Litorina does third deal in three months(2)

Accent Equity has sold Swedish flower delivery service EuroFlorist to Litorina Kapital. It is the third investment in three months from the Swedish firm’s third fund.

Nordic buyout firm Litorina Kapital has bought EuroFlorist, a Swedish flower delivery service, from Accent Equity for an undisclosed sum.

Malmö-based EuroFlorist has subsidiaries in ten European countries. Its turnover was around SEK 630 million ($91.5 million, €67 million) in the last financial year.

The company delivers flowers in partnership with 54,000 flower shops outside its domestic markets, via the international network Teleflor International.

EuroFlorist’s turnover has grown 26 percent per annum over four years, both organically and through acquisitions. During this period it has doubled the number of flower shops as its affiliates in its domestic markets to around 10,000.

Harold Kaiser, managing partner at Litorina, said: “This is our third deal from our latest fund and we now have the appropriate fund size to do such deals on our own without bringing in syndicating partners.”

Litorina’s third fund is targeting a SEK1.25 billion final close and held its first close on SEK843 million in June. The fund will buy 10 to 15 companies in total.

The fund also bought swimming pool equipment company Pahlen in July and credit card protection company Securia in June for undisclosed sums. 

The firm has not been affected yet by the credit crunch, because it sources funding from local banks which do not syndicate the debt due to the deal size, Kaiser said.