3 july 2014

eEquity sell its shares in WhiteAway, the leading player in selling whitegoods online, to Aktieselskabet af 10.6 i Danmark controlled by Anders Holch Povlsen owner of Bestseller generating a 4.5x multiple in return for eEquity

eEquity, the leading private equity company within internet retailing, carried out its first investment, of three in total, in WhiteAway Group A/S in December 2010. The company had at the time sales of DKK 150 million and an EBITDA of 6 million compared to sales of DKK 765 miljoner during 2013 and an EBITDA of 17 million. WhiteAway has today a runrate above DKK 1 billion in sales. Hvidevarer was founded by Johannes Gadsboll, Esben Gadsboll and Jesper Bang in 2003 at a small scale. Ib Norsholm engaged himself in the company in 2007 when the name was changed to WhiteAway. WhiteAway acquired Skousen 2011 and Lavpriskoekken 2012. The proportion of whitegoods being sold online is today approx. 20 percent in Denmark, 6 percent in Sweden and 2-3 percent in Norway. WhiteAway has today approx. 50 percent of the Danish online market and is growing organically by more than 100 percent yearly in Norway and Sweden.

By selling 28.1 percent of WhiteAway, eEquity realises a value equal to 88 percent of the total amount that the limited partners have invested in eEquity I and eEquity II.  The return, measured in multiple of the investment amounts to 4.5 in average for both funds with an average of both funds of 2.6 years. IRR amounts to 69 percent for eEquity I and 79 percent for eEquity II.

“This is our first larger exit in eEquity and we are very pleased and proud. We made a plan when we invested the first time to build a company with sales of DKK 1 billion in five years, which our runrate already exceeds after only 3.5 years” says Patrik Hedelin, responsible partner at eEquity. ”We also felt that our plan for increased product assortment, launch of two new markets, two add-on acquisitions in Skousen and Lavpriskoekken and implementation of our own private labels has been achieved and that the timing was right for us to sell. The value creation is mainly coming from migrating customers from offline to online that creates the foundation for strong organic growth in combination with strategic add-on acquisitions without any financial leverage”.

For additional information, please contact:

Patrik Hedelin, patrik@eequity.se or +46 70 545 2889

About eEquity

eEquity was founded in 2010 and has today become the leading private equity firm for investments within internet retailing, both concerning physical products and services. eEquity is working actively with its portfolio and is supporting the entrepreneurs in building more profitable and faster growing companies at lower risk by enhanced competence and an operational framework in order to build long term profitable companies. eEquity today has 10 portfolio companies and has five limited partners across Europe as investors. The company was founded by Magnus Wiberg and Patrik Hedelin. Magnus Wiberg previously co-founded Pricerunner and built it to become a leading price comparison site in Sweden and England and sold it ValueClick, listed on Nasdaq. Patrik Hedelin previously co-founded boo.com where Patrik was executive chairman with responsibility for the fund raising. Please visit www.eequity.se for more information.

About WhiteAway

WhiteAway is today leading in selling whitegods online in the Nordics. The company has it’s headquarter in Århus, Denmark with 85 employees. Sales are conducted online in Denmark, Norge and Sweden and through the franchise chain Skousen in Denmark. WhiteAway has since the start always experienced strong organic growth and profitability. WhiteAway sells approx.  4 000 whitegoods products from all large brands and three private label brands.

22 may 2014

Royal Design acquires RUM21 from CDON

Royal Design Group AB announces that it has entered into an agreement with CDON Group to transfer the entire business in Rum21 AB to Royal Design Group AB.

About Royal Design Group AB
Royal Design Group AB is Sweden’s leading e-commerce company through RoyalDesign.se with the greatest assortment within design, furniture, lighting and home furnishing. RoyalDesign.se has over 70 000 products from more than 180 world-famous brands within design and decor.

The company was founded in 1999 and currently has about 65 employees and a yearly turnover of 240 million.

Besides being one of the largest company’s for the home decor market online, Royal Design opened 7 physical stores during 2013, merging the online and offline businesses to enable a complete offering to the customers and the best from two worlds.

“Rum21 is a very well managed and rapidly expanding business, which fits perfectly into our strategy and vision of being the most complete and obvious interior design concept for design and furniture consumers across the Nordics and it will be very inspiring to develop both of these business areas in parallel. The two businesses RoyalDesign.se and Rum21.se will together be the market leader within design, furniture and home deco online, with an expected turnover this year of more than SEK 400 million.” says Hans Bengtsson, CEO Royal Design Group.

