Polaris makes 5x on SEK 741m exit of Skånska Byggvaror

Polaris is divesting its 75% stake in the deal, which values the entire company at SEK 741m. In addition to the purchase price, an earn-out could bring in a further SEK 110m payment for Polaris, based on Skånska Byggvaror's performance in 2016.

According to unquote" sources, the exit is Polaris' third to return more than 4x money in the past 15 months. The GP returned a total of DKK 1.5bn to investors from its four exits in the period. Most recently, Polaris sold brand identity products maker A-Tex to Partners Group-owned Trimco.

The GP acquired its stake in Skånska in January 2012, in an MBO funded by the €365m 2008-vintage Polaris Private Equity III vehicle. The GP bought shares from the founding Blomkvist family, which retained a stake in the company and a presence in the management team following the buyout.

Under Polaris's ownership, Skånska Byggvaror built a further six stores across Sweden and Norway, claiming an average annual growth rate of 20%.

Skånska's new owner, Byggmax, was owned by fellow Nordic private equity firm Altor between 2005 and 2010, when it was listed in Stockholm by the GP.

Company
Founded in 1965, Skånska Byggvaror is a predominantly online retailer of DIY products, operating in Sweden and Norway. The company is headquartered in Helsingborg in the Øresund region, and has six physical outlets across Sweden and Norway.

Skånska Byggvaror had revenues of SEK 690m in the past 12 months, with EBITA of SEK 47m excluding non-recurring items.

People
Polaris partner Peter Ankerst led the exit. Anders Johansson Eickhoff is the CEO of Skånska Byggvaror. Magnus Agervald is the CEO of Byggmax Group.

Advisers
Vendor - Carnegie (Corporate finance); Mannheimer Swartling (Legal).
Equity - Danske bank (Corporate finance); Lindahl (Legal); EY (Financial due diligence).

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• Topics
• Nordics
• Exits
• Consumer
• Sweden
• Polaris Private Equity
• Trade sale