FSN pens first 2016 deal with Bygghemma MBO

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

The GP said in a statement it was attracted to what it sees as "significant" opportunities to grow Bygghemma organically and acquisitively across the Nordic region, as well as possibly further afield.

Bygghemma is FSN's first buyout in 2016, its most recent transaction being the purchase of Danish IT business Netcompany in December 2015.

FSN's investment can be seen as an example of Nordic private equity's affinity with DIY retailers in recent years, while adding the online retail aspect to the mix. Altor successfully exited Nordic discount DIY retailer Byggmax in 2014, after listing the company in Stockholm. At the start of 2016, Swedish GP Litorina acquired building materials retailer Fresks from the founding family. Most recently, listed Swedish GP Ratos hired Byggmax's CEO Magnus Agervald.

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

It operates the websites bygghemma.se, golvshop.se, badshop.se, linoleumkompaniet.se, trademax.se and chilli.se, in Sweden; taloon.com, netrauta.com, talotarvike.com and trademax.fi, in Finland; Norwegian websites bygghjemme.no and trademax.no; as well as byghjemme.dk, frishop.dk and trademax.dk in Denmark.

The group has eight offices in the Scandinavian countries and Finland, employing around 250 people. Headquartered in Malmö, Bygghemma had revenues of SEK 2.3bn in the 12 months to 30 June 2016 and an EBITDA margin of 3.4%.

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

Advisers
Equity – Bain & Company (corporate finance); KPMG (tax); White & Case (legal); SEB (corporate finance).

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• Topics
• Buyouts
• Nordics
• Consumer
• Sweden
• FSN Capital