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Letter from Egil
Welcome to Serendipity Partners. On this website, we want to communicate who we are – to owners, managers or advisors of great businesses. Faced with questions which need key strategic decisions, you hopefully see the importance of a trusted discussion partner with extensive medical and scientific knowledge, combined with financial and operational experience, as well as access to the capital necessary to execute. We aim at being the partner of choice in such situations - whether the issues are related to competitive positioning, innovation, geographic expansion, acquisition-based growth or sale of your ownership in the company. We view growing a business with a conservative balance of debt and equity as the most sensible and best risk-adjusted way to create value for our partners and our investors. Our preferred partners are people who have built truly outstanding companies and want to keep building lasting value. They care and can choose their partners. We are at your disposal to openly discuss a potential partnership with your business. Please feel free to contact me at any time.
Best regards,
Egil Bodd
E-mail: bodd@serpar.no
Serendipity Partners
Serendipity Partners was established to secure a dedicated source of capital to invest within the health care area, leveraging successful long term experience in company management and sector expertise. The fund will invest in companies that conduct the majority of their business or otherwise have a principal connection to Europe. The fund will have a special emphasis on the Nordics (Norway, Sweden, Finland, Denmark and Island). The remainder Northern European countries will also be a focus area. The fund has established a well-connected network of senior healthcare professionals, covering several European countries that will help to source deals in a proprietary manner.
The Fund is registered by The Financial Supervisory Authority of Norway and has approximately NOK 800 mill under management.
The Healthcare fund will acquire controlling positions, but also non-majority positions in which the business can be influenced in a value creating manner (e.g., board representation or similar positions, shareholder agreements or similar agreements). The main focus of the fund will be mature cash flow positive companies, but the fund may invest up to 20% in earlier stage companies. Half of the investments can be in public companies. The fund will target companies within a number of healthcare sectors, including pharmaceutical/nutraceuticals, diagnostics, novel products for lowering of health care spending, medical devices and healthcare providers. Deals are evaluated through a well-tested Private Equity framework. We seek to become partners with public and family business owners, management teams, and excellent CEOs who have as their goal significant long-term growth in their enterprise. We believe that we have assembled the culture, philosophy, tools, knowledge and skills necessary to support this growth-journey.

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Serendipity
Serendipity, defined according to Wikipedia, is a “fortunate happenstance”. It refers to an unexpected discovery and has been the cause of many important discoveries in medicine. The discovery of penicillin by Alexander Fleming in 1928 is the most famous and possibly the most important serendipitous discovery. Having mistakenly left a bacterial culture open, mould had contaminated Fleming’s Petri dish. Fleming observed that bacterial growth was inhibited around the fungus. He later isolated penicillin from the fungus, and the rest is history. However, had Fleming not been a bacteriologist, and without the curiosity to follow up on this lead, penicillin would not have been discovered. You need to be there, you need be curious, but you also need to understand how to interpret what you see. Serendipity is important also in business, as Egil Bodd can testify. We believe Serendipity is important for successful investors.
Value Creation Approach
Serendipity Partners will invest in businesses where the value proposition is knowable and understandable and can be the subject of rigorous analysis. We seek to invest NOK 50-100 million of equity in each portfolio company, either in the initial transaction – or in multiple investments made over time – in established companies where the value proposition is easily understood:

• Experienced, talented and dynamic management teams
• Sustainable margins
• Under-exploited strategic strength
• Understandable plan for achieving profitable growth


We will work with management teams to make companies more valuable by asset building organically or through acquisitions. We support management pursuit of strategic initiatives through:

• Avoiding excessive leverage, providing flexibility to institute long-term growth plans also in challenging market conditions
• Aligning management’s interests with those of our investors through appropriate personal investment and meaningful equity incentives
• Utilizing private debt capital structures along with our equity wherever possible


The team can help companies with specific processes such as planning of clinical studies, regulatory filing of pharmaceuticals and negotiations with distributors. It will also bring its extended, and valuable, healthcare relationships to the company.
Professionals
Egil Bodd

Managing Partner, MD/PhD

Egil Bodd is a medical doctor and holds a PhD in pharmacology from the University of Oslo, Norway. From 2006-2015, Egil was the Managing Partner of Lindsay Goldberg Nordic, the Nordic affiliate of the New York based private equity firm Lindsay Goldberg, which manages funds of 14BUSD. The Nordic firm invested around 1 BUSD of equity across three different platform companies, including healthcare investments in drug development with several FDA filings of New Drug Applications.
From 2004-2006 Egil was the CEO of Pronova Biocare. The company was acquired from Norsk Hydro ASA by Ferd Private Equity in January 2004. The company was valued at more than 7BNOK in the 2007 IPO. From 1992-2003, Egil held various leadership positions in the global pharmaceutical company Merck & Co. In his last position, as Managing Director, Vice President of EMEA, more than 1800 employees reported to him and annual sales in the region were approximately 800MEUR. From 1986-1992 Egil was President of Medinnova, a government-owned company. Medinnova manages cooperation between the industry and the National hospital in Norway. He started the company as sole employee with a capital base of NOK 450.000 and left the company with about 100 employees on project basis and a capital base of > 50 MNOK (after dividens)In addition Egil has held various healthcare responsibilities, including: chairman of the Norwegian Society of Pharmacology and Toxicology, chairman of the Norwegian Committee of Pharmacovigilance (reporting to the Director of Health), chairman of the Norwegian Pharmaceutical Industry Association, member of the supervisory board and chairman of the scientific committee at Lundbeck; and member of the board of the Medical Faculty at the University of Oslo (ongoing).
Professionals
Wenche Rolfsen

