Back    19.08.20

FSN Capital IV, FSN Capital V and FSN Capital Project Growth* sell the remaining shares in BHG after a successful growth journey since 2016

FSN Capital IV, FSN Capital V and FSN Capital Project Growth* sell the remaining shares in BHG after a successful growth journey since 2016

The FSN Capital Shareholders* have agreed to sell their remaining shares of 7 319 041 in BHG Group AB (publ), corresponding to approximately 7 per cent of the total number of shares in the Company, to Swedish and international institutional investors. The shares were sold at a price of SEK 96.5 per share, equal to a discount of 2.7% compared to yesterday’s closing price, and a 103% premium compared to the IPO price in March 2018. The transaction realized gross proceeds of approximately SEK 706 million. Combined with the FSN Capital Shareholders’ selldown on August 6th, the shares were sold at an average price of SEK 100 per share, and realised total gross proceeds of approximately SEK 1 079 million. Following the share sale, the FSN Capital Shareholders no longer own any shares in BHG.

BHG was acquired by FSN Capital Shareholders in November 2016 and listed on Nasdaq Stockholm on March 27, 2018. FSN Capital Shareholders remained one of the largest shareholders in the Company until this final sell down.

’BHG has developed strongly during FSN Capital Shareholders’ ownership period, and we are very grateful for having had the opportunity to support the company’s exceptional management team and its successful growth journey in building the number one consumer e-commerce company in the Nordic region and the largest European pure-play company within the home improvement space. BHG is well positioned to continue delivering on its strategy for long-term growth and further value creation’, says Niclas Thiel, Principal at FSN Capital Partners.

Under FSN Capital Shareholders’ ownership, BHG has taken several steps to strengthen its position as the number one consumer e-commerce company in the Nordics. During the ownership period, BHG has grown through several value-adding investments and bolt-on acquisitions, a broadened product offering, and increased geographical presence. Net sales has increased from SEK 2.6bn in 2016 to SEK 7.6bn in the last twelve months as of June 2020.

* FSN Capital GP IV Limited acting in its capacity as general partner for and on behalf of each of FSN Capital IV L.P., FSN Capital IV (B) L.P. and FSN Capital IV Invest L.P. through its wholly owned subsidiary Builder IV Holdings Limited (“FSN Capital IV”), FSN Capital GP V Limited acting in its capacity as general partner for and on behalf of each of FSN Capital V L.P., FSN Capital V (B) L.P. and FSN Capital V Invest L.P. through its wholly owned subsidiary Builder V Holdings Limited (“FSN Capital V”), and FSN Capital Project Growth GP Limited acting in its capacity as general partner of FSN Capital Project Growth Co-Investment LP (“FSN Capital Project Growth”) (together, the “FSN Capital Shareholders”).

About BHG

BHG is the number 1 consumer e-commerce company in the Nordics. BHG is present in most of Eastern and Central Europe. The Company’s strong position in these markets makes them the largest European pure-play within the Home improvement space, meaning Do-It-Yourself and Home furnishings.

BHG reported net sales of SEK 7.6bn and a total growth of 39% LTM as of June 2020. Adjusted EBIT amounted to SEK 485m LTM, equal to a margin of 6.4%.

Since inception in 2006, BHG has expanded its product offering, made significant operational investments and broadened its geographical presence. The Company is headquartered in Malmö and had more than 1,500 employees as of June 2020.


For more information please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds):

Niclas Thiel, Principal
nt@fsncapital.com

Morten Welo, Partner & COO/IR
mw@fsncapital.com