December 1, 2010
Consumer, Retail, E-commerce and Leisure
Equity financing for WhiteAway from eEquity
Online white goods dominant with a 50% online market share in Denmark
WhiteAway was established in Aarhus, Denmark in 2003 by brothers Johannes and Esben Gadsbøll as Ahvidevarer.dk – and the hobby project turned into an ambitious e-commerce company with Nordic aspirations.
WhiteAway operates an online platform enabling users to find and buy home appliances in Denmark.
With a 50% market share of the online market share in the country, the company is the dominant leader.
The company’s name was changed to WhiteAway in 2008 as a play on the words “white goods” and “right away”.
In both 2009 and 2010, WhiteAway was selected White Goods Store Of The Year by price comparison website PriceRunner.
eEquity invests with the view to create the Nordic leader
eEquity, a Sweden-based e-commerce focused private equity firm, invested in the Company with a view to expand geographically and build a category leader in the Nordics.
With the Nordics being a DKK 25bn (USD 3.7bn) white goods market, with rapidly increasing online penetration, this case is rife with opportunities for the young private equity firm.
In 2010, the Nordic online market penetration for white goods was 20% in Denmark, 7% in Sweden and 3% in Norway compared to 28% in the UK, suggesting vast opportunities for the company.
GCA Altium acted as sole advisor to the sellers.