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3i announces investment in BoConcept
3i Group plc (“3i”), the international investment manager, has agreed to invest in BoConcept Holding A/S (“BoConcept”), a global furniture brand. The B-shares of the company are currently listed on Nasdaq Copenhagen and will ultimately be delisted.
This follows the announcement by Layout Bidco A/S (a company affiliated to 3i) of the completion of its recommended public offer (the “Offer”) for the entire share capital of BoConcept. The Offer corresponds to a total purchase price for the share capital of BoConcept of approximately DKK 1.5 billion (c. £166 million).
Established in 1952, BoConcept is an urban interior design brand in the affordable luxury segment. The furniture and accessory collections are sold through 254 brand franchise stores and 43 studios in over 60 countries. Following strong business improvement during the last 2 years, the company realised sales of DKK 1.2 billion and EBITDA of DKK 149 million in the financial year ending 30 April 2016.
Boris Kawohl, Director, Netherlands at 3i commented:
“We are delighted to announce the success of our offer to acquire BoConcept. We are investing in a successful international brand with a proven track record in over 60 countries, active in an attractive market segment. We look forward to supporting the management team to further develop the company and continue to grow it internationally.”
BoConcept was established in 1952 and has a long heritage as a Danish furniture brand. The company has a network of 254 stores typically located in city centres or furniture clusters combining a high service element and urban boutique feel. BoConcept is focussed on product, brand and concept development while retail and local operations are predominantly outsourced to franchise-run brand stores. The product portfolio is a mix of metropolitan style, inspired by international lifestyle and luxury brands and ‘new Nordic design’.
About 3i Group
3i is an investment company with three complementary businesses, Private Equity, Infrastructure and Debt Management, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com
On 7 June 2016, Layout Bidco A/S, a company affiliated to 3i and certain 3i managed investment entities, published an offer document containing a recommended conditional voluntary public offer to the shareholders of BoConcept to purchase all outstanding shares for DKK 500 per B-share and DKK 615 per A-share in cash.
On 6 July 2016, Layout Bidco A/S announced the final result and completion of its recommended public offer. All conditions for carrying out the Offer have now been fulfilled and Layout Bidco A/S will complete the Offer, with settlement of the Offer scheduled for 13 July 2016.
Layout Bidco A/S will redeem any remaining minority shareholders in BoConcept in accordance with the relevant provisions set out in the Danish Companies Act and the offer document.