Entrepreneurs Jouko Soikkeli, Jani Länsimäki and Timo Hakkarainen were familiar with the business of Indoor Group and were interested in acquiring the company.
In accordance with its new strategy, Kesko aims to concentrate on food and beverage retail, building construction and systems as well as vehicle trade. Therefore, the entrepreneurs thought that Kesko could be open to acquisition negotiations concerning Indoor Group.
ProMan IMAP Finland first assisted the entrepreneurs in planning the process, developing the business plan and finding a suitable equity investor partner and, after that, assisted Sievi Capital, Etera and the entrepreneurs in carrying out the actual acquisition and funding process.
The purchase price was 67 million euros without debt, of which 62 million euros were paid in cash and 5 million euros by means of a loan granted by Kesko.
- Both chains will remain independent as well in Finland as in Estonia. In the future, we will strengthen the characteristic features of Asko and Sotka and serve the consumers even better with a wide diversity of supply. Indoor Group is in a good condition, and that is why it is worthwhile to aim for a strong growth on a new ownership base, says the group’s new CEO Jouko Soikkeli.
- Indoor is already a market leader in furniture retail in Finland. As the ownership base changes, we will support the company’s growth, strongly leaning on the proven entrepreneur-managed culture. Indoor’s stable development in the decoration and furniture market and the strong brands convinced us to join in building an even stronger Indoor together, says the CEO of Sievi Capital Heikki Vesterinen.
ProMan Imap Finland was the buyer’s advisor in the acquisition.