Nordic Capital buys Europris from IK

IK has fully exited its stake in Europris at a 2.3x multiple. IK supported the company's growth through strategy and operational improvements, including a supply chain restructuring, integration of the retail and wholesale business, and expanding the business with 66 new stores.

Nordic Capital sees growth potential in the Norwegian mixed discount retail sector, stating that it represents only 8% of the whole sector, below average in other European countries. Partner Tom Vidar Rygh commented that Nordic Capital has followed Europris for some time and praised the company for performing well under tough retail market conditions.

Previous funding
IK acquired Norwegian retailers Terje Høili, Max 20, and Europris in 2004, combining these into Europris Holding. It took an 80% stake in the new entity, with the remaining 20% held by management.

Company
Europris, created in a 2004 merger, with the oldest component tracing back to 1979, is a mixed discount retailer. The company operates 196 stores in Norway and six in Iceland, with central warehouse and headquarters in Fredkrikstad. It recorded sales of NOK 3.6bn in 2011.

People
Partner Tom Vidar Rygh, director Kjell Martin Grimeland, and investment managers Axel Ramm and Martin Bjørklund worked on the deal for Nordic Capital. Partner Trygve Grindheim led the deal for IK Investment Partners. Bjørn Maarud remains as CEO for Europris.

Advisers
Equity - Selmer (Legal); Ernst & Young (Financial due diligence).

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• Topics
• Nordics
• Buyouts
• Consumer
• IK Investment Partners
• Nordic Capital
• Norway