24 May 10
Litorina’s portfolio company EuroFlorist acquires eFlorist, one of UK’s largest flower delivery networks
EuroFlorist is acquiring eFlorist, one of the leading flower delivery companies in the UK. The acquisition of eFlorist strengthens EuroFlorist’s market leading position in Europe and further consolidates the largest florist network outside North America.
EuroFlorist, Europe’s leading flower and gift delivery company, with operations in ten countries in northern and central Europe, is expanding its geographic presence to the UK and Ireland. Following the acquisition, the group will generate revenues of approximately SEK 920 million.
eFlorist, the second-largest florist network in the UK, has generated a solid growth over the last few years, in particular within its online and corporate businesses. Growth was strengthened after the company’s rebranding from Teleflorist to eFlorist in autumn 2009. In its latest financial year, eFlorist generated revenues of approximately SEK 230 million and good profits.
EuroFlorist’s acquisition of eFlorist will strengthen the group’s product and service offering to consumers, businesses and florists. The exchange of competence, best practice and the utilisation of common platforms in the group will enhance EuroFlorist’s ability to create further organic growth, in particular within its online business.
”The acquisition of eFlorist gives us further competence and resources to strengthen our offering to consumers and businesses, our florist network and our growing Internet business. The acquisition of eFlorist is an important strategic investment, which creates our third centre of excellence in the UK, in addition to our two current centres in Northern and Central Europe”, says Lars Höglund, CEO EuroFlorist.
”The acquisition of eFlorist is an important step in further strengthening EuroFlorist’s leading market position in Europe. The acquisition creates synergies within the group and provides excellent opportunities for further growth of the EuroFlorist group”, says Harold Kaiser, Managing Partner Litorina.
For further information, please contact:
Managing Partner, Litorina
EuroFlorist is Europe’s leading flower- and gift delivery service provider with operations in ten European countries. Every year, EuroFlorist delivers millions of floral greetings, reception flowers, gifts and funeral wreaths through more than 10,000 directly affiliated flower shops. Including the acquisition of eFlorist, the combined group will generate pro forma revenues of approximately SEK 920 million and have operations in twelve European countries.. EuroFlorist’s headquarters are in Malmö, Sweden.
Litorina, founded in 1998, is a private equity firm that focuses on acquiring and industrially developing small to medium-sized primarily Swedish companies. Litorina offers broad and deep expertise via its own organisation as well as through its network of industrial advisors. Litorina Capital Advisors AB acts as an investment advisor to Litorina’s third fund, Litorina Kapital III LP, which is currently in an active investment phase. Litorina is backed by a number of venerable and reputable Swedish and international institutions who have together invested approximately SEK 2.3 billion in Litorina’s three funds. www.litorina.se