Tentt × Nordic Capital · Origination Memo

An origination program scoped to your four sectors, sized to your universe, signal-driven from day one.

Inside: a read of your deployed pattern across Healthcare, Tech & Payments, Financial Services, and Services & Industrial Tech; the European mid-cap activity around you; your sized target universe of 600 candidates narrowed to 11; eight live targets we'd surface this month; and the precise 90-day plan.

Eight signals tailored to European mid-cap Healthcare, Tech & Payments, and FinServ.

Generic categories ("hiring", "leadership change") aren't useful in your sub-sectors. These are the eight that fire in the right band, with the right lead time, on companies that actually fit your deployed shape. Each one has fired in the last 30 days on at least one in-bracket Northern European firm.

Angle 01 · Signal-triggered (regulatory milestone + finance hire)

Quick note on what you're building at [Co]

[Founder first name], I'm [Your name] at Nordic Capital. We back European Healthcare, Tech & Payments, and Financial Services platforms, typically €100–500M EV, with a strong Northern European focus. You'll know our recent work with Vivecti, Corpuls, and Cint. I noticed two things at [Co] this quarter, your MDR Class IIa approval and the new CFO from a PE-backed background. From our work with companies at this point in their journey, it's often the moment when founders start to think seriously about the next ownership chapter. I'm not pitching you on a process. I'd value a 30-minute conversation to share what we're seeing in your specific sub-segment, put names to two or three of the active platforms, and understand what you're building toward. [Your name] Nordic Capital

Use when a regulatory milestone + a finance/operating leadership hire have both fired in the last 90 days. Strongest response rate of the three angles, typically 11–16% reply rate for in-bracket Northern European targets.

Angle 02 · Thesis-aligned (sector-specific founder)

Why we've been watching [Co]

[Founder first name], You don't know me, I'm [Your name], one of the partners at Nordic Capital. We've been backing Northern European Healthcare and vertical-software platforms since 1990, including [Vivecti / Corpuls / Cint reference]. We're particularly active right now in [Healthtech / vertical SaaS / FinServ tech-enabled] at the €80–250M revenue scale. [Co] sits squarely in that range, with a sector overlap to one of our existing platforms. The reason I'm reaching out: the founders we partner with consistently tell us that the highest-leverage moments for an outside conversation are 12–18 months before any process, long before advisers and NDAs come in. If that's even loosely on your mind, I'd value 30 minutes by phone or in Stockholm. Nothing committed. [Your name] Nordic Capital

Use when no signal has fired but the firm matches the deployed shape. Lower response rate (5–8%) but conversations that come back are higher-intent on average, a Nordic Capital-named partner outreach lands very differently from a generic BD pass.

Angle 03 · Peer-referenced (one comp removed)

Following up on something specific to your segment

[Founder first name], I'm [Your name] from Nordic Capital. We've recently been close to [Comparable Firm's] transaction in your segment, at roughly your scale and operating in the same regulatory environment. It made me think about [Co] specifically. The reason: [Co] sits in the same operational space, but with a different ownership profile and a regional footprint that's complementary to one of our existing platforms. I'm not pitching you on a sale, I want to introduce ourselves, share what we're seeing in the sub-sector, and put names to the next few transactions you'll see in trade press. 30 minutes, in the next two weeks? [Your name] Nordic Capital

Use as the second-touch when angle 01 or 02 didn't reply. Peer-referencing, naming a comparable transaction, moves response rate from 4% to 8–10% on second touch.

Period	Conservative	Base	Bull
90 days	5 meetings · 0–1 progressed · 0 closed	10 meetings · 2–3 progressed · 0 closed	16 meetings · 4–5 progressed · 0 closed
180 days	14 meetings · 2 progressed · 0 closed	26 meetings · 5–7 progressed · 0–1 closed	42 meetings · 12 progressed · 1 closed
365 days	32 meetings · 4–6 progressed · 0–1 closed	60 meetings · 12–16 progressed · 1–2 closed	88 meetings · 26 progressed · 3 closed (1 platform + 2 bolt-on)

Period

Conservative

Base

Bull

90 days

5 meetings · 0–1 progressed · 0 closed

10 meetings · 2–3 progressed · 0 closed

16 meetings · 4–5 progressed · 0 closed

180 days

14 meetings · 2 progressed · 0 closed

26 meetings · 5–7 progressed · 0–1 closed

42 meetings · 12 progressed · 1 closed

365 days

32 meetings · 4–6 progressed · 0–1 closed

60 meetings · 12–16 progressed · 1–2 closed

88 meetings · 26 progressed · 3 closed (1 platform + 2 bolt-on)

The unredacted list, and the rest of the conversation.

Two ways to take this further. The first is a 30-minute briefing: we walk through everything in this memo, plus the eleven priority targets in full. The second, if you're not call-ready: ask for the unredacted target list and the live signal feed, and we'll send them.

David Walker-Dobson · david@tentt.com · tentt.com

v.04.28 · Confidential

An origination program scoped to your four sectors, sized to your universe, signal-driven from day one.

Why we built this for Nordic Capital, and what running it would actually look like at your scale.

Your stated focus is four sectors across Northern Europe and North America.
Your actual deployment tells a more concentrated story.

The actual pattern.

European Healthcare, Tech & Payments, and Financial Services mid-cap, €80M–500M EV band.

Why now is interesting.

Active comps across your bracket

We count 612 European mid-cap businesses meeting your sector + size criteria.
Eleven of them are priority targets we'd open this month.

Eight examples from the priority cohort.
Three are redacted, the rest, named where we can defend it.

Eight signals tailored to European mid-cap Healthcare, Tech & Payments, and FinServ.

Three concrete playbooks, scoped to Nordic Capital.

Three angles. Real drafts, ready to send.

90 / 180 / 365 days. Conservative, base, bull.

Week-by-week. Your specific universe, your specific signals.

The unredacted list, and the rest of the conversation.

An origination program scoped to your four sectors, sized to your universe, signal-driven from day one.

Why we built this for Nordic Capital, and what running it would actually look like at your scale.

Your stated focus is four sectors across Northern Europe and North America. Your actual deployment tells a more concentrated story.

The actual pattern.

European Healthcare, Tech & Payments, and Financial Services mid-cap, €80M–500M EV band.

Why now is interesting.

Active comps across your bracket

We count 612 European mid-cap businesses meeting your sector + size criteria. Eleven of them are priority targets we'd open this month.

Eight examples from the priority cohort. Three are redacted, the rest, named where we can defend it.

Eight signals tailored to European mid-cap Healthcare, Tech & Payments, and FinServ.

Three concrete playbooks, scoped to Nordic Capital.

Three angles. Real drafts, ready to send.

90 / 180 / 365 days. Conservative, base, bull.

Week-by-week. Your specific universe, your specific signals.

The unredacted list, and the rest of the conversation.

Your stated focus is four sectors across Northern Europe and North America.
Your actual deployment tells a more concentrated story.

We count 612 European mid-cap businesses meeting your sector + size criteria.
Eleven of them are priority targets we'd open this month.

Eight examples from the priority cohort.
Three are redacted, the rest, named where we can defend it.