The German online bicycle and outdoor retailer internetstores will join forces with the Swedish online outdoor retailer Addnature AB in order to pursue a 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% 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”.