The Finnish investment company Sievi Capital Plc and Etera Mutual Pension Insurance Company, together with three Indoor Group franchisees, have acquired the entire share capital of Indoor Group from Kesko Plc. The transaction was completed on June 30th 2017.
Indoor Group is Finland's leading home furniture and interior furnishing retailer, selling its products through well known Asko and Sotka brands and stores. The group operates 34 Asko stores and 52 Sotka stores in Finland, five Asko and five Sotka stores in Estonia as well as online stores in both countries. The company owns a furniture factory in Lahti, Finland. Net sales of Indoor Group in 2016 were €187 million and the operating profit was €9.8 million. Indoor Group employs over 600 people.
The debt free enterprise value of the transaction was €67 million, of which €62 million was paid in cash upon completion, and €5 million as a loan - which the seller granted to the buyer. Asko and Sotka chains will continue to operate independently in Finland and Estonia. The strategy is to further strengthen the identity of the Asko and Sotka brands and to develop the customer service by extending the product offering.
About Sievi Capital Plc
Sievi Capital Plc is a listed investment company (Nasdaq, Helsinki) that invests in small and medium-sized businesses in the Nordic region. Investments are made in profitable companies with growth potential. Sievi Capital creates value through active ownership of the target companies.
Etera is a pension insurance company, managing the pension security of Finnish employees and entrepreneurs and offers companies, organisations, entrepreneurs and households statutory earnings-related pension insurance and related insurance, as well as pension and wellbeing-at-work services. Etera is responsible for investment assets of more than €6 billion.
ProMan IMAP Finland advised the entrepreneurs, Sievi Capital and Etera throughout the acquisition process of Indoor Group.
Over 90 delegates from IMAP member firms representing 32 countries congregated in Miami on October 25th - 27th for IMAP’s 2018 Fall conference. The conference was hosted by Falls River Group, IMAP’s partner firm in Florida, and was set around the theme of ‘Disruptive Innovation’.