Internetstores Acquires Addnature
ESSLINGEN, Germany – Germany’s leading online bicycle and outdoor retailer Internetstores GmbH – among others operator of Fahrrad.de; Brügelmann.de; Bikster and Bikeunit – merges with Swedish outdoor online retailer Addnature AB. The takeover will be completed this month.
The €27 million takeover will be financed with the help of EQT Expansion Capital II Fonds. With this deal Swedish private equity company EQT will remain minority shareholder of Internetstores Group. In spring 2012 EQT already invested €30 million as “additional growth capital” into the Esslingen based e-commerce retailer.
The merger will strengthen the market position of the German company in the Northern-European countries. Moreover it will upgrade its outdoor-competence. Up to now Internetstores operates in this segment with its Campz online shop. Addnature is much more outdoor-focused.
Leading e-commerce company
According to a press release Addnature AB is a leading e-commerce company. It was founded in 2000. Next to a successful webshop the company also operates two outdoor shops. Addnature is located in Stockholm and employs 70 people. The company distributes over 50,000 outdoor articles from approximately 350 outdoor brands. Yearly sales amount to €21 million.
Internetstores GmbH says it will benefit from the merger thanks to: “The big synergy potential and to expand our business and to increase our standing in the field of bicycle and outdoor sales in Europe”. The German company intends to use the established Addnature structures, the local know-how and the broad customer base also for their distribution of bicycle and P&A in Northern Europe.
The three Addnature founders and main shareholders around CEO Mathias Hedström will re-invest a substantial amount of the €27m they receive for the sale into the merged company. Moreover they will remain shareholders in that company. Former minority shareholders in Addnature: “Will receive a full pay”, is noted in the press release.
Benefits for Addnature
The press release further notes that Addnature is to benefit from the existing structures of the Internetstores Group – and in particular from: “The strong market position in the German-speaking market as well as through our online marketing expertise”. It will definitely help to establish Addnature’s outdoor activities outside Northern Europe.
Internetstores Gmbh employs a total of 250 people at its headquarters in Esslingen as well as in Berlin. Founder and CEO is René Marius Köhler. In its fiscal year 2011/2012 revenues of the online retailer totaled over €60m. The main bike brand of the company is Votec which Internetstores acquired in March 2012.