EQT acquires Top-Toy for DKK 2.325bn

The majority stake acquired by the GP is valued at around DKK 1.7bn, and is the first investment made through its 2015-vintage €6.75bn EQT VII vehicle.

The founding family will retain a 25% stake in the company, which was sold after a lengthy process was initiated in 2014. According to media reports, the Gjørup family's insistence on a large minority stake was a point of contention with potential buyers.

Danish GP Axcel and Nordic private equity outfit Nordic Capital were among the buyers involved in the structured process, though the two firms bowed out in the final stretch.

At DKK 2.325bn, the Top-Toy deal is the third-largest Danish deal in 2015, after 3i and AMP's DKK 4.1bn buyout of Danish emergency rescue and response vessel operator Esvagt, and EQT's $3.3bn acquisition of Nordic Aviation Capital.

Company
Top-Toy is a Danish children's toys retailer operating across the Nordic countries and Germany, founded in 1963.

The company operates the Fætter BR toy shop chain, Toys'R'Us outlets in the Nordic region, toy buyer Top-Toy Hong Kong, and the Norstar toy wholesaler, which sells to other toy retailers. In total, the business runs 300 stores.

Owned and run by the Gjørup family, Top-Toy reported DKK 3.4bn in revenue and EBITDA of DKK 225m last year, employing a staff of 4,000.

People
Morten Hummelmose is a partner at EQT. Peter Gjørup is the CEO of Top-Toy.

Advisers
Equity – SEB Corporate Finance (Corporate finance); Accura (Legal).
Vendor – FIH Partners (Corporate finance); Plesner (Legal).

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• Topics
• Nordics
• Buyouts
• Consumer
• Denmark
• EQT
• SEB
• Axcel
• Nordic Capital