Private equity firm Nordic Capital said on Monday it had agreed to buy a majority stake in Gina Tricot from the Appelqvist family, the founders of the Swedish clothing retailer who will retain a significant stake in the company.
Gina Tricot has 180 stores in Sweden, Norway, Denmark, Finland and Germany and had sales of around 2 billion Swedish crowns ($302 million) last year, but in recent years sales have declined slightly, hit by tough market conditions.
Nordic Capital did not disclose the purchase price nor the size of the stake acquired.
“Under Nordic Capital’s ownership, Gina Tricot will gain access to a pool of capital and extensive experience of the retail market, leaving the company well positioned to execute on a new strategic plan,” Nordic Capital said in a statement.
Nordic Capital will also inject new capital to boost Gina Tricot’s financial position. ($1 = 6.6296 Swedish Kronor)
(Reporting by Sven Nordenstam; editing by Niklas Pollard)