Mathem and Oda are merging, becoming the largest online grocery retailer in the Nordics

Oda, the leading online grocery retailer in Norway, has entered into an agreement to merge with Mathem, Sweden’s counterpart, and now the two companies will join forces. Together they will become the Nordic market leader with a combined revenue of over NOK 5bn. Oda and Mathem are both Verdane portfolio companies.

Both Oda and Mathem have been pioneers in successfully challenging traditional market players and driving the evolution of online grocery retail. Mathem in Sweden since 2006 and Oda in Norway since 2013. Oda’s in-house logistics platform has set industry-leading standards for operational efficiency. Together with Mathem’s strong market position and industry experience, they will now form an even stronger player in the Nordic market. With the combined strength of the two entities, significant economies of scale will benefit customers and create a more competitive player in the market. 

“This merger is a game-changer for the Nordic online grocery market. Oda is excited to join forces with Mathem to accelerate our journey towards becoming Europe’s most efficient online grocery store. The scale of our combined companies will help set new standards for quality, efficiency, and customer experience,” says Karl Munthe-Kaas, CEO in Oda. 

Mathem will continue to operate under its well-established brand in Sweden. With Oda’s logistics platform the turn-around of Mathem’s growth trend will speed up and higher efficiency will enable increased quality and lower prices. 


“Mathem has come a long way in strengthening efficiency, but we are still chasing profitability in a market that is tough due to challenging macroeconomic conditions. The merger means that Mathem can increase the scale of our business, as well as further increase efficiency thanks to Oda’s world-leading logistics platform and thus sharpen our customer offering even more, especially when it comes to price and quality,” says Johan Lagercrantz, Managing Director of Mathem. 

Johan Lagercrantz will continue to lead Mathem in Sweden, with André Knüppel from Oda joining as co-country manager. Karl Munthe-Kaas will continue to be the global CEO of Oda Group. 

Oda and Mathem already have joint owners in Kinnevik and Verdane. In addition to these, the deal is also supported by the companies’ boards and other major shareholders Axfood and Summa, which also remain the largest shareholders. 


Carnegie Investment Bank AB (publ) acted as financial advisor and Advokatfirman Cederquist KB as well as Wikborg Rein acted as legal advisors of Mathem. AGP Advokater AS and Baker McKenzie KB acted as legal advisors to Oda. McKinsey has assisted Oda and Mathem as commercial advisor and PWC assisted with financial and tax due diligence.