Partner, M.Sc/PhD

Wenche Rolfsen holds a Master of Science in pharmacy and a PhD in pharmacology from Uppsala University, Sweden. Since 1980, Wenche has been actively involved in research/development and commercialization of pharmaceutical products and services. From 1996-2007, Wenche held various leadership positions in Quintiles Transnational, a global leader in pharmaceutical services, including Vice President; director of Quintiles Phase I/IIa, Europe and CEO of Quintiles Scandinavia
From 1980 to 1996, Wenche held various manager positions, including head of Pharmacology in Pharmacia, an important global player, and one of the largest pharmaceutical companies in the Nordics at the time. From 1990 to 1999 Wenche was an adjunct professor at the pharmaceutical faculty at the University of Uppsala. Wenche has served on ~15 boards of private and public companies, including Bionor Pharma, Swedish Orphan Biovitrum AB, AkerBiomarine AS, Industrifonden, Sarsia Seed, Index Pharmaceuticals, Axis-Shield, Mölnlycke Health Care and Swedish Match.
Professionals
Synne H. Røine

Partner, M.Sc

Synne H. Røine holds a Master degree in Business and Economics from Université des Sciences Sociales in Toulouse, France. Synne has broad international experience in the healthcare sector as executive manager and director in private and public companies.
Her latest position was as CFO of Colosseum Dental Group, Europe’s leading dental services provider with more than EUR 350M in revenue. The company has made over 50 acquisitions in recent years and is today the leading pan-European dentistry chain.

Prior to joining Colosseum in early 2015, Synne had served as CFO of the public biotech company Bionor Pharma ASA since 2013. Bionor Pharma developed therapeutic vaccines against viral diseases especially focusing on HIV.
Synne worked for Pronova BioPharma ASA from 2005 (before the IPO) to 2013 when the company was sold to BASF for NOK 5bh through a structured auction. Synne served as Pronova’s CFO from 2009. Pronova BioPharma is a leading company within research, development and manufacture of lipid therapies derived omega-3 based pharmaceuticals with sales in over 60 countries worldwide.
Synne has Board experience from several public health care companies, including Navamedic ASA and Photocure ASA (current).
Professionals
Michael Bodd

Principal, MD/PhD/MBA

Michael Bodd is a Medical Doctor from the University of Oslo, Norway. He holds a PhD in Immunology from the University of Oslo (2007-2012) and an MBA from INSEAD (France and Singapore). He has a foundation in business administration from BI Norwegian business school (Oslo, Norway).
Since 2015 Michael, has been Vice President in Lindsay Goldberg Nordic, the Nordic affiliate of the New York based private equity firm Lindsay Goldberg. Prior to that Michael was an associate in the Boston Consulting Group (2013-2015), mainly working within the healthcare space (pharmaceutical industry and healthcare providers). Michael has some board member experience from non-public companies.
Professionals
Christopher Tangen

Principal, M.Sc

Christopher Tangen holds a Master of Science from Cass Business School with first distinction and a Bachelor of Science from the Norwegian School of Economics (NHH).

His latest position (2015-2017) was at Carnegie in Oslo, a leading investment bank in the Nordics, focusing on advisory services within company mergers and acquisitions.
From 2011-2015, Christopher worked at the European private equity group IK Invest in London, focusing on mid-market investments, including health care assets, in the Nordic region, and was actively involved in portfolio companies including board membership. Prior to joining IK Invest, Christopher worked as an analyst at the Nordic Investment Banking Division at Merrill Lynch International in London from 2008-2011, focusing primarily on M&A advisory in the Nordic region.
Investments

Marine Bioproducts AS: 2017-2017. Produces fish meal and fish oil from salmon off-cuts and guts. First batches of fish protein to human consumption sold. Acquired to leverage Serendipity Partners' expertise in marine nutraceuticals. The company was sold earlier than intended with satisfactory return.

Contact

SERENDIPITY PARTNERS

Postal Address: Serendipity Partners AS, P.O.Box 1793 Vika, 0122 Oslo, Norway

Visiting Address: Ruseløkkveien 26, Oslo, Norway

Telephone: (+47) 2201 3210

Fax: (+47) 2201 3211

Egil Bodd:
Office: (+47) 2201 3219, Cell: (+47) 900 20 341
E-mail: bodd@serpar.no

Michael Bodd:
Office: (+47) 2201 3218, Cell: (+47) 986 70 250
E-mail: mbodd@serpar.no

Wenche Rolfsen:
Office: (+47) 2201 3214, Cell: (+46) 733 319156
E-mail: rolfsen@serpar.no

Christopher Tangen:
Office: (+47) 2201 3213, Cell: (+47) 900 30 036
E-mail: tangen@serpar.no

Synne Røine:
Cell: (+47) 992 29 892
E-mail: roine@serpar.no

Ruseløkkveien 26, Oslo, Norway
Phone: (+47) 2201 3210
E-mail: post@serpar.no