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3i Group acquires furniture retailer BoConcept

RBR Staff Writer Published 07 July 2016

International investment manager 3i Group has agreed to acquire global furniture retailer BoConcept for $220m (£166m).

Upon completion of the transaction, BoConcept's stock will stop trading on NASDAQ Copenhagen.

3i's investment follows announcement made by its affiliated firm Layout Bidco of the completion of its recommended public offer for the total share capital of BoConcept.

As part of the acquisition deal, 3i will redeem any remaining minority shares in accordance with the Danish public market regulations.

BoConcept was founded in 1952, as an urban interior design brand within the affordable luxury segment. The furniture and accessory collections are sold through its 254 brand franchise stores and 43 studios in more than 60 countries.

The company experienced strong business improvement in the past two years and it recorded DKK1.2bn ($220m) in sales with EBITDA of DKK149m ($22m) for the financial year ending 30 April 2016.

3i Netherlands director Boris Kawohl said: "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."

In an other development, BoConcept announced that it has entered into the Indian market, with its first stores being opened in New Delhi, the country's capital. Zoe Concepts will be BoConcept's franchise in India.

This will be followed with eight stores that will be opened across other metros including Mumbai, Bengaluru and Chennai in the next five years.