About Rum21 AB
Rum21 AB is an online store focused on the sale of interior design and design furniture, started in 2006 and acquired by CDON Group in 2011. Today Rum21 operates the Nordic internet stores Rum21.se, Room21.no, Room21.dk and Room21.fi. The company also has a large design shop in Borås.

For more information, please contact:

Hans Bengtsson, CEO
E-mail: hans.bengtsson@RoyalDesign.se
Phone: +46 (0) 708202965

21 may 2014

Caliroots acquires Hollywood!

May 19 is a milestone in streetwear, sneakers and skate in Sweden when Caliroots acquires the venerable chain Hollywood.

“A slightly younger and more action sports-oriented customer makes Hollywood a perfect match for Caliroots. Since Hollywood has had a strong history in retail and we use both the same platform and ERP, we see great synergies already in the short term” says Andreas Koschnike, founder and CEO of Caliroots.

Caliroots has been around for over 10 years and represents streetwear and sneakers online, as well as with 3 physical stores.

Hollywood has been Stockholm based since the early 70′s, but with today’s concept since 2004.
In addition to 4 stores in Sweden they also have an online store with a focus on Sweden and Norway.

The companies will continue to operate as separate companies and brands to begin with.

“It feels good to hand over the baton to Caliroots who have proved strong in a tough market. I am confident that they will do a good job going forward with the Hollywood brand” says Mattias Grönlund, owner and CEO of Hollywood.

Company information
Caliroots
Californian Roots AB
Caliroots.com
Founded by Andreas Koschnike and Per Norelll in 2003
Investors: eEquity and Verdane
Employees: ca 30 st
Estimated revenue current financial year: 120 MSEK

For inquiries, please contact: Andreas Koschnike, CEO
andreas@caliroots.com

21 jan 2014

Footway acquires 100% of Brandos

Footway makes another strategic acquisition and acquire Brandos that will generate economies of scale, purchasing power and higher capital efficiency. Footway is now the clear market leader in the Nordics in selling shoes online. The online penetration in the Nordics is 6% and is expected to increase to 25% over the next five years in line with the online penetration in US/UK. The acquisition is financed by a new issue to existing shareholders of SEK 72 million.

28 nov 2013

Footway acquires key stake in competitor Brandos

More info to come.

6 nov 2013

RoyalDesign moves the central warehouse to Orrefors

Read more (in Swedish)

18 okt 2013

Royal Design takes over Cervera stores

Read more (in Swedish)

4 sept 2013

eEquity sells part of portfolio to Verdane in its first partial exit

Verdane Capital Funds (Verdane) and eEquity are two of the leading Nordic investors in e-commerce. Through this transaction Verdane acquired 15-30% ownership stakes in four e-commerce companies in which eEquity is a shareholder. In conjunction with the transaction, the portfolio companies will also receive additional growth capital, and Verdane Capital Advisors, the investment advisor to Verdane, will gain a board seat position in each of the companies.

Verdane Capital Advisors is one of the prominent investment advisors in e-commerce and the leading advisor in portfolio transactions (i.e., secondary directs) in the Nordics. The transaction is the twentieth portfolio transaction by Verdane in ten years. Through the transaction, Verdane became a shareholder in four companies: WhiteAway, Caliroots, Parelle/Eleven and Royal Design.

eEquity is a leading Swedish investor in e-commerce of goods and services, with stakes in 11 Nordic e-commerce companies. The transaction, in which eEquity divests a portion of their holdings in the target companies, is the fund’s first exit since its inception in 2010. As a secondary direct investor in the Nordics, Verdane acts as a solution provider for owners of portfolios of unlisted assets. In this case, it was efficient for eEquity to sell several partial stakes in their portfolio at once, thereby enabling Verdane to gain access to these particular companies.

WhiteAway is the leading internet retailer of household appliances in the Nordics with an annual turnover of approximately Skr 900m. The company was founded in 2003 and is based in Aarhus, Denmark.

Caliroots is a Sweden-based internet retailer of street wear with three physical stores. Founded in 2003, the company has an annual turnover of approximately Skr 100m following its acquisition of andMotion which occurred in connection with the transaction.

Parelle/Eleven is a group of two Swedish companies that merged before the summer. The newly formed company has an annual turnover of approximately Skr 130m and sells beauty products online and in 20 franchise stores across Sweden.

Royal Design is a leading internet retailer of kitchenware, home decor and furnishings. Based in Kalmar, Sweden, the company was founded some 10 years ago and has an annual turnover of approximately Skr 150m.

