JUNE 30 2022
Nordic Capital becomes the new owner of FNG Nordic AB (Ellos Group), the Nordic region’s leading e-commerce group within home and fashion. With a profitable, long-term development and backed by a stable owner, Ellos Group is well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe.
Ellos Group is on a growth journey with significant investments and progress made on the way to becoming the Nordic region’s leading e-commerce group within home and fashion. After several years of profitable growth, Ellos Group achieved sales of nearly SEK 3.6 billion in 2021. Today, Ellos Group has more than 2 million active and satisfied customers in the Nordics and across Europe.
Based on an ambitious growth strategy, Ellos Group has successfully expanded its well-invested and scalable e-commerce platform. In recent years, the company has expanded its attractive Jotex range of home furnishings into selected markets in Europe. The strategy was recently sharpened with greater focus on creating a more attractive, sustainable and broad-based fashion and home offering to core customers: women in mid-life.
Ellos Group was owned until 2019 by Nordic Capital, which then entered into an agreement to sell Ellos Group to FNG Nordic AB (publ), indirectly owned by the Belgian company FNG NV. Nordic Capital has been an indirect minority owner since the sale and has in the last three years continued to support Ellos Group’s development and progress.
As previously communicated, due to Ellos Group’s former owner filing a petition to commence insolvency proceedings in Belgium, Nordic Capital initiated a process in February 2022 to become the owner of the company. The ownership assessment required for Nordic Capital to regain ownership of Ellos Group has since been approved by the Swedish Financial Supervisory Authority.
"The news that Nordic Capital once again becomes Ellos Group’s owner is very positive. We know Nordic Capital well and look forward to working with them as owner. We are starting from a positive position having improved the customer experience, strengthened our operational capability and expanded in Europe in recent years. Our focused efforts have produced results. After several years of profitable growth, our annual sales are around SEK 3.6 billion. We successfully maintained last year’s high sales levels during the first months of this year. We are now looking ahead and are well positioned in the market to benefit from online growth and demand in the Nordics and elsewhere in Europe," says Hans Ohlsson, CEO of Ellos Group.
"We are, and have always been, impressed by Ellos Group’s strategic position as a Nordic leader in its industry and by the performance of the management team, which has managed to strengthen the company in recent years and expand into strategically important new markets. By becoming owner, Nordic Capital commits, once again, to support the continued growth and success of Ellos Group," says Robert Furuhjelm, Chairman of FNG Nordic and Partner, Nordic Capital Advisors.
As the new owner of the company, Nordic Capital will actively support Ellos Group in the forthcoming expansion phase. Focus is on continuing to grow the business in the Nordic home market and in selected markets in Europe.
As previously communicated, the existing financing remains in place. FNG Nordic’s bondholders previously approved a change to the terms of FNG Nordic’s bond loan, which rendered the transfer of ownership possible.
In conjunction with the change of ownership, FNG Nordic will change its name.
For more information:
Johan Stigson, CFO, Telephone. +46 (0)33 16 08 05
About Ellos Group
The Ellos Group, which includes Ellos, Jotex, Stayhard, and Homeroom, is the Nordic region’s leading e-commerce group. Working closely with our millions of customers, we are constantly striving to develop and offer attractive and sustainable fashion and household items for the entire family. Our focus is always on the customer. We continuously work to develop our business through innovation, creativity, and sustainability. The Ellos Group, headquartered in Borås, and with operations in all Nordic countries and selected European markets, has around 600 employees and sales of around SEK 3.6 billion. www.ellosgroup.com