Triton Fund III acquires Suomen Lähikauppa
Triton Fund III acquires Suomen Lähikauppa from funds managed by IK Investment Partners, Tradeka and Wihuri
- Triton Fund III acquires 100% of Suomen Lähikauppa from funds managed by IK Investment Partners and other shareholders
- Triton is committed to support substantial investments in the business, providing a solid financial platform to continue the initiated turnaround plan and take advantage of growth opportunities
- Opportunities to leverage on the strong brand names Siwa and Valintatalo and overall good store locations
- Neighbourhood store segment is supported by customer preference trending towards higher importance of proximity and ease of shopping
- Strong and committed management team in place with proven track record of turning the business around, also facilitating a seamless transition of ownership
20 December 2012 - Triton Fund III today announces it has signed an agreement to acquire Suomen Lähikauppa, the Finnish grocery retailing chain, from funds managed by IK Investment Partners, Cooperative Tradeka Corporation and Wihuri Oy. Triton is committed to support substantial investments in the business, creating a solid financial platform for Suomen Lähikauppa and its two strong brands; Siwa and Valintatalo. Suomen Lähikauppa operates some 670 stores throughout Finland, has about 5,300 employees and generated sales of approximately EUR 1,000 million in 2011. The parties have agreed not to disclose the purchase price.
"The involvement of a new owner is a real acknowledgement of Suomen Lähikauppa. With the new owner, we will be able to further strengthen the role of the neighbourhood store segment and offer an even stronger alternative to consumers in the concentrated Finnish daily goods market. Most importantly, the Finnish consumers will benefit from increased competition," said Ralf Holmlund, CEO of Suomen Lähikauppa.
"Suomen Lähikauppa is the home of brands that have become household names in Finland. By providing a solid financial platform, Suomen Lähikauppa will be in a good position to build on the successful turnaround accomplished in the last two years plan and take advantage of growth opportunities. We look forward to working together with the strong and committed management team in Suomen Lähikauppa in building a stronger company," said Peder Prahl, Director of the General Partner of Triton Fund III.
Suomen Lähikauppa is led by a strong management team with Ralf Holmlund as the CEO since 2010. He previously worked at ExxonMobil, most recently as head of Esso's service station business in Germany, Austria and Switzerland. With the necessary investments in Suomen Lähikauppa's business operations, Triton Fund III is confident that it will be able to support Suomen Lähikauppa in its ambition to grow and create value.
About Suomen Lähikauppa
Suomen Lähikauppa is Finland's third largest grocery store operator with two national retail chains: Siwa and Valintatalo. The company has 670 stores, 5,300 employees and almost all of Finland as our customers. In 2011, the company's turnover was EUR 1,026 million with a very strong market position in the neighbourhood store segment. The current owners of Suomen Lähikauppa are IK Investment Partners (67.8%), Cooperative Tradeka Corporation (16.1%) and Wihuri Oy (16.1%).
For more information: http://www.lahikauppa.fi
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer / Health sectors.
Founded in 1997, Triton seeks to pro-actively contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 23 companies currently in Triton's portfolio have combined sales of approximately €11.9 billion and over 46,000 employees.
The Triton funds are advised by dedicated teams of investment professionals based in Jersey, London, Germany, Luxemburg, China and Sweden.