Scandinavian Software Distribution (SSB), the Swedish games distributor controlled by Euroventures Management, has acquired Norway’s largest games distributor BJ Electronics.
SSB has not disclosed the price paid for BJ, which had a turnover of E9.2m in 2001. According to Martin Tisell, investment manager at Euroventures and chairman of the SSD board, the acquisition of BJ will increase SSD group turnover to more than SEK400m. “The acquisition of BJ is a natural step in achieving SSD’s expansion plan. The acquisition will enhance SSD profitability, which is important for many customers and suppliers to know.”
Björn Jacobsen, the founder of the company, will continue as managing director for both companies in Norway and will also be offered a seat on SSD’s board.
In 1998, SSD established a distribution business in Oslo which now has a turnover in excess of E3m. BJ and SSD Norway will be merged into a new office and distribution centre at the end of 2002.
Euroventures backed the MBO at SSD in May 2001 via its Baltic Rim Fund and the 6th AP Fund. Euroventures was founded in 1985 and to date has made over forty investments. With a capital of just over SEK1bn, Euroventures focuses on expansion capital investments and buy outs in small and mid-sized private Nordic companies with good future prospects.