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BoConcept agrees sale

boconceptstorejune2016Danish furniture retailer BoConcept A/S has confirmed it will sell to Layout Bidco A/S, which is affiliated to London-based private equity company 3i Group plc.

Layout Bidco A/S will submit a conditional voluntary public offer to BoConcept's shareholders to purchase all B-shares in cash for DKK500 each (around £53), and all non-listed A-shares for DKK615 (around £65) per share – a total purchase price for the share capital of DKK1.45b (£153m).

Stated within the announcement: “The shareholders Viggo Mølholm, the holding company held by him and his family, together with an additional group of 16 shareholders as well as members of BoConcept Holding A/S’ Board of Directors and executive management, have all made irrevocable undertakings to accept the offer for their BoConcept Holding A/S shares.”

Together with the news of the potential sale, which will see Layout Bidco publish an offer document as soon as it has been approved by the Danish Financial Supervisory Authority no later than 4 weeks, BoConcept revealed a 7.6% hike in revenue growth for the full year results for 2015/16.

Despite the year-on-year increase to DKK 1.235m, sales for the last quarter were down by 0.6% to DKK 308m. Overall EBITDA for the year resulted in DKK 149m.

The global retail furniture chain operates through more than 250 outlets in 60 countries.