NEVI, Tourn sell influencer business service Hubso to trade

The deal will result in Orgo acquiring roughly 83.5% of the capital and approximately 92% of the votes in the company.

Prior to the transaction, NEVI owned 42.8% in Hubso, while Tourn had a shareholding of 40.7%. Orgo will pay NEVI SEK 38.6m and Tourn SEK 36.4m via newly issued shares in Orgo at a price of SEK 1.20 per share.

NEVI's holding in Orgo after the sale of Hubso will amount to approximately 47.5%, while Tourn will own approximately 42%.

After the acquisition, Orgo Tech's current shareholders will be left with a 13.8% stake, and the other owners of Hubso with 16.5% ownership will be offered to participate in the transaction on the same terms as the sellers.

Orgo's CEO, Alexander Winqvist, commented that a majority of synergy areas have been identified. He said the company believes that this acquisition can be complemented by Orgo's current experience in e-commerce and website optimisation, and provide good opportunities to take advantage of the entire potential product portfolio in order to accelerate the growth of Hubso's and Orgo's current assets.

The deal is subject to approval from Orgo's shareholders and is conditional upon Tourn being granted an exemption from the stock market committee on the obligation to bid.

Stockholm-based PE firm NEVI was formed in 2014 and uses its own capital to invest in companies predominantly in the IT sector. It has so far made investments in the Nordic region, the UK and North America.

Meanwhile, tech company Tourn originated in Sweden and was founded in 2010. The company is listed on Nasdaq First North and, since 2014, has developed products relating to influencer marketing, as well as social media and financial technology.

Company
Founded in 2017 in Stockholm, Hubso is a platform for social media influencers wanting to create their own brands. The company develops designs, production lines, strategy and marketing, and manages the technology while influencers focus on marketing the brand. Sales are mainly through online shops owned by Hubso, some of which include bybianca.se, shop.sannealexandra.se and rebeccastella.com. The company reported sales growth of 250% in 2019 and a turnover of around SEK 16.5m.

People
Orgo Tech – Alexander Winqvist – (CEO).
Tourn International – Robin Stenman – (CEO).
Hubso – Josefine Abrahamsson (CEO).

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