Verdane VIII sells domestic appliances retailer WhiteAway

4 Jul, 2014

Verdane Capital VIII (Verdane VIII) and the other shareholders have agreed to sell their shares in WhiteAway, the domestic appliances retailer. The sale takes place following WhiteAway’s strong development in the Norwegian and Swedish markets where revenues have grown over 100% in the past year.

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.
 
 
For more information, please contact:
Frida Einarson, Verdane Capital Advisors at fe @ verdanecapital.com or +46 702 44 20 83
 
About Verdane and Verdane Capital Advisors
Verdane Capital Advisors is the Nordic market's largest and most successful independent manager of secondary direct funds. Verdane funds have €700m in committed capital and are focused on buying Nordic portfolios of direct investments in attractive sectors such as energy, ICT and general industries. The funds will also consider investments directly in selected growth-stage companies.
 
Since 2003, the funds advised by Verdane Capital Advisors have acquired 22 portfolios with stakes in over 250 companies. Verdane has invested in companies such as Mathem, BytHjul, Resman and Wireless Maingate. Former holdings include Coding Technologies, Chipcon, DIBS, Nacre, Reslink, Reslab and Tradedoubler. For more information, please visit www.verdanecapital.com.