GCA Altium advises SOFACOMPANY on its sale to Lars Larsen Group
SOFACOMPANY was founded in 2012 by husband and wife team Cathrine and Christian Rudolph. Headquartered in Denmark, and with production sites in Vietnam, the company has over 350 employees and in 2020 had revenues in excess of EUR 73m.
Lars Larsen Group is owned by the Brunsborg family, descendants of JYSK founder Lars Larsen. The Group owns companies within a number of business areas including furniture, golf cars, restaurants and hotels and is also an active investor in equities, funds and real estate.
Following a period of increasing revenues and earnings year on year, SOFACOMPANY is now taking its next step by selling to Lars Larsen Group. They are acquiring the ownership from private equity fund Procuritas, which has been the majority owner of the company since 2017.
SOFACOMPANY will continue to be run as an independent company, as is the case with other companies owned by the Lars Larsen Group, such as JYSK, ILVA, Bolia and SengeSpecialisten.
Jan Bøgh, CEO of JYSK, will become chairman of the board of SOFACOMPANY as part of the acquisition. Commenting on the transaction, he said: “I am really looking forward to SOFACOMPANY becoming part of Lars Larsen Group. It is a very exciting company that can add a lot to our business. This acquisition is part of our strategy to become even stronger digitally, so we can achieve the same market share on the digital platforms as with our physical stores. SOFACOMPANY has great potential here, not least because the company delivered good results even before the pandemic crisis hit the world and online sales of furniture increased significantly.”
Mattias Feiff, Co-Managing Partner at PCI V Advisor AB, advisor to Procuritas Capital Investors V, added: “We are delighted to have sold SOFACOMPANY to the Lars Larsen Group, which is a great fit for the business to complete its next stage of growth. During the course of our ownership, we have overseen transformational growth through building up the company’s e-commerce capabilities and shifting its focus from wholesale channels to a direct-to-consumer brand as well as a significant geographical expansion. We are very grateful to Henrik Andersen, CEO of SOFACOMPANY, and the rest of the management team for building the business into the fantastic shape it is in today.”
The transaction between Lars Larsen Group and Procuritas will be completed as soon as it has been approved by the relevant authorities.