FSN-backed Bygghemma buys stake in Furniture1

Malmö-headquartered Bygghemma has acquired a 30% stake in Baltic-based Furniture1 with the option to acquire up to 80% of the shares. The purchase price for the 30% stake amounts to around SEK 30m and corresponds to an enterprise value of around SEK 100m for Furniture1. The option to acquire up to 80% of the shares has no time limit.

With the fresh funding, Furniture1 intends to develop its sales model in the interior designs segment.

Previous funding
FSN acquired Nordic company Bygghemma in an MBO in October 2016.

FSN tapped its FSN Capital IV vehicle to buy the business from Stockholm-based investment company Nordstjernan and invested alongside Bygghemma's management team in the newco. Nordstjernan had held an 88% stake prior to selling.

Company
Founded in 2008 and headquartered in Vilnius, Furniture1 is an online retailer of furniture and interior decoration in the Baltic region and eastern Europe. The company employs a staff of 135 employees and recently opened new offices in Sofia and Ljubljana.

It currently has operations in Estonia, Latvia, Lithuania, Croatia, Hungary, Bulgaria, Greece, Slovenia and Romania. Furniture1 reported a turnover of around SEK 200m for the 12 months to August 2018.

Founded in 2006, Bygghemma is an online retailer of DIY and building materials.

People
FSN Capital – Peter Möller (partner).
Bygghemma – Mikael Olander (CEO).
Furniture1 – Pijus Makarevicius (CEO).

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• Topics
• Expansion
• CEE
• Consumer
• Lithuania
• Baltics
• FSN Capital
• Build-up