Litorina is acquiring the ECO-Boråstapeter Group, the leading Nordic manufacturer of wallpaper, and thus becomes the new majority owner with approximately two-thirds of the shares. The owners of the new company will include senior management, the board of directors and approximately 135 of ECO-Boråstapeter’s previous shareholders. ECO-Boråstapeter had sales of approximately SEK 550 million in 2009 and has about 165 employees.
ECO-Boråstapeter designs, manufactures and markets a wide selection of wallpapers mainly focusing on the premium sector. The group is market-leading in the Nordic region in wallpapers and has some of the region’s most well-known and best selling wallpaper brands: Boråstapeter, Eco Wallpaper, Cole & Son and Mr Perswall. Three quarters of the group’s sales are in the Nordic market , but the group is also currently active in approximately 35 other countries, including United Kingdom, Russia, China and the US.
The group was founded in 1905 by Waldemar Andrén under the name Borås Tapetfabrik. A big step towards today’s ECO-Boråstapeter was taken in 2002 when Ecotapeter’s brand name and collections were acquired (now Eco Wallpaper). The international presence was strengthened in 2008 through the acquisition of the British wallpaper company Cole & Son, which also gave the group a stronger position in the segment for high-end wallpapers. The market for wallpapers is expected to grow as a result of a continued positive trend within interior decorating.
“We have followed ECO-Boråstapeter for a long period of time and believe that the group fulfills our investment criteria,” says Harold Kaiser, managing partner at Litorina Capital Advisors, investment advisor for Litorina Kapital III. “The opportunities for growth are good in the industry and ECO-Boråstapeter is well-positioned to capitalize on these opportunities, both with respect to organic growth and possible acquisitions. Our focus will be on assisting management in their goal of strengthening the group’s position as the leading wallpaper manufacturer in the premium sector with a strong international presence.”
“ECO-Boråstapeter has only just begun on its international path and we plan to continue expanding and developing our operations,” says Peter Kock, CEO for ECO-Boråstapeter. “With this focus, it is exciting to gain the opportunity of having a strong and experienced majority owner such as Litorina, and at the same time, retaining a larger portion of the customer-owner base. The plan is to continue developing towards our long-term vision of becoming world-leading in the premium sector for wallpapers.”
For further information, please contact:
Harold Kaiser (+46 708 54 38 00), Managing Partner, Litorina
Peter Koch (+46 704 58 64 07), CEO, ECO-Boråstapeter
Litorina, founded in 1998, is a private equity firm that focuses on acquiring and industrially developing small to medium-sized companies in the Nordic region with their leading executives. Litorina offers broad and deep expertise via its own organization as well as through its network of industrial advisors. Litorina Capital Advisors AB acts as an investment advisor to Litorina’s third fund, Litorina Kapital III LP, which is currently in an active investment phase. Litorina is backed by a number of venerable and reputable Swedish and international institutions who have together invested approximately SEK 2.3 billion in Litorina’s three funds. Read more at www.litorina.se.
ECO-Boråstapater was founded in Borås, Sweden in 1905 and is now the Nordic region’s largest wallpaper manufacturer with market-dominating positions in Sweden and Norway. ECO-Boråstapeter’s business concept is to design, manufacture and sell high-quality wallpapers under a strong brand name. The company is investing in international expansion in the premium sector for wallpapers. The vision is to attain a world-leading position in this sector. Read more at www.ecobt.se.