Qliro Group sells Tretti
Press release, Stockholm, 15 June 2016
Qliro Group AB (publ) today announced that the company has entered into an agreement to sell the subsidiary Tretti AB to WhiteAway for a total cash consideration of SEK 250 million, corresponding to an enterprise value of approximately SEK 180 million. Tretti will remain a partner of Qliro Financial Services and CDON Marketplace after the transaction. Also WhiteAway will become a partner of Qliro Financial Services regarding payment solution services for its online store in Sweden and join CDON Marketplace as a new merchant.
Tretti was established in 2004, publicly listed in 2005 and acquired by Qliro Group in 2011. Since the acquisition, Tretti has grown, from net sales of SEK 450 million in 2010 to SEK 754 million in 2015, and established a leading position on the online white goods market in Sweden. In 2015, Tretti generated an EBITDA of SEK 4.4 million.
Paul Fischbein, CEO of Qliro Group, comments: “Tretti was acquired by Qliro Group five years ago and has since then grown and established itself as a leading online store for white goods and household appliances in Sweden. With its volumes, the company has also been a central part of the, for Qliro Group, strategically important development of both Qliro Financial Services and CDON Marketplace.”
“We are today pleased to announce the sale of Tretti which is a result of a structured and competitive sales process. The transaction is in line with the Group’s strategy as it simplifies the Group structure, will free up capital for continued investments within Qliro Group and, at the same time, new important partnership agreements are signed. WhiteAway Group including Tretti will, through long-standing contracts, become the largest external partner for Qliro Financial Services and CDON Marketplace going forward. In addition to the sales proceeds we thus also see significant value in this strategic partnership”, Paul Fischbein concludes.
The transaction is subject to approval from the Swedish Competition Authority and is expected to be completed during the third quarter 2016. The total consideration amounts to SEK 250 million in cash for all shares in Tretti AB and the wholly owned subsidiary Tretti Danmark ApS and corresponds to an enterprise value of approximately SEK 180 million before transaction costs. The transaction is expected to lead to a result impact of approximately SEK -105 million which will be reported as an item under Discontinued operations in the second quarter 2016.
The information in this announcement is such that Qliro Group AB (publ) is required to disclose under the Swedish Securities Markets Act and/or the Financial Instruments Trading Act.
This information was released for publication at 20:45 CET on 15 June 2016.
For further information, please visit www.qlirogroup.com, or contact:
Paul Fischbein, CEO
Tel: +46 (0)10 703 20 00
Questions from media, investors and research analysts:
Erik Löfgren, Head of Communications
Tel: +46 (0)700 80 75 06
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About Qliro Group
Qliro Group is a leading e-commerce group in the Nordic region. Since the start in 1999, the Group has expanded and broadened its product portfolio and is now a leading e‐commerce player in consumer goods and lifestyle products through CDON.com, Lekmer, Nelly (Nelly.com, NLYman.com, Members.com), Gymgrossisten (Gymgrossisten.com/Gymsector.com, Bodystore.com, Milebreaker.com) and Tretti. The group also comprises the payment solution Qliro. In 2015, the group generated over five billion SEK in revenue. Qliro Group’s shares are listed on Nasdaq Stockholm’s Mid-cap list under short name “QLRO”.