IK Investment Partners is to sell Europris, the leading Norwegian integrated mixed discount retailer focused on non-food retail, to Nordic Capital. Financial terms of the transaction have not been disclosed.
IK acquired Europris in September 2004, at which time the Company consisted of a wholesale business, a penny store concept and a franchise operation with a network of 136 stores across Norway. During its ownership, IK has successfully transformed Europris into an integrated wholesale/retail business and doubled chain revenues close to EUR 500 million in 2011.
IK has, together with management, also implemented a number of strategic initiatives and operational improvements to strengthen Europris’s market position and improve profitability. These initiatives include integration of the retail and wholesale business, a significant increase in direct sourcing and strengthening of procurement capabilities, restructuring of the supply chain in addition to a significant upgrade of store format and roll out of 66 new stores.
Trygve Grindheim, Partner, IK, says: “We are pleased with the transformation of Europris during our ownership and we believe that the company is well positioned to benefit from the increasing penetration of discount retail in Norway. It has been a great pleasure working together with Bjorn Maarud and his management team and on behalf of IK, I would like to thank all of them for their hard work in building Europris into what it is today.”
Bjørn Maarud, CEO, Europris, says: “We would like to thank IK for their active ownership. Europris has been transformed into an integrated wholesale/retail business and grown significantly, strengthening its position as the leading mixed discount retailer in Norway. Together with my management team I look forward to working together with Nordic Capital to drive the business forward during its next stage of development.”
This acquisition is subject to customary conditions including anti-trust approval.
