Nordic Capital sells remaining shares in Tokmanni

Nordic Capital is understood to have reaped a total of €375m through the initial listing and the following sell-downs, compared with an initial investment (minus recapitalisation) of €75m. The investment generated a 5x return for the GP, unquote" understands.

Nordic Capital declined to comment on financial details, including return figures.

According to a stock exchange note on Nasdaq Nordic, the GP sold 8,952,301 shares in Tokmanni, corresponding to 15.21% of all shares and votes in the retailer. The shares sold at 760 cents apiece, down 15.5% on the share price in the previous block sale. The gross sales proceeds of the latest share sale amounted to approximately €68m, according to the stock exchange.

During Nordic Capital's ownership, Tokmanni's revenues increased from €650m (2011) to €776m (2016). In the same period, the number of employees grew from 2,900 to 3,200 and Tokmanni opened 18 new stores.

Previous funding
Nordic Capital wholly acquired Tokmanni through an SBO from Finnish GP CapMan in May 2012. CapMan first backed the company in November 2004, taking a 60.6% stake.

In May 2016, Nordic Capital listed Tokmanni in a Helsinki IPO that saw the group achieve a market cap of €394m and resulted in €150m in proceeds for the GP. Six months after floating the company on Nasdaq OMX Helsinki, Nordic Capital sold a block of 9 million shares worth €74.7m.

In November 2016, Nordic Capital sold a €74.7m share block in Tokmanni, six months after floating the company on Nasdaq OMX Helsinki. The shares were sold at 830 cents per share, an increase of around 24% on the share price at the time of Tokmanni's IPO in May 2016.

In February 2017, the GP sold an €81m block of shares, equivalent to 9 million shares in the Finnish discount retailer Tokmanni. The share price was 900 cents.

Company
Founded in 2004, Tokmanni is a Finnish discount goods retailer.
Headquartered in Mäntsälä, the company generated €776m in revenues in 2016 and employs a staff of 3,200.

People
Nordic Capital – Robert Furuhjelm (partner).

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