NORWAY - IK-backed Kid in talks with bank over ownership change

The Norwegian competition Authoritoies was notified today, and an ownership transfer will happen in three weeks at the earliest, according to a statement from IK. In the meantime, the GP is working with the bank to find the best possible solution for the business. So far, IK has injected NOK 200m in equity to strengthen the company's financial position and until a former takeover takes place.

IK Invest acquired a 75% in Kid Interiør, through the holding company Nordisk Tekstil Holding (NTH), in 2005 from family owners, which retained the balance. DnB NOR provided a debt package to support the deal, which according to local press was valued at NOK 900m. In 2007 the business went through a restructuring process, and a new management was appointed in February 2008. However in January this year, as a result of worsening market conditions following the financial crisis, the company was forced to notify DnB NOR that it would not be able to meet its loan obligations.

Drammen-based Kid Interiør was founded in 1937 and today employs about 1000 people across 109 shops. Last year, the company generated revenues of approximately NOK 860m.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Nordics
• Consumer