Sweden first · Local formats · Full CET overlap

Nordic Transaction Advisory & M&A Due Diligence

Sweden, Norway, Denmark and Finland — four reporting regimes and four export formats. We start from the file the target’s system already produces rather than asking their controller to rebuild it for us.

Discuss a deal Engagement models

Why the Nordics are our priority market

It is the rare combination of real deal volume and unusually good source data — if you know how to read it.

The Nordics generate roughly 12–15% of European private equity deal volume by count, from a combined population of about 27 million — a persistently disproportionate share.
Sweden is the most active Nordic PE market, underpinned by technology, industrials, healthcare, consumer brands and export-oriented mid-market companies.
Stockholm hosts EQT (the largest Nordic-headquartered investor by enterprise value) and Nordic Capital, alongside mid-market houses including IK Partners, Adelis, Segulah and Axcel.
Nordic Capital closed its second dedicated mid-market fund, Evolution II, at a €2bn hard cap in December 2024 — capital specifically targeted at the deal size where outsourced diligence is common.
A deep base of owner-led businesses reaching succession means consistent lower-mid-market transaction flow, which is exactly where in-house diligence teams do not exist.

Pick a country

Each market has its own reporting basis, ledger export and statutory filing. The detail is what makes offshore support useful rather than extra work.

Sweden — priority market

SIE4 / SIE5 native · K2 / K3 bridging · Fortnox, Visma, Bokio

Our primary focus in the region. Full detail on SIE file types, where K2 and K3 diverge, and how we bridge onto a buyer’s basis.

Norway

SAF-T v1.30 · NGAAP · Tripletex, PowerOffice

Mandated standard audit file means transaction-level data is reliably available.

Denmark

Årsregnskabsloven · Reporting classes A–D · e-conomic, Dinero

Reporting class determines how much a buyer can learn before diligence starts.

Finland

FAS · PRH filings · Netvisor, Procountor

Euro-denominated, removing the translation layer present elsewhere in the region.

Nordic capability at a glance

	Sweden	Norway	Denmark	Finland
Reporting basis	K2 / K3 / IFRS	NGAAP / IFRS	Årsregnskabsloven / IFRS	FAS / IFRS
Ledger export	SIE4 / SIE5	SAF-T Financial v1.30	GL export	GL export
Transaction-level detail	Yes — SIE4	Yes — SAF-T	Yes	Yes
Common systems	Fortnox, Visma, Bokio	Tripletex, PowerOffice, Visma	e-conomic, Dinero	Netvisor, Procountor
Statutory filing	Årsredovisning — Bolagsverket	Årsregnskap — Brønnøysund	Årsrapport — Erhvervsstyrelsen	Tilinpäätös — PRH
Currency	SEK	NOK	DKK	EUR
Time zone	CET	CET	CET	EET

What we do on a Nordic mandate

Financial due diligence

Quality of earnings, EBITDA add-backs, revenue quality — bridged from local GAAP onto the basis you underwrite.

Databooks

Built straight from SIE or SAF-T, so schedules tie to voucher-level source rather than a retyped trial balance.

Working capital

Peg analysis with the FX layer handled where SEK, NOK or DKK reporting meets EUR or USD underwriting.

Vendor assistance

Sell-side packs for Nordic sellers, with statutory-to-management reconciliation prepared before buyers ask.

Test the capability before you commit

Send an anonymised SIE or SAF-T export and we will return the derived monthly P&L, balance sheet and an account-level cut — before any engagement letter, at no cost.

Sweden is our priority market and our data handling is built around the SIE standard. Our transaction experience is Big 4-trained and cross-border. Where a mandate needs a local statutory signatory or an audit opinion in-country, we work alongside one rather than claiming to replace it.

Sweden in detail Send a sample export

Frequently asked questions

Which Nordic countries do you cover?

Sweden, Norway, Denmark and Finland. Each market has its own reporting basis, ledger export format and statutory filing — and the detail is what makes offshore support useful rather than extra work for the target’s finance team.

Why is Sweden your priority market?

SIE4 gives complete transaction and voucher-level detail from a single export, which is the best source data we see anywhere in the region. Sweden is also the most active Nordic private equity market, so deal flow is consistent.

Do you handle the local languages?

Yes. Account names, voucher narrative and supporting documentation are processed in Swedish, Norwegian, Danish and Finnish. Deliverables are issued in English by default, or bilingual on request.

How do your working hours overlap with the Nordics?

We cover the full CET business day for Sweden, Norway and Denmark, and EET for Finland. A Nordic deal team gets same-day turnaround rather than an overnight lag.

What do you need to give a first view?

An anonymised SIE or SAF-T export, or simply the data room index. We will confirm scope, what we can derive from the file and the timeline within one business day, before any engagement letter.

Nordic guides and related services

Working on a Nordic deal?

Send the SIE or SAF-T export, or just the data room index. We will confirm scope and timing within one business day.

Book a consult See a real databook

Or email abhishek.bhandari@zionadvisor.com directly.