The Global Mid-Market Specialist
Brussels/Stockholm – Alantra, the independent global mid-market investment banking and asset management firm, has advised Euronext Brussels listed retail fashion group FNG, on the acquisition of Nordic Capital’s portfolio company Ellos Group, an e-commerce leader in fashion and home furnishings in the Nordic region, with strong brands as Ellos, Jotex, Stayhard and Homeroom.
Founded 70 years ago, The Ellos Group has approximately 1.7 million active customers with a particular stronghold in Ellos’ core customer group of 30-60 year old women. Ellos Group offers an attractive mix of own and external brands through its online stores and on external platforms. Furthermore, Ellos Group offers financial services through its well-invested and scalable platform. Based in Borås, Sweden, Ellos Group employs approximately 500 people and generated revenues of €247 million and adjusted EBITDA of €21 million in 2018.
The addition of Ellos Group to FNG will add an attractive home interior product offering, provide access to the Nordic market, increase e-commerce capabilities and is expected to generate synergies both in terms of top-line potential and from efficiency gains. Furthermore, FNG will examine whether it can roll out the financial services offered by Ellos Group to its customers in the Nordics to FNG’s existing customer base in the Benelux.
FNG is to acquire Ellos Group for approximately SEK 2,400 million (€229 million) on a cash and debt-free basis (Enterprise Value), structured as a mix of cash and equity instruments.
Dieter Penninckx, Founding CEO of FNG: “The acquisition of Ellos is a transformational, highly complex transaction for us. Alantra has provided invaluable support across many different and challenging aspects including the financing. The team showed great commitment and provided hands on advice throughout the process. We are very happy with the result.”
“We are extremely pleased to have supported FNG in this exciting transaction. The outcome is a real testament to the strength of our global capabilities and deep local commitment” added Wim Goossens, Managing Director of Alantra Belgium.
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