Industri Kapital (IK), the pan-European private equity firm with Nordic roots, has announced its acquisition of home decoration company SIA Group from UK-listed private equity house 3i.
SIA Group was founded in Sweden in 1963 by designer Sonja I. Andersson and Kjell Melander. Now headquartered in France, it produces two collections of products a year including artificial plants, vases, table decorations, furniture, lamps, linen and candlesticks.
A consortium led by French buyout firm Chequers Capital, then Charterhouse France, acquired the company for F243 million in 1999 in a management buyout from home appliance manufacturer Electrolux.
In December 2001 3i committed €29.3 million to a second MBO that allowed the management to increase its stake in the company from 16 percent to almost 40 percent.
During the period of IK’s ownership of the company it has made acquisitions in Norway, Denmark and Greece and seen an increase of 50 percent in turnover and profitability according to an IK statement.
This is the second investment from the Industri Kapital 2004 fund, which closed last October on €825 million.