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.
About Verdane
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.
Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
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.
More info: www.verdane.com
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