CDON Group divests Heppo.com
CDON Group AB, the leading e-commerce group in the Nordic region, today announced that the company has entered into an agreement to sell the operations of subsidiary Heppo AB to Footway Group AB.
The transaction is made through an asset deal and includes the majority of Heppo AB's assets, as well as the liabilities attributable thereto. Heppo AB is part of the Group's fashion segment and reported total net sales of approximately SEK 103 million and an operating result of approximately SEK -20 million in 2012. The purchase price is estimated to 42 million, half of which is received as a cash consideration at closing, and the remainder received as four instalments between September 2013 and June 2014. The transaction is expected to close on 18 April and affect second quarter earnings with approximately SEK -3 million.
Heppo AB’s is an online retailer of shoes and accessories founded by CDON Group in August 2010. Today Heppo operates the Nordic internet stores heppo.se, heppo.no, heppo.dk and heppo.fi.
Paul Fischbein, President and CEO of CDON Group commented: “Heppo was founded within the Group and quickly established itself as one of the largest online shoe-stores in the Nordic markets. In connection with the Group's strategic review, our assessment was however that Heppo would be stronger and better equipped to face the future together with another owner. For CDON Group the divestment increases the focus on the Group's major holdings, which is in line with the Group's strategy.”
For further information please visit cdongroup.com or contact:
Paul Fischbein, President and CEO
Tel: 46 (0) 10 703 20 00
Press, investor and analyst enquiries:
Fredrik Bengtsson, Head of Communications and Investor relations
Tel: 46 (0) 700 80 75 04
Email: email@example.com, firstname.lastname@example.org
About CDON Group
CDON Group is the leading e-commerce group in the Nordic region. Established in 1999, the Group has continuously expanded its product portfolio and is now a leading e-commerce player in the Entertainment (CDON.COM and Lekmer.com), Fashion (Nelly.com, Heppo.com and Members.com), Sports & Health (Gymgrossisten.com, Bodystore.com and Milebreaker.com) and Home & Garden (Tretti.com and Room21.com) segments. CDON Group’s online stores attract approximately 244 million site visits and more than two million unique customers on a yearly basis.