Litorina exits Euroflorist, a leading international online flower sales platform, to a consortium of investors led by Magnus Silfverberg, previously CEO of Bisnode and Betsson, and Johan Tjärnberg, CEO of Trustly and CEO/co-founder of Bambora, alongside a group of co-investors. The transaction was completed through divestment of the operating group of companies and the seller is Euroflorist Intressenter, where Litorina holds the majority of the shares. The transaction closed on December 17, 2021.
During Litorina’s holding period, Euroflorist has grown organically and through selective add-on acquisitions to become one of the leading European online platforms for flower sales, with activity in 11 countries. The company has successfully leveraged its extensive international florist network to drive growth in online sales. The traditional florist delivery model has been complemented by a differentiating and margin accretive DTC box business, which still holds substantial further penetration potential. Through excellent execution, the company successfully capitalised on the strong demand driven by the pandemic in 2020-21 and is well-positioned to benefit from the structural positive market shift. During Litorina’s ownership, the company more than doubled sales with earnings increasing more than fivefold.
“Euroflorist’s platform model for flower delivery comes with several attractive characteristics. At its core lies the high scalability and low capital requirements. Litorina invested with a view to leverage that model and capitalise on the increased e-com penetration to drive international growth, and I am pleased to see that this generated a good return for our investors.” says Jörgen Ekberg, Executive Chairman at Litorina. ”The international footprint of the business and the margin accretive DTC box offering constitutes an attractive foundation for continued success for Euroflorist”, Jörgen continues.
The sellers were advised by Carnegie, Vinge and PwC.
