GCA Altium is now part of Houlihan Lokey

Transaction Details

June 22, 2021


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Team

Martin Larsson, Rickard Raudsepp, Joakim Sandqvist, Fredrikke Fürst Aas

GCA Altium advises Accent Equity on its sale of Cervera to Kibord

GCA Altium acted as financial adviser to the shareholders of Cervera, a leading Swedish omnichannel retailer of kitchenware, on its sale to Norway-based Kibord, the owner of Kitch’n, Tilbords and Home Brands.

Cervera was founded in Stockholm in 2006 and is Sweden’s leading retailer of high-quality products for preparation and serving of food as well as interior decoration. Over the past few years, Cervera has successfully transformed into a true omni-channel retailer of quality products for the kitchen and the home, with a sizeable and rapidly growing online channel fully integrated with the physical stores. Through the successful repositioning of Cervera and several operational improvements, over the course of Accent Equity’s ownership sales increased from just over SEK 700m to SEK 1.25bn on a rolling 12-month basis, and EBITDA has close to tripled.

Accent Equity and minority shareholders have signed an agreement to divest their shares in Cervera to Kibord. With Kibord’s and Cervera’s strong positions in Norway and Sweden respectively, the new combined group will become a leading Nordic omni-channel retailer of products for preparation and serving of food as well as interior decoration.

Commenting on the transaction, Peter Rimbäck, CEO of Cervera, said: “Together with Accent Equity and the board, we have successfully improved our offering to the customers in both our sales channels, greatly enhanced our digital presence and relevance, as well as improved our customer service. The fact that we so clearly gain market shares is the best possible testimony that the customers appreciate our offering and our service. Accent Equity has been a highly supportive and constructive owner, and we now look forward to continuing the development of Cervera together with Kibord, together creating an even better offering for our customers.”

Adding to this, Claes Bodell, Partner at Accent Equity Partners AB, advisor to Accent Equity, said: “We are truly impressed by Cervera’s management team and the company’s development over the past couple of years, and believe that they have created an excellent platform for continued growth. Together with the management team we have successfully progressed Cervera’s transformation journey where the online channel over the past 18 months has grown from circa SEK 100m to a yearly run rate of around SEK 500m, all whilst the physical stores are on their third consecutive year of like-for-like growth. We are very happy to see Kibord as the new owner of Cervera, as they will strengthen each other through complementary skills and combined scale.”

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