EQT Opportunity acquires Granngården from Lantmännen
EQT Opportunity (“EQT”) has acquired the retail chain Granngården from Lantmännen, a group owned by 42,000 Swedish farmers. Granngården is the largest nationwide retail chain of its kind in Sweden. Under the same roof those interested in animals and pets as well as owners of houses and gardens, can find most of what they need. Granngården also carries a wide range of products for farmers and those involved in forestry.
”Granngården will continue to be very important for us and our members but we are convinced that the conditions for Granngården to continue to develop are better outside Lantmännen, with EQT as owner” says Per Strömberg, Chief Executive Officer of Lantmännen.
Granngården has 106 own stores and around 20 independent dealers in Sweden. Sales in 2007 amounted to SEK 2.4 billion and Granngården has approximately 1,000 employees. Granngården also has an on-line e-commerce subsidiary called Nordpost.
”Together with the employees, EQT intends to continue to develop Granngården to become a unified and profitable retail chain with a clear and competitive product offering. To fully realize the potential in Granngården, both Lantmännen, an important supplier, and the Lantmännen members, an important customer group, will play crucial roles”, says Samir Kamal, partner at EQT Partners.
The acquisition will be the seventh by the EQT Opportunity fund since its inception in the beginning of 2006. EQT Opportunity fund has an available investment capital of EUR 372 million and invests in mid-sized companies with a sound underlying business and clear potential for value creation but that find themselves in special situations requiring both capital and an active owner.