Verdane sells Hyma to trade in €159m deal

The transaction represents an IRR of more than 50% for Verdane, and a return of at least 3x, and will be the GP's first realisation from Verdane Edda I, which closed on SEK 3bn in 2018. Verdane had wholly owned the company. 

Payment for the deal comprises an initial SEK 542m in cash and SEK 458m in newly issued shares, while up to a further SEK 500m will be paid based on 2022 EBITA. 

Verdane created Hyma in 2018 by acquiring and merging Maskinklippet and Hylte Jakt & Lantman. Local media at the time reported the merged company to have a valuation of SEK 250m. Under its ownership, it said that Hyma grew its revenues from SEK 350m in 2018 to an expected SEK 1.1bn in 2021, and expanded operations internationally.

With the acquisition, BHG said that it saw opportunities for significant synergies through scale and sourcing advantages, cross-selling and sharing of best practices.

The deal is subject to regulatory approval and due to close in the third quarter of 2021. 

Company
Founded in 2018 and based in Hyltebruk, Hyma is an online retailer of forestry, gardening, DIY, hunting and outdoor goods. 

The company in 2020 had revenues of SEK 744m and an EBITDA margin of 7%, or SEK 52m. In 2021, the company expects to generate SEK 1.1bn in revenues and SEK 80m in EBITDA. 

People
Verdane – Daniel Ahlstrand (principal).
BHG Group – Adam Schatz (CEO).

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