Verdane-backed Humble Co sold to Bayn Group for €80.5m

Bayn acquired the business for SEK 809m (€80.5m) from the GP and its management.

The GP exits the company two and a half years after it acquired a minority stake in the company for €4.9m, investing from Verdane Capital IX. A source close to the deal told Unquote that, upon completion of the deal, the GP will see a return of around 4x money invested.

Sister publication Mergermarket reported in February 2020 that Humble Co had mandated Rothschild to explore strategic options, including a sale, to continue to grow the company, and that an auction would begin in the first half of 2020.

Sources also told Mergermarket that the company reported an EBITA of SEK 50m (€4.7m) in 2019, representing a 40% margin, and a turnover of SEK 120m. This, according to the GP's press release, was an uptick in the EBITA margin from 7% when it acquired the business, and a growth of 325% in revenues.

During Verdane's holding period, Humble Co went from selling 1.5 million to 10 million products annually, while expanding from around 20 to nearly 70 countries. It also expanded its product assortment beyond its hallmark bamboo toothbrush, to offer a broad oral and personal care assortment, including eco-friendly dental products and cotton swabs.

The transaction is expected to close in May.

Company
Founded in 2014 and based in Stockholm, Humble Co designs and sells eco-friendly products to markets mainly in Europe and the US. The company sells 10 million products every year in nearly 70 countries globally. In 2019, it generated a turnover of €12m and EBITA of €4.7m.

People
Verdane – Björn Beckman (principal).
The Humble Co – Noel Abdayem (CEO, founder).

Advisers
Vendor – Rothschild & Co (financial due diligence); Baker & McKenzie (legal).
Equity – Carnegie Investment Bank (financial due diligence); Rämsell Advokatbyrå (legal).

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