GCA Altium is now part of Houlihan Lokey

Transaction Details

May 1, 2019



Deal Type


Deal Value


Deal Team

Tobias Schultheiss, Mathias Heymann, Tobias Levedag, Nicolas Borchard, Marcello Gildemeister

GCA Altium advises EQT on the sale of WhiteWall to CEWE Group

GCA Altium acted as exclusive financial advisor to EQT and the founders of AVENSO on the sale of WhiteWall, the leading brand for premium quality photo wall décor, to CEWE Group [CWC:ETR].

WhiteWall was part of the AVENSO group and has developed into the go-to brand for customizable high-end photo products over the last decade. WhiteWall offers museum-grade quality in various formats with a special focus on large formats and wall décor. The company is the trusted partner for a highly loyal client base comprising enthusiasts, professional photographers, gallery owners and corporate partners. All major products are produced in-house with award-winning quality and are shipped globally.

CEWE, based in Oldenburg, Germany, and listed on the SDAX, is one of the leading European online printing and photo service groups with c. 3,900 employees, c. 18,000 photo stations and 14 plants. The group generates more than EUR 650m in annual revenues. CEWE will continue to operate Whitewall as an independent brand.

Marc Ullrich, the Co-Founder & CEO of AVENSO commented: “We are very pleased that CEWE acquired WhiteWall since both brands stand for outstanding product quality and customer service. It is important to us that the future development and growth of WhiteWall as an independent brand will be in the best hands.”

Tobias Schultheiss, Managing Director at GCA Altium, said: “We are delighted to have advised on this transaction. WhiteWall and CEWE have a strong strategic fit and we are convinced that WhiteWall will continue its successful track record of growth.”

This marks GCA Altium’s 10th major transaction in the European online printing space.

The transaction was signed on 30th April 2019.

Related Transactions

All transactions