M&A Deal Summary

ICA Gruppen Acquires Apotek Hjärtat AB

On November 12, 2014, ICA Gruppen acquired retailer Apotek Hjärtat AB from Altor Equity Partners and Armada for 5.7B SEK

Acquisition Highlights
  • This is ICA Gruppen’s 2nd transaction in the Retail sector.
  • This is ICA Gruppen’s 0th largest (disclosed) transaction.
  • This is ICA Gruppen’s 2nd transaction in Sweden.

M&A Deal Summary
Date 2014-11-12
Target Apotek Hjärtat AB
Sector Retail
Buyer(s) ICA Gruppen
Sellers(s) Altor Equity Partners
Armada
Deal Type Add-on Acquisition
Deal Value 5.7B SEK

Target

Apotek Hjärtat AB

Solna, Sweden
Apotek Hjärtat is an operator of independent pharmacy retail chain in Sweden.

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Buyer(S) 1

Buyer

ICA Gruppen

Solna, Sweden
Category Company
Founded 1917
Sector Electronics
Employees24,043
Revenue 128.0B SEK (2021)
DESCRIPTION

ICA Gruppen is one of the Nordic region’s leading retail companies with a clear strategy for profitable growth. ICA Gruppen was founded in 1917 and is based in Solna, Sweden.

DEAL STATS #
Overall 2 of 2
Sector (Retail) 2 of 2
Type (Add-on Acquisition) 2 of 2
Country (Sweden) 2 of 2
Year (2014) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-16 Kjell

Malmo, Sweden

Kjell is a retailer of accessories for consumer electronics with a network of 74 stores, as well as online sales. The company has a unique over-the-counter store concept, enabling offering high-quality customer service by highly knowledgeable sales personnel while maintaining the broadest and deepest product range in home electronics accessories. Kjell was founded in 1990 and is based in Malmo, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-23 Cervera

Stockholm, Sweden

Cervera is a retailer of products for the preparation and serving of food, and for decoration and gifts. The company also operates through an omni-channel platform, which is built on Cervera's strong brand name and includes a nationwide store network combined with an e-commerce channel. Cervera was founded in 1984 and is based in Stockholm, Sweden.

Sell kr160M

Seller(S) 2

SELLER

Altor Equity Partners

Stockholm, Sweden

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2003
PE ASSETS 8.3B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Altor Equity Partners is a private equity firm that looks to principally invest in medium-sized Nordic based companies across a broad range of industries. Altor typically seeks control positions when investing. Prospective companies generally have revenues of €50 to €500 million. Broad areas of interest include healthcare services, electronics, technology, financial services, business services, niche manufacturing, capital equipment, software, marine, consumer products, and communications. Altor Equity Partners was formed in 2003 and is based in Stockholm, Sweden.

DEAL STATS #
Overall 17 of 43
Sector (Retail) 2 of 2
Type (Add-on Acquisition) 10 of 24
Country (Sweden) 6 of 16
Year (2014) 4 of 5
Size (of disclosed) 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Nova Austral

Porvenir, Chile

Nova Austral is a Chilean salmon farmer and processor. The company’s operations are located in Chile, south of the Magallanes strait, making Nova Austral the southernmost salmon farmer in the world. Nova Austral’s production sites have excellent conditions for salmon farming, resulting in low mortality and a clean and healthy product. Nova Austral was founded in 1993 and is based in Porvenir, Chile.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-12-15 Eltek ASA

Drammen, Norway

Eltek Group is a power conversion specialist. Eltek develops and markets energy systems for telecom, renewable energy, electric vehicles and industrial applications as well as other information and communication related services. Eltek carries out its business through two main companies and their subsidiaries: Eltek Valere (energy systems) and Nera Telecommunications (telecom and infocom).

Sell Nkr3.9B
SELLER

Armada

Helsinki, Finland

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 500M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Armada Mezzanine is an independent mezzanine firm focused on financing buyouts, recapitalizations, and expansions of small and medium-sized Nordic companies. Armada generally targets companies valued from €20 to €150 million with stable cash-flows, attractive growth opportunities, and sustainable competitive advantages. Sectors of interest include industrial products, services, and technology. Armada Mezzanine was established in 2000 and has offices in Helsinki and Stockholm.

DEAL STATS #
Overall 4 of 13
Sector (Retail) 1 of 2
Type (Add-on Acquisition) 3 of 5
Country (Sweden) 1 of 4
Year (2014) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-30 Silmäasema Fennica Oy

Helsinki, Finland

Silmäasema Fennica Oy provides eye care services and optician chain. Silmäasema Fennica is based in Helsinki, Finland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-23 EET International

Birkerød, Denmark

EET International is a value-adding niche IT distributor, providing suppliers and customers with expert industry knowledge, intelligent logistics solutions, unique sales service, and smart marketing tools. EET International was founded in 1986 and is based in Birkerød, Denmark.

Sell -
Mergr

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