Acquisitions
the Acquisition of the Plantation was at first considered impossible.
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Already in august last year came the first signs that the Plantation should is listed. Now, the Swedish investment company Ratos come ipo in us ” and get the whole chain for a purchase price of 1.2 billion Norwegian kroner from the american-british oppkjøpsfondet Apax.
Apax worked on both tracks before it was made a decision. This process has not I been so involved in. The solution fell into place now at the very end, ” says the Plantation ceo Jon Abrahamson Ring.
In the initial phase there was significant distance between the parties, but after a few rounds the country Apax that a sale was a better solution than an initial public offering.
” We have had negotiations with Apax and their advisors in a period of time. The first contact was in the early summer, ” says Lars Johansson, who is the acting president and ceo of Ratos.
Significant goal
After the DN experience was initially significant outpouring between the parties about the price. After the summer adjusted nevertheless the parties so that an agreement was possible.
– Thorough and intense negotiations meant that we came to an agreement, ” says Johansson.
Plantation is the largest handelskjede within out – and inneplanter, as well as solutions for the plants.
the Company has over 120 centers in different formats, of which 70 in Norway. The chain increases the number of smaller shops in Norway, Sweden and Finland.
Has a turnover of 3.7 billion Norwegian kroner in the last 12 months (as of June 2016) and an operating profit ebitda of nok 370 million in the same period
the Plantation group Plant Topco recent years been owned by the american-british oppkjøpsfondet Apax, which for a couple of years ago bought Evry.
Apax secured the Plantation from the Swedish oppkjøpsfondet the EQT at the end of 2006.
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Earlier this year, reported several media outlets that DNB Markets, SEB and Swedbank worked towards an initial public offering of plantekjeden in the fall, for an enterprise value of around 3.5 billion including debt. The purchase price now on the table is equivalent to a pricing of the company 2.9 billion including debt.
the Price is 600 million lower than the brokers suggested. You can have got the company, a bargain?
We believe that our investment will give good returns and we have faith in the business plan and strategy.
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the Plantation plan initial public offering until the fall
Will take the flowers on the stock exchange (DN+)
In the company of Arcus and Get
the Plantation chief is happy to have gotten an owner that works long-term.
Swedish Ratos is in Norway best known as the owner in alcohol – and vinleverandøren Arcus, the construction company Retrieve and oil service company Aibel. Listed Ratos has previously sold out of the kinoselskapet Nordic Cinema group (owner of SF Cinema) and sold sportsutstyrsleverandøren Haglöfs to Asics.
the Plantation is in retailbransjen considered a vekstcase. The chain has in recent years worked to get space in a structure with the fewest possible joints between the manufacturer and the end customer. Ring believes the new owners will give the Plantation the opportunity to take advantage volumfordelen and the value chain to further growth.
– Ratos have seen the details of our plan, and they will help to ensure that we can grow in new channels, ” says the Plantation boss.
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– It happens in the present moment, does not change our plans
the Plantation indents on the Rema
the Plantation has around 70 shops in the Uk and has plans to open more small and medium-sized stores in urban areas.
– We see a kjempepotensial in Norway, which is our largest market. In addition to the major hagesentrene, we will get closer to where the people are so that it will be easier to make impulse purchases, says Ring.
the Chain has added a growth plan where the goal is to open three to six new medium-sized stores in the year and five to ten of the smallest format.
The medium-sized stores of 800-1000 square meters are intended for in handelsparker where chains such as XXL and the Euro is already established, while the smallest format of 100-200 square is tailor-made for the city centre. The plantation has already opened shops in Frogner and in the main street in Oslo.
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the Plantation is already started to establish smaller stores adjacent to grocery stores. In the first place, it is entered into four lease agreements with Rema 1000 in Norway and in similar alliances in the other nordic countries.
– if it Had been more exciting for you about the Plantation had been listed?
– so I have no guess. I have never been in that situation before, and the only thing that matters to me is to make the Plantation better and better, ” says Ring.
Out with a pool table and plastikksandaler
The new Swedish owners have faith that the Plantation develops on what they do best; plants.
– Previously sold the Plantation pool table and plastikksandaler. This section, they have taken down and these products have gone out. Today, it appears as a prick up and clear the trademark. I think they will serve on. We do not expect that they go back to a wider range again, ” says Lars Johansson in Ratos.
Read also: the Coop is considering to cut the chains
He is impressed by the selskapsledelsen with the Ring in the tip.
Ratos is today a publicly listed in Stockholm. Johansson points out that Ratos is an investment company that stands out from the traditional oppkjøpsfond in that they are more long-term.
– We have no time limit and can in theory own the Plantation as long as we want, ” he says.
the Söderberg Family is still the largest shareholder in Ratos.
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