The EQT Mid Market fund ("EQT") today announced that it has entered into an agreement to sell Avenso GmbH (“Avenso” or “the Company”) to LUMAS Art Editions GmbH, a company controlled by Marc Ullrich, co-founder of Avenso. Avenso has simultaneously agreed to divest the WhiteWall business to CEWE Stiftung & Co. KGaA (“CEWE”).
Avenso is a market leading multichannel player for affordable museum grade wall art in which EQT acquired a majority stake in 2013. The Company is headquartered in Berlin, Germany, and operates the two brands WhiteWall and LUMAS. WhiteWall is the market leading high-end brand for customizable photo printing products serving art enthusiasts, professional photo experts and corporate customers. LUMAS is a market leading multichannel retailer for museum grade curated photo artworks and contemporary art.
During EQT’s ownership, Avenso has significantly enhanced its multichannel capabilities, expanded geographically and extended its product portfolio. The Company has successfully driven online growth for both brands as well as expanded the WhiteWall store network.
Fredrik Åtting, Partner at EQT Partners and Investment Advisor to EQT, said: “Avenso has undergone a significant transformation and is today a leading multichannel player for wall art. The management team has done an impressive job. We look forward to seeing WhiteWall develop as part of CEWE and for LUMAS to continue to prosper under the leadership of Marc Ullrich”.
The transaction is subject to customary conditions and approvals. The parties have agreed not to disclose financial details of the transaction.
EQT Press Office, firstname.lastname@example.org, +46 8 506 55 334
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com