Livingstone advised CapMan on the sale of portfolio company INR to Danish company Dansani
Livingstone has advised CapMan on the sale of INR (Iconic Nordic Rooms) to Danish market leader Dansani. Livingstone served as the exclusive financial advisor to CapMan.
INR is the Nordic market leader within shower solutions and has a strong position in bathroom furniture, mixers and towel dryers delivering 60,000 shower solutions and 30,000 pieces of furniture annually. INR’s net sales were SEK 402 million in 2019. The company employs aprroximately 115 people.
This acquisition makes Dansani / INR the largest supplier of bathroom furniture and shower solutions in the Nordic region. Total revenues will be over SEK 900 million, of which approximately SEK 700 million within the Nordic region.
The operations are highly complementary. Dansani / INR has a strong product mix where INR is a leader in customized shower solutions, and Dansani is a leader in bathroom furniture. In the short term, the goal is to focus on existing operations and strengthen cooperation. In the longer term, the ambition is to further expand in more markets in Europe.
“INR is a perfect match for Dansani, and the two companies complement each other well, both with their ranges and market positions and with their corporate culture. Following the purchase, Dansani/INR will be a significant player in our product categories and primary markets. As a single unit, Dansani/INR will have the necessary strength to reinforce sales in our present markets and expand into new ones. I am extremely pleased that this purchase has been successful,” states the CEO, Carsten Friis.
“We have a successful result for all parties involved with Livingstone’s help. Their team contributed with sector experience and skillfully navigated the international buyer landscape with relevant contact points with the buyers’ organizations,” says Johan Pålsson, Co-managing Partner at CapMan Buyout.
“INR’s leading position and strong brand, built on innovation and quality, has during the process attracted a wide global selection of strategic buyers. It will be exciting to follow the new group that can now call itself the Nordic region’s largest supplier of bathroom products,” says Henrik Widlund, Partner at Livingstone Partners.
“We are very grateful for CapMan’s confidence to lead the sales process of INR. For Livingstone’s global consumer team, with a strong presence in building materials, INR represents another important reference and a valuable experience,“ says Thomas Karlsson, Partner at Livingstone Partners.
This transaction marks Livingstone’s 39th consumer transaction since 2015, including the recent sales of Cliniclands, Båstadgruppen, ProViva, Nordicfeel, Golvpoolen.
Bird & Bird was legal advisor through the sales process.
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