Tue, 10/06/2014 - 06:02
Nordic Capital Fund VIII is to acquire the majority of the Swedish fashion retail chain Gina Tricot from existing shareholders, and will inject new equity to strengthen its financial position.
The founding Appelqvist family remains a significant shareholder. Göran Bille will take over as CEO, in connection with Jörgen Appelqvist's transition into his future role on the board of directors.
Gina Tricot is a Swedish fast fashion retail chain that comprises 180 stores across Sweden, Norway, Denmark, Finland and Germany. With a growing online presence, Gina Tricot also reaches women in 28 countries across Europe. Founded in 1997, the company is headquartered in Borås, Sweden, and has approximately 2,000 employees. In 2013, Gina Tricot reported sales of approximately SEK2 billion.
Under Nordic Capital’s ownership, Gina Tricot will gain access to a pool of capital and extensive experience of the retail market, leaving the company well positioned to execute on a new strategic plan. Paul Frankenius, who has long and solid experience within investments and executive positions in the fashion industry, will invest as a minority shareholder together with Nordic Capital.
As Nordic Capital becomes a majority owner, a succession plan has been agreed with Appelqvist, current CEO and co-founder of Gina Tricot, who will transition into a senior role on the board. He will be succeeded as CEO by Bille, who has over 30 years of extensive experience in the fashion retail sector having held, amongst other roles, various senior positions at international fashion chain H&M.
"We are impressed by Jörgen and Annette Appelqvist’s visionary work creating Gina Tricot as the niche fashion retailer always delivering the latest trends. Together with the Appelqvist family, Nordic Capital looks forward to supporting the company's development. The focus will be on reestablishing a solid platform in order to subsequently further strengthen organic growth – including continued development of Gina Tricot's e-commerce offering," says Michael Haaning, principal, NC Advisory, advisor to the Nordic Capital funds.
"Together with Nordic Capital, we can focus on further developing Gina Tricot. Nordic Capital is expertly placed to provide both financial resources and industrial experience to support the growth and a new development for Gina Tricot. Our vision is to be the prime fashion retailer in all our markets," says Appelqvist.
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Fri, 28 Aug 2015 00:00:00 GMTInvestment Banking Restructuring Analyst/Associate
Fri, 28 Aug 2015 00:00:00 GMTInvestment Banking Associate (Specialty Finance)
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