3i in DKK 1.5bn take-private of BoConcept

The GP offered DKK 500 per share to the Copenhagen-listed company's shareholders, having secured irrevocable undertakings for 67.5% of BoConcept's share capital and 81.5% of voting rights.

A source close to the deal told unquote" the sale came after a single-track sale process and that HIG had not realised any value prior to exit.

3i said in a statement it intended to de-list the company from Nasdaq OMX Copenhagen following the buyout, which prices BoConcept's share capital at DKK 1.5bn. Any remaining minority shareholders will see their shares redeemed by 3i in accordance with Danish public market regulations as part of the acquisition.

The successful transaction follows a structured process in which former majority shareholder Viggo Mølholm and his family sought to exit their stake in BoConcept, after which the board engaged a financial adviser to find a buyer. The Mølholm family, management and other shareholders had agreed to sell their shares to 3i, and BoConcept's board eventually recommended its shareholders accept 3i's bid.

Company
BoConcept is a Danish furniture retailer based in Copenhagen, founded in 1952.

The company operates 254 stores globally, generating DKK 1.2bn of sales and EBITDA of DKK 149m in the year ending April 2016.

People
3i – Boris Kawohl (Netherlands director).

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