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Tæppeland sold to Biva
Audon Partners was engaged as strategic and financial advisor to the owners of Tæppeland in the sale of the company to the Danish furniture retail chain, Biva.
The transaction included the sale of all Tæppeland’s operations. The transaction has created a new strong player, Biva-Tæppeland, on the Danish market for interior design.
Tæppeland is one of Denmark's leading retailers of carpets and flooring materials, with 26 shops nationwide. In addition, the company includes Tæppeland Erhverv, comprising sales to the businesses and construction sector. Tæppeland has approximately 200 employees.
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".. significantly stronger together than separately"
"By merging Biva and Tæppeland we achieve significant benefits, and expect to offer even better products and prices to our customers. Moreover, we can implement significant savings that improve efficiency and profitability. We believe that customers will like our new concept, where individual stores will offer a very wide range of products that complement each other - furniture and flooring fits together perfectly. Our two companies will be significantly stronger together than separately" says Torben Løvdal, managing director of Biva, who will continue in that role in the new Biva-Tæppeland.
Added capital for integration
The investors behind the new Biva-Tæppeland will be adding new capital, over 7 million USD, in connection with the merger to pursue integration and invest in the new joint concept. The majority shareholder is still the firm ALMC (formerly Straumur). Furthermore, IKEA's former CEO, Anders Moberg, continues as co-investor. Founder and previous owner of Tæppeland, Jørn Jensen, also enters as co-investor and will be member of the board in the surviving company's. |
