GCA Altium advises Lauritz .com and its bondholders on the sale of Stockholm Auktionsverk to Auctionet
Lauritz .com is headquartered in Denmark and has buyers in 200 different countries. Their online auction platform makes art, design, jewellery and antiques accessible for everyone worldwide.
Auctionet was founded in 2011 and is based in Sweden, running a marketplace where auction houses from all over Europe sell furniture, art, design items, and collectibles. Auctionet acquired the Swedish, Finnish and German operations of Lauritz .com, and includes the brand and operations of Stockholm Auktionsverk, the oldest operating auction house in the world. Lauritz .com will continue to run its Danish, Norwegian and Belgian subsidiaries.
Commenting on the transaction, Bengt Sundström, Founder and Chairman of Lauritz .com, said: “It is with pleasure that we can announce that we finally have agreed to a long-term financial solution for Lauritz .com. This, I am sure, will be the beginning of a new growth chapter for Lauritz .com, continuing the high steady growth of 20% that we have achieved over the last nine months with the same positive trends looking forward.”
Adding to this, Sigurd Solheim, Managing Director at GCA Altium, said: “Despite the company’s challenges around a defaulting, publicly listed bond note amidst the COVID-19 crisis, GCA Altium has found a way forward that constitutes the best possible long-term financial solution for Lauritz .com. GCA Altium is delighted that all stakeholders involved, including public shareholders, public and private lenders, management and the founder, could agree on a deal that serves every party’s interest. Ultimately, this transaction will enable the company to continue their growth trajectory, whilst providing liquidity to its bondholders and allowing for a full repayment of Lauritz .com’s credit obligations.”
The transaction was signed on 26 April 2021, with closing expected in May 2021.