Altor buys minority stake in Swedish fashion label Totême

DI Digital reported, citing unnamed sources, that the deal valued Totême at SEK 1.5-2bn (€148-198m).

The GP deployed equity from Altor Fund V, which held a first and final close on €2.5bn in February 2019. The vehicle mainly targets Nordic mid-market companies with enterprise values of €100m-250m and revenues of €50-500m, providing equity tickets in the €50m-150m range. According to Unquote Data, the fund has made six platform investments, including home carbonation appliance maker Aarke, and renewable power generation equipment maker OX2.

Altor will own the company alongside the founders Elin Kling and Karl Lindman – who will remain majority shareholders and continue in their current roles – as well as other existing shareholders. Through the deal, Altor will support the company's international growth.

The founders said in a statement that it was "important for us to find the right partner for the next chapter in our global growth journey, without compromising our brand values" and that Altor's experience in technology, e-commerce and sustainability in key markets will strengthen their business.

Company
Founded by Elin Kling and Karl Lindman in 2014 in New York City, Totême is a retailer of luxury fashion. The company's sales are evenly split between Asia, North America and Europe, with a predominantly online presence via its own web shop and online retailers. It is headquartered in Stockholm, and generates SEK 350m (€34.6m) in turnover.

People
Totême – Elin Kling (co-founder, creative director); Karl Lindman (co-founder, brand director); Johanna Andersson (CEO).
Altor – Stefan Linder (partner).

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• Topics
• Expansion
• Nordics
• Consumer
• Altor
• e-commerce
• Sweden