Adelis Equity Partners, a Nordic lower mid-market firm, has acquired a majority stake in Green Team Group, a Danish-based supplier of Christmas trees and decorations, according to a statement.
Financial details of the transaction were undisclosed, but a source close to the transaction told PEI the enterprise value was somewhere between €50 million and €100 million.
Adelis declined to comment beyond the statement.
Green Team Group, established in 1992, produces Christmas trees and has 3,600 hectares in Denmark, Poland, Scotland and France. The business sells its products to some of the largest retail chains in Europe. In 2013, Green Team Group had a turnover of DKK 247 million and operating profit of DKK 152 million.
Adelis will invest a “three-digit million sum” in the company over the next few years, it said in the statement. The firm aims to support the business by more than doubling its sales of Christmas trees by 2020 through the strengthening of relations with retailers and the further expansion into Eastern Europe.
The acquisition of Green Team Group marks the third investment Adelis has made so far. In January, Adelis acquired a majority stake in NGI, a Danish manufacturer of stainless steel levelling feet, which caters for the food and pharmaceutical industries. Last November, Adelis acquired Logent, a Swedish and Norwegian logistics service provider.
The firm is currently investing its debut fund, Adelis Equity Partners Fund I, a SEK 3 billion (€420 million, $690 million) 2013-vintage. The fund was raised in just eight months and closed on its hard-cap in October last year. The vehicle was “significantly oversubscribed”, sources close to the matter told PEI at the time.
Adelis was founded in 2012, by Jan Åkesson, a former chief executive officer of Triton Advisors Nordic, and Gustav Bard, a former managing director at 3i Nordic.