AnaCap”), a market-leading partner for entrepreneurial management teams across software, technology and services within the financial ecosystem, today announces that it has signed an agreement for the sale of Oona Health (“Oona”), a leading Danish private health services and insurance provider to Topdanmark.
Founded in 2012 and headquartered in Copenhagen, Denmark, Oona is a leading digitally enabled private health services and insurance provider, delivering a best-in-class value proposition to both corporate and SME companies as well as private individuals in Denmark and Sweden.
Today, the company provides health services and insures over 500,000 lives and more than 14,000 corporate and SME customers with 2022 revenues of DKK 700 million recorded in Denmark.
The business provides an innovative and tailored, one-point-of-entry, to healthcare services and insurance coverage that leverages data, analytics and wider applied healthcare expertise. The deployment of its proprietary technology platform, powered by a unique, rich data-driven approach, underpins an impressive operating model with leading underwriting capabilities, ultimately delivering best-in-class claims ratios.
In partnership with AnaCap’s operational value creation team, Oona’s management has expanded the company geographically and launched a number of new product lines over the course of a highly successful 3.5 year partnership period.
Closing of the transaction is subject to regulatory approval.
Tassilo Arnhold, Co-Managing Partner at AnaCap, commented:
“We are extremely proud to announce the sale of Oona after what has been a very successful growth period in partnership with AnaCap. The Nordic private health insurance market presented market conditions in which we were able to identify a clear opportunity to leverage our value creation growth track record in close collaboration with Kent Jensen and his management team to help Oona become a leading digitally enabled health services and insurance provider in Denmark.”
Peter Hermann, Group CEO of Topdanmark, added:
“The strategy of Topdanmark is to create profitable growth in our core business. This includes offering market leading, innovative and attractive health products and services to our customers. The acquisition of Oona Health A/S fulfils this strategic ambition and we are looking forward to creating and gaining mutual synergies for the benefit of our customers, employees and shareholders.”
Kent Jensen, Chief Executive Officer of Oona Health, concluded:
“I am delighted to announce this exciting new phase for Oona Health. We look back with both pride and great satisfaction on the recent years of collaboration with AnaCap who have been an invaluable partner to help us deliver our vision of providing innovative healthcare and insurance services to the Nordic market. We are now pleased to continue our growth journey as an integral part of the Topdanmark group.”