internetstores teams up with Swedish online retailer Addnature to create European leader

  • internetstores merges with leading Swedish online outdoor retailer Addnature to pursue European expansion
  • Addnature founders stay on as shareholders in combined company

European online bicycle and outdoor retailer internetstores GmbH will join forces with leading Swedish online outdoor retailer Addnature AB (“Addnature” or the “Company”) in order to pursue a European leadership in the online market for bicycles and outdoor products. internetstores has agreed to acquire Addnature for an enterprise value of around SEK 230 million and the three founders and main owners of Addnature will re-invest the majority of their proceeds into the combined company. Smaller shareholders are bought out. The acquisition is financed by a new capital injection from the EQT Expansion Capital II fund which already has a minority ownership in internetstores.

internetstores plans to use Addnature’s market presence, local know-how and customer base to expand its online bike sales in the Nordic region. Likewise, Addnature will be able to use internetstores’ established market presence and resources in German-speaking Europe and its online marketing expertise to embark on an international expansion.

“The combination of internetstores and Addnature is a decisive step for the further growth of both companies. Together with Addnature we can enter the Nordic online bike market from a strong platform. Jointly we will further expand our product portfolios and continue to be market leaders in Europe”, says René Marius Köhler, founder and CEO of internetstores Group.

Addnature currently has sales of around SEK 180 million of which 70% are online and 95% in Sweden. internetstores targets annual sales of around SEK 600 million this year.

“As we are growing and becoming a larger player we are convinced this will be very positive for our customers as well as our suppliers. Customers will be able to access an even broader product offering and entirely new product categories. Our suppliers will be able to join us on this journey and grow together with us”, says Mathias Hedström, CEO at Addnature AB and one of the founders.  

The transaction is expected to be closed during the second quarter 2013. 


EQT Partners:
Johan Hähnel
Public Relations
+46 8 506 55 334

Hanna-Marie Mayer
Public Relations
+49 711 93305 165

Johan Ekroth
Public Relations                           
+46 73 788 74 82


About EQT
EQT is the leading private equity group in Northern Europe with approximately EUR 20 billion in raised capital and multiple investment strategies. Together with a superior network of independent Industrial Advisors, EQT implements its investment strategy by acquiring or financing good medium-sized to large companies in Northern and Eastern Europe, Asia and the United States, supporting their development into leading companies. Development is achieved by an industrial strategy with focus on growth. Since inception, EQT has invested more than EUR 12 billion in around 110 companies and exited close to 60. EQT-owned companies have more than 550,000 employees.

EQT Expansion Capital II provides capital for privately owned mid-market companies. The core investment focus of the Fund is businesses in need of capital for growth. The financing solutions have equity characteristics, while the owner normally maintains control over the company.

EQT Partners, acting as investment advisor to the managers of each EQT fund, has around 120 investment professionals with an extensive industrial and financial competence. EQT Partners and its affiliates have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London, Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on

About internetstores
internetstores GmbH
is a leading German online bike and outdoor retailer. The company was founded in 2003 in Stuttgart by internet entrepreneur René Marius Köhler. With its focus on bike and outdoor products internetstores offers a large variety of brands covering a vast assortment of over 50,000 products, targeting mainstream and sport enthusiast customers. internetstores has a leading position in its key market Germany and continues to gain market share throughout Europe, such as e.g. in Switzerland, Austria France, Spain or Benelux. internetstores targets annual sales of around EUR 70 million this year and has 250 employees.

About Addnature
Addnature AB
was founded in 2000 and is a leading Swedish online outdoor retailer. Addnature also has two physical stores closely integrated with the online business. Annual sales are around SEK 180 million. Addnature has 70 employees. Addnature targets sport enthusiast customers and carries approximately 50,000 articles from nearly 350 brands. Since 2012 Addnature also offers both an offline and online store for kids.

EQT logo