Secondary Buyout • Retail

FSN Capital Acquires BHG Group

On October 3, 2016, private equity firm FSN Capital acquired retailer BHG Group from Nordstjernan

Acquisition Context
  • This is FSN Capital’s 3rd transaction in the Retail sector.
  • This is FSN Capital’s 14th transaction in Sweden.
Investment Fate
  • BHG Group went public in 2018.
  • BHG Group was sold to a financial buyer in 2018.
  • BHG Group was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary

Date October 3, 2016
Target BHG Group
Sector Retail
Buyer(s) FSN Capital
Sellers(s) Nordstjernan
Deal Type Secondary Buyout

Target Company

BHG Group

Malmö, Sweden
BHG Group is an online platform for DIY and Home Furnishing (“Home Improvement”) with a clear market-leading position in the Nordics. It operates approximately 100 online sites, including bygghemma.se, trademax.se, chilli.se, nordicnest.se, and furniturebox.se, as well as approximately 70 showrooms. BHG Group was formed in 2006 and is based in Malmö, Sweden.
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Buyer Overview 1

Buyer

FSN Capital

Oslo, Norway

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1999
PE ASSETS 4.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

FSN Capital is a private equity firm focused on opportunities in Scandinavia. FSN looks to make control investments in mid-sized companies valued from €50 to €500 million. FSN targets businesses with the potential to 'become international leaders'. FSN Capital was formed in 1999 and has offices in Oslo, Munich, and Stockholm.


Deal Context for Buyer #
Overall 32 of 61
Sector: Retail 3 of 4
Type: Secondary Buyout 7 of 15
Country: Sweden 14 of 21
Year: 2016 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-19 Polytech

Bramming, Denmark

Polytech provides rotor-blade technical solutions for wind turbines. Polytech was founded in 1994 and is based in Bramming, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 Active Brands

Oslo, Norway

Active Brands is a supplier of sporting goods to sports retail. The brand portfolio consists currently of Kari Traa (women's sportswear), Bula (accessories), Vossatassar (kidswear), Johaug (women's sportswear), Asnes (skis), Dæhlie (running and cross country skiwear), Sweet Protection (helmets, protection, and apparel). Active Brands was founded in 2009 and is based in Oslo, Norway.

Buy -

Seller Profile 1

SELLER

Nordstjernan

Investor Investor Investor Investor Investor


Category Family Office
Founded 1890
PE ASSETS 23.0B SEK
Size Large
Type Sector Agnostic
DESCRIPTION

Nordstjernan is a family-backed private investment firm focused on long-term investments and acquisitions of companies throughout Sweden. The Firm looks to commit SEK 500 million to SEK 3 billion in situations where ownership is looking for a new partner to help with organic growth, acquisitions, or other strategic changes. Areas of investment interest include industrial, trade, healthcare, construction, real estate, and technology. Nordstjernan was established in 1890 and is based in Stockholm.


Deal Context for Seller #
Overall 4 of 14
Sector: Retail 1 of 2
Type: Secondary Buyout 2 of 4
Country: Sweden 2 of 9
Year: 2016 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-05-20 Bonava

Stockholm, Sweden

Bonava is a housing development company in Northern Europe with some 10,000 housing units under construction. The company develops and sells housing units to consumers and investors in selected markets in Sweden, Germany, Finland, Denmark, Norway, St. Petersburg, Estonia, and Latvia. Bonava was founded in 2013 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 Mentimeter

Stockholm, Sweden

Mentimeter is an audience engagement platform that transforms presentations and meetings into fun and interactive experiences through software. Mentimeter was formed in 2014 and is based in Stockholm, Sweden.

Buy -

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