Verdane acquires Nordicfeel

Nordicfeel will merge with Verdane's existing portfolio company, online beauty products e-retailer Eleven, which the GP acquired in 2013.

The private equity house will pay for Nordicfeel in cash as well as shares in the combined company, with Nordicfeel owners retaining a minority stake.

Following the merger, the new company is expected to report a turnover of SEK 370m and operate within three Nordic markets.

Verdane said it was attracted to the company as it sees consolidation opportunities in the Swedish beauty market, which it says is fragmented but growing at a rate of 8-10%.

Previous funding
Verdane acquired a 15-30% stake in four Scandinavian e-commerce companies held by Swedish investor eEquity in September 2013.

As part of the transaction, Verdane injected additional growth capital into the companies, namely WhiteAway, Caliroots, Parelle/Eleven and Royal Design. In total, around SEK 60m was divided between the companies (excluding WhiteAway). 

Company
Established in 2006 and headquartered in Växjö, Nordicfeel is an online beauty store selling skin and hair care products, perfume and makeup. The company is active in Sweden, Norway, Finland and Denmark. Nordicfeel opened its first store in Växjö, with a selected range of its most popular products online, in 2015.

People
Verdane Capital – Daniel Ahlstrand (investment manager).
Eleven – Pernilla Barkman (CEO).
Nordicfeel – Jörgen Bödmar (chairman).

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• Topics
• Buyouts
• Nordics
• Consumer
• Sweden
• Verdane Capital Partners