Verdane, the specialist growth buyout investment firm, has announced the partial realisation of its investment in Finnish beauty business Lumene Group to a series of investors led by Creades, a Swedish listed investment company.
Lumene Group is headquartered in Espoo, Finland where most of the products from its Lumene, Ida Warg and Cutrin brands are developed, designed, and manufactured.
The company’s brands are sold in 23 countries and its online store serves consumers worldwide. Led by CEO Adrian Innergård since 2023, Lumene Group has laid a solid foundation for continued expansion with a focus on investing into its own production capacity, a clearer geographical focus and an updated sales and marketing focus with an increased emphasis on digital channels.
In 2024, Lumene Group’s net sales were €102 million, corresponding to growth of just over 8% pro forma compared to the previous year with EBIT excluding goodwill amortization of approximately €8.3 million.
Verdane became the majority owner of Lumene Group following a 2021 portfolio transaction carried out through Verdane’s Freya X fund. Verdane will remain the majority owner of Lumene Group following the close of the new transaction.
Cecilia Nytorp, Principal at Verdane, said: “We are proud of the progress Lumene Group has made throughout our partnership, growing into a leading player in sustainable beauty. With Creades as a new partner, Lumene Group is well positioned to continue its success story. Under the leadership of Adrian and the wider management team, Lumene Group has grown to become a leader in the beauty industry. We’ve worked closely with the business since 2021 and look forward to continuing our partnership.”
John Hedberg, CEO of Creades, said: “We have followed Lumene Group for some time and are very impressed with the work Adrian and his colleagues have carried out over the past two years. We look forward to supporting the company as it enters a phase of accelerated growth and geographical expansion, with the goal of further consolidating the Nordic market position and establishing itself in more European markets. Creades has a clear focus on investing in companies that benefit from long-term underlying trends, as well as companies that are at a crossroads in their development. Lumene Group meets both of these criteria and we are very pleased to be part of contributing to the company’s future development.”
Adrian Innergård, CEO of Lumene Group, said: “I am grateful for the excellent partnership with Verdane and for the opportunity to continue this collaboration. At the same time, I am excited about the upcoming cooperation with Creades. The goal of our five-year strategy is to double our revenue by 2028 and make Lumene Group the next big export success out of Finland. I believe that Creades’ expertise and connections will accelerate our growth journey and further improve our chances of success.”
Carnegie Investment Bank acted as sole financial adviser to Verdane in connection with the transaction.
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About Verdane
Verdane is a specialist growth buyout investment firm that partners with tech-enabled and sustainable businesses that help to digitalise and decarbonise the European economy. Verdane funds have the most flexible mandates in the industry. The firm can invest as a minority or majority investor, replacement or growth capital, in single companies or in portfolios of companies.
Verdane has over €8 billion in assets under management and its funds have made more than 200 investments in fast-growing businesses since 2003. Verdane’s team of over 150 investment professionals and operating experts is based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, and combines deep sector expertise with deep local networks and presence in core European markets.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
Further information: www.verdane.com
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About Creades
Creades is a Swedish listed investment company that was formed at the end of 2011. Creades was listed in 2013 on Nasdaq Stockholm’s main market and was before that listed on Nasdaq First North since 2012. Creades’ portfolio, measured in terms of substance value, consists of approximately 70-75 percent listed holdings and approximately 25-30 percent unlisted holdings and cash. Creades’ largest holding is the listed company Avanza. Other holdings include Apotea, Inet, Instabee, Klarna, Mentimeter and StickerApp. Creades’ net asset value as of 31 January 2025 was SEK 11,140 million.
About Lumene Group
Lumene Group is a Nordic beauty company specializing in the development and manufacturing of high-performing, sustainable skincare, makeup and haircare products. The Group is home to three Nordic beauty brands: LUMENE, CUTRIN and IDA WARG Beauty. Our brands are present in 23 countries, and online stores serve consumers worldwide. Key markets include Finland, Scandinavia, the UK, Germany, Poland, and China. Lumene Group is headquartered in Espoo, Finland, where most of our products are developed, designed, and manufactured. Lumene Group employs more than 350 talents internationally. In 2024, Lumene Group’s net sales were EUR 102 million. The majority owner of LUMENE Group is European private equity company Verdane.
Read more: www.lumenegroup.com
