Kibord, who owns the chains Tilbords and Kitch´n, buys Cervera, which is the leading omnichannel provider in Sweden within kitchenware, home gifts and interior.
Kibord’s operation is mainly in Norway, with the exception of 25 shops in Kitch´n that has been operating in Sweden for 5 years. Kitch´n’s business in Sweden had a turnover of NOK 162 mill. in 2020.
The Kibord group also has the company Home Brands, which is an import and wholesale company.
Kibord will within a short period of time change its name to Home Brands Holding AS. The intention with the takeover of Cervera is to build a strong Nordic company with quality products for the home market, focusing on kitchenware and interior.
The concern’s total turnover will, after the purchase of Cervera, be approximately 2,6 billion NOK based on the companies’ turnover in 2020, thus making it the biggest niche player for quality products within kitchenware and interior in the Nordic countries.
“We are very happy with the purchase. Cervera complements our present company with its impessive growth in ecommerce and its strong position in the Swedish market. Our vision for Home Brands is becoming market leader in kitchenware within the markets we are operating. Cervera helps us become that in Sweden,” Tore Thorstensen, chairman of the board in Kibord, says.
”We are happy to have found a new strong owner of Cervera in Kibord, which also complements our business well. We have, together with the management, succeeded in a real transformation of the company, where ecommerce has grown from approximately 100 million to about 500 million in the last 18 months. At the same time the physical shops experience comparable growth for the third straight year. Even the profitability has been positive the last few years”, Claes Bodell, responsible partner in Accent Equity, says.
“Kibord has through the companies Tilbords and Kitch´n had a great progress the last years. Kitch´n’s turnover in Sweden has been moderate. Cervera will give our concern strength in our future efforts where our competitors increasingly will be the ecommerce businesses, who already have a big presence in the Nordic countries”, Odd Sverre Arnøy, CEO Kibord says.
Chairman of the board Kibord
Tel.: +47 91318160
Odd Sverre Arnøy
Tel.: +47 40404646
Responsible partner Accent Equity
Tel.: +46 (0)70 643 6438
Tel: +46 (0)73 359 0348