Nordic private equity house Procuritas has scored a better than 6x return selling SofaCompany to trade buyer Lars Larsen Group, AltAssets can reveal.
Procuritas saw revenue at the Danish sofa brand more than double to DKK545m (€73m) in the years since its 2017 buyout.
Financial details of the deal were not disclosed, but a source with knowledge of the situations told AltAssets the exit implies a return multiple north of 6x.
The deal is the second big win for Procuritas this year, following a better-than 8x return through the IPO of motorbike and snowmobile gear and accessories business Pierce Group.
Pierce started trading on Nasdaq Stockholm with an IPO price of SEK64 per share, giving the company a market capitalisation of about SEK2.45bn ($283m).
The IPO and partial exit implied a return of over 8x for Procuritas investors, a source with knowledge of the listing told AltAssets at the time, with all shares valued at IPO value.
Procuritas co-managing partner Mattias Feiff said, “During the course of our ownership we have overseen transformational growth through building up the company’s e-commerce capabilities and shifting its focus from wholesale channels to a direct-to-consumer brand as well as significant geographical expansion.”
The firm started investing its €318m sixth fund in 2017, with a continuing strategy of targeting mid-market Nordic companies.
PCI VI came in significantly above the €200m it gathered for Fund V in 2012.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/procuritas-seals-over-6x-return-through-sofacompany-trade-sale-source.html
