- Accent Equity and minority shareholders have agreed to divest Cervera to Norwegian Kibord, the owner of Kitch’n, Tilbords and Home Brands
- Cervera has over the past years successfully been transformed into a true omni channel retailer of quality products for the kitchen and the home, with a sizable and rapidly growing online channel fully integrated with the physical stores
- Through the successful repositioning of Cervera and several operational improvements, sales have during Accent Equity’s ownership increased from just over SEK 700 million to SEK 1.25 billion on a rolling twelve months basis, and EBITDA has close to tripled
The investment fund Accent Equity 2012 L.P. (“Accent Equity”) and minority shareholders have signed an agreement to divest their shares in Cervera to Kibord, the owner of the Norwegian retailers Kitch’n and Tilbords, as well as Home Brands. With Kibord’s and Cervera’s strong positions in Norway and Sweden, respectively, the new combined group (which is under name change to Home Brands) will become a leading Nordic omni channel retailer of products for preparation and serving of food as well as interior decoration.
Through a close cooperation with Cervera’s management team, a number of value enhancement initiatives have successfully been implemented under Accent Equity’s ownership period. The company has been transformed into a true omni channel player, with a sizable and rapidly growing online channel which is in the forefront when it comes to being integrated with the physical sales channel. Cervera has vastly expanded its offering into new categories and has continued to strengthen its relationship with its customers through the Cervera loyalty club. As a result of these and other initiatives, Cervera has significantly improved its market presence and successfully gained market shares over the past two years. During Accent Equity’s ownership, Cervera has grown its revenue largely organically by more than 70%, from just over SEK 700 million to SEK 1.25 billion on a rolling twelve months basis, and EBITDA has close to tripled.
”Together with Accent Equity and the board, we have successfully improved our offering to the customers in both our sales channels, greatly enhanced our digital presence and relevance, as well as improved our customer service. The fact that we so clearly gain market shares is the best possible testimony that the customers appreciate our offering and our service. Accent Equity has been a highly supportive and constructive owner, and we now look forward to continuing the development of Cervera together with Kibord and jointly create an even better offering for our customers”, says Peter Rimbäck, CEO of Cervera.
”We are truly impressed by Cervera’s management team and the company’s development over the past couple of years, and believe that they have created an excellent platform for continued growth. Together with the management team we have successfully progressed Cervera’s transformation journey where the online channel over the past 18 months has grown from circa SEK 100 million to a yearly run rate of around SEK 500 million, all whilst the physical stores are on their third consecutive year of like-for-like growth. We are very happy to see Kibord as the new owner of Cervera, as they will strengthen each other through complementary skills and combined scale”, says Claes Bodell, Partner at Accent Equity Partners AB, advisor to Accent Equity.
GCA Altium (M&A) and Mannheimer Swartling (legal) assisted Accent Equity in connection with the transaction.
For additional information, please contact:
Claes Bodell, Partner at Accent Equity Partners AB, claes.bodell@accentequity.se
Peter Rimbäck, CEO of Cervera, peter.rimback@cervera.se
Cervera is Sweden's leading retailer of high-quality products for preparation and serving of food as well as interior decoration. The company operates through an omni-channel platform, which is built on Cervera's strong brand name and includes an e-commerce channel combined with a nationwide store network.
cervera.se
About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns. Accent Equity Partners is the investment advisor to Accent Equity 2012.
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