Press Release - 21.05.2021 - 07:55
Lars Larsen Group acquires SOFACOMPANY from Procuritas
The very successful online retailer SOFACOMPANY becomes part of the family-owned Lars Larsen Group.
Since SOFACOMPANY was founded in Korsør, Denmark, in 2012 by husband and wife Christian and Cathrine Rudolph, the company has increased both revenue and earnings year on year, and it cannot be described as anything other than a huge success.
Now the company is taking the next big step when family-owned Lars Larsen Group acquires the ownership from the private equity fund Procuritas, which has been the majority owner of SOFACOMPANY since 2017.
“I am really looking forward to SOFACOMPANY becoming part of Lars Larsen Group. It is a very exciting company that can add a lot to our business,” says CEO of JYSK, Jan Bøgh, who as part of the acquisition will become chairman of the board of SOFACOMPANY.
At the same time, he emphasises that Lars Larsen Group, with the acquisition of SOFACOMPANY, is delivering on an important part of the strategy.
“The acquisition is part of our strategy to become even stronger digitally, so we can achieve the same market share on the digital platforms as with our physical stores. SOFACOMPANY has great potential here. Not least because the company delivered good results even before the coronavirus crisis hit the world and online sales of, among other things, furniture was increased significantly,” says Jan Bøgh.
Freedom to evolve
He also emphasises that the acquisition is not about SOFACOMPANY becoming part of JYSK.
On the contrary, the company will continue to be run as an independent company, just as is the case with companies such as JYSK, ILVA, Bolia and SengeSpecialisten, which are also owned by Lars Larsen Group.
“It is important for us as new owners that the current management remains in place and thus ensures that SOFACOMPANY can continue its successful journey. However, as chairman of the board, I hope that with my knowledge and experience I can contribute to the development of the company, just as SOFACOMPANY through Lars Larsen Group has access to the necessary financing for future growth," says Jan Bøgh.
Great fit
Mattias Feiff, Co-Managing Partner at PCI V Advisor AB, advisor to Procuritas Capital Investors V commented:
“We are delighted to have sold SOFACOMPANY to Lars Larsen Group, which is a great fit for the business to complete its next stage of growth. During the course of our ownership, we have overseen transformational growth through building up the company’s e-commerce capabilities and shifting its focus from wholesale channels to a direct-to-consumer brand as well as a significant geographical expansion. We are very grateful to Henrik Andersen, CEO of SOFACOMPANY, and the rest of the management team for building the business into the fantastic shape it is in today.”
The transaction between Lars Larsen Group and Procuritas will be completed as soon as it has been approved by the relevant authorities.
About SOFACOMPANY
- Founded as Sofakompagniet in 2012 by husband and wife Christian and Cathrine Rudolph
- Headquartered in Denmark and production site in Vietnam
- Revenue 2020: EUR 73 million
- EBITDA result: EUR 7 million
- Employees: 350
- Selling furniture online in a number of European countries.
About Procuritas
Procuritas is a private equity investor, focused on investing in and growing Nordic mid-market companies. With a passion for business, hands-on industrial experience and a close to thirty-year record from a large variety of transactions, it has supported more than 45 companies in accelerating their growth and realizing their true business potential. As owner, Procuritas is characterized by its enthusiasm, commitment, and strong belief that it is an ally in the quest to build strong and sustainable businesses. Read more at www.procuritas.com.
