Verdane VIII sells domestic appliances retailer WhiteAway

WhiteAway was founded in Denmark in 2003 and is now the leading internet retailer of household appliances in the Nordics, with run rate annual revenues of over DKK 1bn. Verdane VIII invested in the company in September 2013 through a secondary direct transaction where eEquity was the seller.

“We are proud of how much we have achieved in less than one year”, comments Henrik Aspén, Partner at Verdane Capital Advisors. ”With experience from 23 e-commerce holdings, we can go in from day one with concrete action plans. WhiteAway’s expansion in the Norwegian and Swedish markets is just one example of how much value we can create in a short period of time.”

Verdane funds are one of the leading investors in e-commerce in the Nordic region, with a portfolio that grew revenues over 40% in 2013. With offices in Finland, Norway and Sweden Verdane Capital Advisors is uniquely placed to help e-commerce companies expand in the Nordics.

“In e-commerce, less is often more. Our advice to companies is typically to focus more narrowly on core products. This advice really worked for WhiteAway – the company grew faster when they strengthened the focus on domestic appliances”, concludes Aspén.

Verdane VIII closed in June and this is the fund’s first exit. Verdane funds have since 2003 achieved over 160 exits.

The buyer is a company owned by Anders Holch Povlsen.