Erhvervsinvest takes majority stake in Fletco

Erhvervsinvest partner Thomas Marstrand told unquote" the deal was sourced through the GP's own network. The decision to partner with Erhvervsinvest was in part the result of the current generation of the Jensen family concluding there would not be a generational succession within the family and there would be a need to facilitate management change down the line.

Marstrand said his firm plans to grow Fletco organically and through acquisitions, though no acquisition finance facility had been included in the deal's debt package - an all-senior loan from Sydbank, Fletco's exisiting bank. The company will seek financing for bolt-ons from Sydbank on an ad-hoc basis.

Though no financial details were disclosed, Marstrand said the deal was not aggressively leveraged.

Erhvervsinvest will look to provide support and investment to enable further international expansion of Fletco's operations.

According to a report by Grand View Research, the European carpet market is expected to be worth $60.3bn by 2022 and is currently a highly fragmented sector, in which Fletco is listed as a key industry participant.

Company
Founded in 1947, Fletco is a producer of woven carpets and carpet tiles for businesses, including hotels, shops and offices.

Run by the Jensen family, with the second generation taking over in 1982, its products include designs by Philippe Starck and Sebastian Wrong. The company exports 90% of its production - primarily to Europe, but also to South Korea, Japan and North America.

People
Erhvervsinvest – Thomas Marstrand (managing partner, CEO).
Fletco – Brian Jensen (CEO).

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• Buyouts
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• Small-cap buyout