FSN sells 25% stake in Bygghemma to EQT

FSN divested shares held by FSN Capital IV, FSN Capital V and FSN Capital Project Growth. It remains the group's largest shareholder and has retained 29% of its shares in the business. With the shares sold at SEK 47.5 apiece, the GP realised approximately SEK 1.3bn in profit through the sale of 26,842,106 shares.

Asked how the deal came about, FSN's Niclas Thiel said: "FSN Capital Funds was approached by EQT Public Value Fund a while ago, who indicated a strong interest in taking an active role and a major ownership in Bygghemma."

FSN acquired Bygghemma from Swedish investment company Nordstjernan via an MBO in October 2016, as reported by Unquote. The GP drew equity for the deal from FSN Capital IV, its SEK 5.25bn buyout fund. The parties declined to disclose the value at the time of transaction, according to Thiel.

Bygghemma launched its IPO on the Nasdaq OMX in Stockholm, based on an equity value of SEK 4.85-5.35bn (€477-526m). FSN retained a 53.9% stake in the company, according to Unquote Data.

Bolt-ons made during the investment period have included the purchase of Finnish lighting and kitchen product e-commerce company Edututor. "These investments have clearly yielded results," according to Thiel. "Bygghemma has more than doubled its sales and almost tripled its operating profit (adjusted EBITDA) since FSN Capital Funds' investment in 2016."

Company
Malmö-based Bygghemma is a Swedish online DIY and home improvement retailer. The company was founded in 2006 and employed 812 people at the end of 2017, according to its website.

Thiel told Unquote that Bygghemma reported net sales of approximately SEK 5.8bn in the 12 months to 30 September 2019.

The group manages a number of DIY and home furnishing brands under various webstores and showrooms, including Bygghemma, Trademax, Chilli, Netrauta, Taloon and Furniturebox. It has operations in Sweden, Finland, Norway and Denmark.

People
FSN – Niclas Thiel (principal).

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