Biva Holding A/S, through its subsidiary Biva Møbler A/S (Biva), a Danish retailer of discount furniture, has acquired Tæppeland Holding A/S from private shareholders. Financial details have not been disclosed.
Tæppeland Holding A/S owns Tæppeland A/S, a leading Danish retailer of carpets, wooden floors and other hard floors, ceramic tiles and related accessories. In addition, the company also includes Tæppeland Erhverv, comprising sales to the businesses and construction sector.
The transaction has created a new strong player on the Danish market for interior design, Biva–Tæppeland. "By merging Biva and Tæppeland, we achieve significant benefits and expect to offer even better products and prices to our customers. Moreover, we can implement significant savings that improve efficiency and profitability. We believe that customers will like our new concept, where individual stores will offer a very wide range of products that complement each other, furniture and flooring fits together perfectly. Our two companies will be significantly stronger together than separately," said Torben Løvdal, Managing Director of Biva, who will continue in that role in the new Biva–Tæppeland.
The investors behind the new Biva–Tæppeland will be adding new capital, over US$7 million, to pursue integration and invest in the new joint concept. The majority shareholder is still ALMC (formerly Straumur). Furthermore, IKEA's former CEO, Anders Moberg, continues as co-investor. Founder and previous owner of Tæppeland, Jørn Jensen, also enters as co-investor and will be a member of the board.
Oaklins' team in Denmark advised the seller in this transaction.
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