Indoor Group was acquired by entrepreneurs, Sievi Capital and Etera

Indoor Group Kesko Sievi
Indoor Group was acquired by entrepreneurs, Sievi Capital and Etera

Three Indoor Group entrepreneurs, the Finnish investment company Sievi Capital Plc and Etera Mutual Pension Insurance Company have acquired the entire share capital of Indoor Group from Kesko Plc.

Kesko Oyj
Retail and consumer
Sievi Capital Oyj, Etera
Other services
Indoor Group is Finland’s leading home furniture and interior furnishing retailer selling its products through well-known Asko and Sotka brands and stores. The group operates 34 Asko stores and 52 Sotka stores in Finland, five Asko and five Sotka stores in Estonia as well as online stores in both countries. The company owns a furniture factory in Lahti.
The year 2016 net sales of Indoor Group were €187 million and the operating profit was €9.8 million. The group employs over 600 people.
The debt free enterprise value of the transaction was €67 million of which €62 million was paid in cash upon completion and €5 million as a loan, which the seller granted to the buyer. The transaction was completed on 30 June 2017.
Asko and Sotka chains will continue to operate independently in Finland and Estonia. The target is to further strengthen the identity of Asko and Sotka brands and to develop the customer service by extending the product offering.
Background information on the parties to the acquisition: 
Indoor Group Ltd with its chain concepts is a leading home furniture and interior furnishing retailer in Finland and Estonia. The group consists of the retail chains Asko and Sotka, the upholstery factory Insofa Oy and a subsidiary in Estonia. In 2016, Indoor Group’s turnover was EUR 187 million and it had over 600 employees.
Sievi Capital plc is a listed investment company (Nasdaq Helsinki) that invests in small and medium-sized businesses in the Nordic countries. Investments are made in profitable companies with growth potential. Sievi Capital creates value through active ownership of the target companies.
Etera is a pension insurance company, managing the pension security of Finnish employees and entrepreneurs. With more than 50 years of experience of a wide range of employment relationships, Etera is an expert in ever-evolving working life. Etera collaborates with customers to promote the work ability of Finns and is responsible for investment assets of more than EUR 6.0 billion. Etera invests pension assets securely, profitably and responsibly.
ProMan IMAP Finland advised the Entrepreneurs, Sievi Capital and Etera throughout the acquisition process of Indoor Group.