August 16, 2021 | Deals

GCA Altium advises Canica on the sale of Kremmerhuset to Dalema

GCA Altium acted as exclusive financial advisor to Canica on the sale of Kremmerhuset, a leading Norwegian omnichannel retailer of home décor and gifts, to Dalema.

Kremmerhuset opened its first store in 1979 in Sommerveita in Trondheim, Norway, and today has 61 stores, an e-commerce marketplace and over 370 employees. In 2020 the company had operating revenues of NOK 325m and an EBITDA margin of 15%.

A new strategy and modernisation of the business began in 2017 with new management in place, and has contributed to a smarter, more efficient operating model and better flow of goods. For customers, this means that they get a more relevant range with an emphasis on Scandinavian style, and the stores are decorated in a way that shows the breadth of the product range in a much more inspiring way than before.

The COVID-19 pandemic accelerated online shopping with 127% growth from 2019 and contributed to its current 12% of share revenues. The development of digital solutions in recent years meant that the company was well positioned to move parts of its sales online last year.

Dalema has acquired 100% of the shares in Kremmerhuset from Canica. The Dalema Group conducts trading activities in import, trade (B2B and B2C), industry and real estate, with subsidiaries in Norway, Sweden, and Denmark. Among others, Dalema owns several companies in the retail trade and wants to continue with Kremmerhuset as an independent chain together with the current management. With this acquisition, Dalema will strengthen the Kremmerhuset brand and further build on its successful growth journey.

Nils Selte, CEO of Canica, commented: “We are confident that Dalema will be good owners for the company’s further growth and we are very pleased with the agreement we have reached. Kremmerhuset has had a solid development in recent years, first and foremost thanks to a fantastic team of dedicated employees, both in store and at the head office.”

Vebjørn Torsetnes, CEO of Kremmerhuset, added: “Kremmerhuset has undergone extensive change over the last three years and it has been crucial for us to have a long-term, skilled and predictable owner like Canica. Within Canica, one agrees on a plan, and then gets peace of mind to implement it. This has been both fun and demanding, but we are looking forward to the next step for Kremmerhuset. Having Dalema as owner is going to be very good for the next phase and is a solid Norwegian-owned company that has high ambitions for Kremmerhuset. I have great confidence in what the new owners stand for and their way of working. We in Team Kremmerhuset look forward to the journey together with Dalema.”

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