“We are very happy that Verdane will be a co-owner in these companies and believe that they have a lot to add which will help us build the companies to category leaders in their respective product areas,” says Magnus Wiberg, Partner at eEquity and one of the founders of Pricerunner.

“We are very pleased that Verdane has invested in these four interesting assets and expanded Verdane’s portfolio of internet retailers to almost 20 holdings,” says Staffan Mörndal, Partner at Verdane Capital Advisors. “Thanks to our experience from working closely with e-commerce companies since 2005, we will be able to propose 100-150 improvement actions to each of these four companies. Verdane always strives to contribute more than just capital to our portfolio companies”.

For more information contact

Magnus Wiberg

eEquity AB

Tel. +46 735 37 50 00

Mail. magnus@eequity.se

27 may 2013

Unity Beauty Group acquires Eleven.se and strengthen its position as the Nordic challenger in beauty

Unity Beauty Group AB which since 2012 owns Parelle Cosmetics is, with its 20 stores and webshop, Sweden’s second largest beauty retailers. With the acquisition of Eleven.se, the leading online player, the group further strengthens the position.

Eleven.se has a turnover of approximately SEK 80 million and has with its 800 brands the widest range of cosmetics and fragrances in the market. Unity Beauty Group acquires all shares in the company and Eleven.se becomes sister company to Parelle Cosmetics. Sellers Michael Gegerfelt and Mikael Simonsson will become part of the management team of Unity Beauty Group, and even become partners alongside former owners eEquity AB, and the company’s founder Susanne Najafi and Alexis Priftis.

“Eleven.se is a very well run company with a strong customer base, and a fantastic addition for us. We look forward to get the absolute top expertise in e-commerce in our management team to strengthen our online venture further, “said Susanne Najafi, CEO of Unity Beauty Group.

“We see a strong match between the companies and believe that together we will be able to realize our vision of creating a new kind of quality shopping experience online and offline for customers throughout the Nordic region,” said Michael Gegerfelt.

Eleven.se was founded in 2000 by Michael Gegerfelt and is an authorized online reseller with a product range of about 25 000 items of the most popular and prestigious brands in the beauty category. Today Eleven.se the leading player online in Sweden.

Parelle founded in 1962 and is with its 20 member-owned stores and salons Sweden’s largest chain of beauty treatments, as well as the third largest chain of perfume and cosmetics, and since November 2012 also engaged in e-commerce via www.parelle.se.

eEquity is a Swedish holding company for investments in e-commerce, both in terms of physical products and services. eEquity currently has 10 portfolio companies and manages several hundred million. Magnus Wiberg co-founded Pricerunner and built the company into a leading price comparison service in Sweden and England and then sold the company to ValueClick, listed on Nasdaq. Patrik Hedelin co-founded the former boo.com where Patrick was Chairman and responsibility spirit of fundraising area.

For further information please contact.

Felix Erhardt

eEquity AB

Tel: +46 725 101 625

Email: felix.erhardt@eequity.se

17 apr 2013

Footway acquires Heppo from CDon and expands assortment

Footway acquires Heppo from CDon in another step towards becoming the leading online shoe store in the Nordics. The Footway team previously built up Lensway during a 10 year period to become the leading online player within lenses with sales of half a billion SEK.

Heppo has sales amount to approximately 100 million SEK per year. After the acquisition Footway will offer their customers 17 000 different shoe models with 1-2 day delivery in the whole of the Nordics. Closing is planned to 18 of April. In relation to the acquisition there will be a new issue in Footway where current owners eEquity, Industrifonden, Rutger Arnhult amongst others will invest an additional 40 million SEK in the company. Footway today has both logistic center and head office in Kista, Stockholm.

“The acquisition will increase our assortment of shoes with 300% which creates a huge customer value. As we have logistics and customer service in-house, which our competitors don’t, we can strive for the highest possible customer satisfaction which we believe is very important especially when we now increase our assortment and sales” says Daniel Mülbach, founder Footway

“Through the acquisition of Heppo we lay the foundation for Footway to grow and become a billion revenue company within the Nordic market. We believe the online penetration of shoes sold online will increase from todays 6% to 18% which is similar to current levels in the US and continue to grow towards a 30% share over a five year period.” says Patrik Hedelin, Partner eEqutiy.

For further information Daniel Mühlbach, VD

Email: daniel.muhlbach@footway.com  Mobil: 070-9999343

Louise Liljedahl, Press Email: louise.liljedahl@footway.com Mobil: 0736-40 93 50