Nordic Capital sells final Europris shares for NOK 1.9bn
Nordic Capital Fund VII (“Nordic Capital”) has sold its remaining shares in Europris ASA (“Europris”). The sale was completed after a five year holding period under which Europris has accelerated its positive development and has confirmed its position as the leading Norwegian variety discount retailer.
The remaining shares were sold on March 2 and the bookbuilding generated large investor interest with the book substantially oversubscribed.
Nordic Capital acquired Europris in 2012. Since then Europris has strengthened its market position in Norway through improved customer offerings, further rollout of approximately 40 stores during the ownership period and investments in the existing store portfolio. The company holds a strong low price position and has an efficient sourcing strategy with direct access to manufacturers. Europris generates strong profits, stable gross margins and consistently high EBITDA margins.
“Europris has had a remarkable development during Nordic Capital’s ownership. The company has a strong track record of growth and profitability and has continued to rollout new stores every year, whilst maintaining market leading prices. Europris also has robust foundations for future growth. This is an unchallenged market leader in a fast growing retail segment that has a unique variety discount retail model and an impressive track record of growth, high profitability and solid cash generation”, says Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds, and board member of Europris
The company was listed on the Oslo Stock Exchange in June 2015. The investment in Europris illustrates how Nordic Capital, through its extensive retail experience, selective investment focus and attention to operational improvements, can effectively support the continued development of a market leader, particularly in less than favourable market conditions.
“Nordic Capital has been part of Europris’ exciting growth journey since 2012. During that period, it has been inspiring to see the strong customer appeal of the stores and the strength of execution from the team being manifested through the company’s sustained growth. It is an impressive team effort to keep customers happy and to lead the market in the variety discount segment. We would like to thank the management and team of Europris for their hard work and collaboration”, continues Michael Haaning.
Europris is Norway’s largest discount variety retailer by sales. The Company offers its customers a broad assortment of quality own brand and brand name merchandise across 12 product categories. The Company delivers a unique value proposition for shoppers by offering a broad assortment of quality merchandise at low prices in destination stores across Norway. The Company’s headquarters are located in Fredrikstad, Norway.
Source: Nordic Capital Press Release