LITORINA SELLS MAJORITY STAKE IN ETON TO EQT
Litorina IV LP has sold its majority stake in Swedish shirt maker Eton to another private equity firm, EQT VII. The transaction is subject to approval from the competition authority in Austria and is expected to close during the beginning of 2016.
EQT, founded in 1994, is a leading global private equity group with approximately EUR 29 billion (approximately USD $32 billion) in raised capital. EQT has portfolio companies in Europe, Asia and the U.S. with total sales of more than EUR 17 billion (approximately USD $19 billion) and 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
“Our partnership with Litorina has exceeded everyone’s expectations,” said Eton CEO Hans Davidson. “We have achieved our aggressive goals within three and a half years instead of six, which was the original time frame. With Litorina’s support we have been able to grow our turnover from SEK 300 million (approximately USD $35 million) to SEK 650 million (approximately UDS $77 million) and operating profit has increased threefold during their ownership. I am now looking forward to continue developing Eton as a leading international shirt maker together with EQT.”
“Hans Davidson and his team have carried out the growth plan that we together created in an impressive way,” added Harold Kaiser, partner at Litorina Capital Advisors AB, advisor to Litorina IV LP. “Today, Eton has an even stronger position in the market for premium men’s shirts and is well equipped to continue its strong development under EQT’s ownership.”
