Global alternative investment firm Investcorp has agreed to sell its majority stake in Danish design brand Georg Jensen, to Fiskars Group, the owner of luxury household brands including Wedgwood and Iittala, in a deal worth €151.5m.
Founded in Copenhagen in 1904, Georg Jensen is now a global brand, selling products through more than 90 of its own stores in eight countries, plus approximately 2,100 wholesalers and its rapidly growing e-commerce platform.
According to a statement by Fiskers, the transaction will be paid in cash and financed with debt and the enterprise value of €151.5m represents EV/EBITDA multiples of 9.5x on a stand-alone basis and 4.7x with cost synergies, net of integration costs.
Fiskars Group has agreed on bridge financing with Nordea Bank Abp and OP Corporate Bank Plc, which will fall due no later than 18 months after the acquisition has been completed with Fiskars then planning to convert the facility into long-term financing.
Since acquiring Georg Jensen, Investcorp has supported the development and digitalisation of the business, the development of a more customer-centric design process, and the strengthening of its management team.
Since 2012, Investcorp European Private Equity has invested more than €1.8 billion in companies across Europe. Investcorp has a long history of investing in and supporting luxury and premium consumer businesses, with notable investments including Gucci, Dainese, Tiffany, Breguet and Riva. The agreed sale of Georg Jensen follows successful previous investments in other Scandinavian headquartered companies, including Eficode, Sanos Group, POC, Cambio and Abax.
The transaction is expected to close in the fourth quarter of 2023 and is subject to customary regulatory and other closing conditions.
