Metric Capital and Scope acquire majority stake in Maileg

The investors will acquire a majority stake, a source familiar with the situation told Unquote. Although the value of the deal is not being disclosed, Maileg's most recently published financials for last year were EUR 35m in revenues and EUR 12m in EBITDA, said the same source.

Co-founders Dorthe and Erik Mailil are reinvesting alongside the firms, retaining a significant stake in the business, according to a press release.

This is Metric Capital Partners' third investment in the Nordics since 2013, according to the press release, and its second this year out of its Private Capital Fund IV, which is about 85% deployed, as reported. Most recently, the firm invested in Australia-based Mexican restaurant chain Zambrero in February, in a funding round led by Skip Capital.

The sponsor expects to close the fund's investment period this year, after it held a final close on EUR 1.2bn in December 2019, according to Unquote Data.

Following the business' rapid growth, with Maileg Inc. and Maileg GmbH established as subsidiaries in Atlanta, US and Hamburg, Germany respectively, the company seeks to further expand geographically.

"It is in the early stages of developing a direct-to-consumer, e-commerce platform and, after its initial focus in this area was in the United States, Metric and Scope will now work alongside the company to continue this momentum with expansion of the e-commerce platform on a multi-country basis," Managing Partner at Metric Capital Partners John Sinik told Unquote.

The sponsors will aim to accelerate the firm's organic growth through both digital and geographic expansion, according to the press release. It operates in an exciting pocket of the market, with conscious consumers increasingly buying more lasting, high-quality toys for children and homes, despite the challenging economic backdrop, it said.

Since 2001, Scope has made partner investments in consumer brand companies including Happy Socks, Klättermusen, and Miss Mary. With presence in Stockholm and Geneva, the firm built and managed three consecutive limited partnership portfolios and is now investing on a deal-by-deal basis in consumer brands, largely via co-investments with other sponsors, entrepreneurs and management, according to its website.

Metric Capital is planning to hold a first close for a fifth EUR 1.5bn vehicle imminently, as reported. Alongside coinvestor Evolvere Capital, the firm is also actively looking to sell Spanish digital marketing specialist BeeDIGITAL, Unquote sister publication Mergermarket reported in March 2023.

Company
Established in 1999, and headquartered in Herning, Denmark, Maileg designs artisanal high-end toys. Its products are distributed via more than 4,000 retailers world-wide and online.

People
Maileg − Dorthe and Erik Mailil (co-founders).
Metric Capital Partners − John Sinik (managing partner).
Scope − Fredrik Oweson (partner).

Advisers
Vendor – Clearwater (corporate finance); Interlex (legal).
Equity − EY (financial and tax due diligence); Bech-Bruun, White & Case (legal), OC&C (commercial due diligence).

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