EQT exits Avenso in management buy-back

CEWE will acquire the WhiteWall brand and business operations, its production plant in Frechen, and four stores in Hamburg, Düsseldorf, Berlin and Munich. It plans to expand the brand in Germany and in international markets. CEWE will take over WhiteWall for a purchase price based on an enterprise value of €30m, which values WhiteWall at around 0.9x its turnover in 2018, according to a statement.

The company was owned by EQT Mid Market Fund, which invested €80-150m in European companies. During EQT's holding period, Avenso has expanded its multichannel capabilities, expanded geographically and extended its product portfolio.

Previous funding
In 2007, Acton Capital Partners provided early-stage funding to Avenso.

EQT became the majority stakeholder in Avenso in 2013. The firm acquired all shares from Hubert Burda Media, which originally acquired a 26% stake in Avenso in 2006. Acton exited the company in this transaction.

Company
Founded in 1999, Avenso operates 37 art galleries globally, sells affordable art and produces custom prints. The company is headquartered in Berlin and employs 200-500 employees, according to Linkedin. WhiteWall employs approximately 170 people.

People
EQT Partners – Fredrik Åtting (partner).
CEWE – Christian Friege (CEO).
Avenso – Marc Ullrich (co-founder, CEO of Avenso).

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• Topics
• Exits
• DACH
• Consumer
• Management buyback
• Germany
• EQT