The German online bicycle and outdoor retailer internetstores will join forces with the Swedish online outdoor retailer Addnature AB in order to pursue European leadership in the online market for bicycles and outdoor products.
internetstores has agreed to acquire Addnature for around €27 million and the three founders and main owners of Addnature will re-invest the majority of their proceeds into the combined company. The acquisition will be financed by a new capital injection from the EQT Expansion Capital II fund, which already has a minority ownership in internetstores.
internetstores plans to use Addnature’s market presence, local know-how and customer base to expand its online bike sales in the Nordic region. Addnature currently has sales of around €21 million, of which 70% are online and 95% are in Sweden. internetstores targets annual sales of around €70 million this year and has 250 employees. The company was founded in 2003 in Stuttgart by internet entrepreneur René Marius Köhler.
René Marius Köhler, founder and CEO of internetstores, stated: “The combination of internetstores and Addnature is a decisive step for the further growth of both companies. Together with Addnature we can enter the Nordic online bike market from a strong platform. Jointly we will further expand our product portfolios and continue to be market leaders in Europe”.
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