IK-owned TCM lists on Nasdaq Copenhagen

The final offer price was set at DKK 98 per share, with TCM's shares admitted to trading and officially listed on Nasdaq Copenhagen on 24 November.

Shares were trading at DKK 96.5 apiece at the time of publishing.

The final offer price indicates a market cap of DKK 980m. The offering will amount to DKK 686m assuming no exercise of the overallotment option, and DKK 788.9m assuming full exercise of the overallotment option.

Through its holding company Innovator International, IK will hold 22.48% of TCM's share capital, after completion of the offering and before the overallotment option. If the overallotment option is exercised in full, the holding company will own 11.98% of TCM's share capital.

Carnegie Investment Bank and Danske Bank were mandated to act as joint global coordinators. They also acted as joint bookrunners in the offering with ABG Sundal Collier Denmark. The joint bookrunners have been granted an overallotment option of 1,050,000 shares, which may be exercised until 23 December.

Around 10% of the offering was allocated to private investor accounts in Denmark, and 90% of the offering went to Danish and international institutional investors, including the cornerstone investors.

Cornerstone investors include Swedish pension funds ATP, BI Asset Management Fondsmæglerselskabet, Investeringsforeningen Fundamental Invest, Nordea Investment Management, the Danish branch of Nordea Investment Management, the Swedish branch of Handelsbanken, NyKredit Bank and Spar Nord Bank.

Previous funding
IK acquired the Danish kitchen producer in a secondary buyout from Axcel in late 2015 via IK Small Cap I Fund. The deal brought Axcel's nine-year ownership of the kitchen group to a close, with TCM's founders also exiting their minority stake in the company.

Axcel took a majority stake in TCM through a management buyout in September 2006, investing alongside management and founders via its 2005-vintage Axcel III fund.

Company
Founded in 1952, TCM is a Danish kitchen manufacturer headquartered in Holstebro. It manufactures and sells kitchens under the brands Svane Køkkenet, Tvis Kokkener, Nettoline and Kitchn.

The business posted revenues of DKK 602m for the first nine months of 2017. It expects net sales for its current financial year to be in the range of DKK 795-805m. The firm employs a staff of 434 people.

People
IK Investment Partners – Kristian Carlsson Kemppinen (partner).
TCM Group – Ole Lund Andersen (CEO).

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