EQT exits Swedish retailer Granngården, to Norwegian gardening product supplier Felleskjøpet
EQT Opportunity has sold Granngården, one of the largest non-food retailers in Sweden, to Felleskjøpet, a leading Norwegian supplier to the agricultural sector and retail chain focused on garden-, house-, pets-, outdoor- and agriculture products
• During EQT Opportunity’s ownership, Granngården has developed into a modern, integrated and profitable retail chain
EQT Opportunity has sold GG Holding AB (”Granngården” or ”the Company”) to Felleskjøpet Agri SA (“Felleskjøpet”). Granngården operates a nationwide network of 108 stores and an online platform targeting both B2C- and B2B customers. The Company offers a comprehensive range of solid products centered around gardening, animals and nature. Granngården is headquartered in Malmö, Sweden, and has approximately 550 employees.
EQT Opportunity acquired Granngården in 2008 and has since the acquisition worked together with management to improve the Company’s operations. During the last couple of years, Granngården has completed a transformative journey and after significant investments in the store network, the IT-system and marketing, significant profitability and efficiency improvements have been achieved.
Albert Gustafsson, Director at EQT Partners and Investment Advisor to EQT Opportunity, comments: “We are proud of Granngården’s transformation into a modern, integrated and profitable retail chain. I am confident that Felleskjøpet is a good new owner of Granngården given their sector experience and the industrial fit”.
Per Sigvardsson, CEO of Granngården, comments: “During the last few years, Granngården has changed its strategic direction, which has resulted in a stronger customer focus and a more performance-oriented culture. Granngården has today a solid platform for further growth and I look forward to continue developing the Company under Felleskjøpet’s ownership”.
John Arne Ulvan, CEO of Felleskjøpet, comments: “In Granngården, we have found a solid platform for expansion into Sweden. The acquisition of Granngården marks an important strategic milestone for us and I am convinced that this industrially sound transaction will benefit both companies and their customers”.
Nordea, Roschier and EY have acted as advisors to EQT Opportunity.
Source : EQT Opportunity Press Release