Accent buys two Swedish flower companies

Accent initiated the merger and will take a majority stake in the newco using its vehicle Accent Equity 2012.

Both businesses are family-owned and will continue to operate under their existing brands.

The flower production industry in Sweden has traditionally been very fragmented and dominated by speciality market shops, the GP said. Accent identified a change in consumer behaviour towards buying flowers from supermarkets, which this transaction aims to exploit.

The two companies have strong relationships with grocery chains, which Accent will try to capitalise on and expand. Further acquisitions within Sweden are planned but targets have not yet been identified.

Debt
There is no external bank debt involved in this transaction, but a working capital facility has been arranged.

Company
Rydells Försäljning was founded in 1912 and operates in Mälaren Valley, Södermanland, Östergötland and Gotland. Flowers are cultivated by the company in Vallentuna, but it also sources from local growers and gardens. It has around 100 employees and delivers to 170 stores.

S-Blommor i Stockholm was founded in 1976 and also operates in Mälaren Valley. Its main business is delivering flowers and accessories to grocery stores, but also operates five florist stores in Stockholm under the brand Blomsterpassagen. The company employs 140 people and delivers to 170 stores.

The two companies have combined revenues of SEK 500m.

People
Accent Equity Partners – Martin Tisell (partner).
Rydells Försäljning – Jens Rydell (CEO).
S-Blommor i Stockholm – Jens Stigson (CEO).

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• Topics
• Buyouts
• Nordics
• Consumer
• Sweden
• Accent Equity Partners
• Buy-and-build