CapMan and Litorina sell Cederroth to Orkla

Orkla Home & Personal is the consumer products division of Norwegian consumer, chemical and financial conglomerate Orkla.

The exit comes nearly five years after CapMan and Litorina acquired around 70% and 20% of the company respectively, and will see both owners sell their entire holdings in Cederroth.

CapMan had invested through its €440m CapMan Buyout VIII Fund, while Litorina's stake was held via Litorina Kapital III.

The trade sale will contribute around €8m to CapMan's cash flow this year, subject to the deal's approval and completion, which is expected before the end of Q3 2015.

Previous funding
CapMan and Litorina acquired Cederroth in May 2008 following a Credit Suisse-led auction, carving out the business from US company Alberto-Culver.

A mezzanine debt package was provided by CapMan's own fund, CapMan Mezzanine IV, alongside a senior debt structure from another provider.

Company
Cederroth owns and distributes branded household products within the wound care, household, health care and personal care segments.

Its portfolio consists of around 50 brands which it sells and distributes in Denmark, Sweden, Finland, Norway, Poland and Spain, with the Nordic region being its main market.

Cederroth had a turnover of around SEK 1.98bn in 2013 and employs 850 people.

The Stockholm-headquartered business dates back to 1895, when it was founded by the Cederroth family. It was acquired by the Alberto-Culver Company in 1992.

People
Göran Barsby is a senior partner at CapMan and worked on the sale alongside Litorina partner Lars Verneholt. Mikael Nordin is the CEO of Cederroth.

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• Topics
• Nordics
• Consumer
• Exits
• CapMan
• Sweden
• Norway
• Litorina
• Trade sale