Verdane sells Outnorth to Egmont
Stockholm — Verdane Capital VII has agreed to sell its holding in Outnorth, the leading online retailer of outdoor products and apparel in Scandinavia, to the Nordic media group Egmont.
Founded in 2005, Outnorth is an online retailer of outdoor products and apparel, focused on high-quality Scandinavian brands and private label products that represent good design and functionality for an active outdoor lifestyle. Verdane Capital VII (Verdane) made its first investment in the company in 2010.
“We saw the potential for Outnorth in a Scandinavian market fuelled both by a shift in Scandinavian lifestyle trends, and the transition in retail from offline to online, creating demand for high-quality products delivered through an easy-to-use online trading and logistics platform,” says Staffan Mörndal, Partner at Verdane Capital Advisors.
Since Verdane’s investment, Outnorth has grown from its Swedish base to become an online market leader in Scandinavia, and with significant sales in Germany. In 2017, the company had revenues of SEK 430 million, representing a 20x growth compared to 2010.
Today, Verdane announced that it has entered into an agreement to sell its holding in Outnorth to existing shareholder and leading Nordic media group, Egmont.
“We are proud to have been part of Outnorth’s journey together with the company’s excellent employees, management team and other owners. Outnorth is well-positioned for future growth, both in Scandinavia and in other important growth markets, and we look forward to following the company in the years to come,” says Mörndal.
The Nordic sports market is estimated to around EUR 10 billion, with an online market share of around 25%. Outnorth has been instrumental in developing the online category in the Nordics.
“Backed by Verdane and the other owners, we have refined our online offering, logistics and go-to-market models, including the successful development of our portfolio of private label products. This have put us in a sweet spot as the leading online retailer of outdoor gear and apparel in Scandinavia, with a great growth potential in the region and beyond. We are looking forward to our next phase of growth together with Egmont,” says Lars Nykvist, CEO of Outnorth.
Backed by Verdane and the other owners, we have refined our online offering, logistics and go-to-market models, including the successful development of our portfolio of private label products. This have put us in a sweet spot as the leading online retailer of outdoor gear and apparel in Scandinavia, with a great growth potential in the region and beyond.
Verdane funds provide flexible growth capital to fast growing software, consumer internet, energy or high-technology industry businesses. The funds are distinctive in that they can invest either in a single company, or in portfolios of companies. Verdane funds have €900m under management and have invested in over 300 holdings over the past 14 years. Verdane Capital Advisors has 29 employees working out of offices in Copenhagen, Helsinki, Oslo and Stockholm. More information can be found at: www.verdanecapital.com
Outnorth is working to inspire more people to explore and enjoy outdoor life. We do it by offering the best products from and for Scandinavia, based on knowledge and experience. We are Scandinavia’s leading online retailer in outdoor products and have clothing, shoes and equipment for outdoor activities and training. For more information, visit: www.outnorth.com