Nordic sells Ellos to trade for €229m

The GP made the divestment from Nordic Capital CV1, a €2.5bn continuation vehicle for Nordic Capital Fund VII.

The combined group will allow Ellos to sell Nordic customers FNG brands and FNG to sell Ellos brands to customers across Europe.

It expects to post combined revenues of €759m for 2018.
FNG is listed on Euronext Brussels and Euronext Amsterdam. It employs 3,000 people and generated sales of €500m in 2018.

Nordic will retain a minority stake in the company, as well as early-stage investor Paul Frankenius via Frankenius Equity.

Previous funding
Nordic acquired a majority stake in Ellos at an enterprise value of €275m in 2013, drawing equity from Nordic Capital Fund VII.

In 2018, Nordic Capital Fund VII transferred its nine remaining portfolio companies (including Ellos) into a continuation fund in a GP-led secondaries transaction advised by Campbell Lutyens.

Coller Capital and Goldman Sachs fully underwrote the transaction, which offered existing LPs the option of rolling their commitments into the new vehicle or selling at an 11% premium to NAV.

Company
Ellos was founded in 1947 and is headquartered in Borås, Sweden. It runs the online stores, Ellos, Jotex, Stayhard and Homeroom, selling fashion and home furnishings. It employs 500 people and generates sales of around €247m.

People
Nordic Capital – David Samuelson (principal).
FNG – Dieter Penninckx (CEO).
Ellos Group – Hans Ohlsson (CEO).

Advisers
Vendor – ABG Sundial Collier (corporate finance); Cederquist (legal).

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• Topics
• Exits
• Nordics
• Consumer
• Nordic Capital
• Trade sale
• Sweden