Transaction Details

October 10, 2019


Consumer, Retail, E-commerce and Leisure

Deal Type


Deal Value


Deal Team

Tobias Schultheiss, Martin Rezaie, Matthias Schwaighofer, Marius Becker

GCA Altium advised the shareholders of Saal Digital on the sale of a majority stake to ARDIAN

GCA Altium acted as exclusive financial advisor to the group of investors around Nordwind Capital and the Saal family on their sale of a majority stake in Saal Digital to ARDIAN. This transaction underpins GCA Altium’s strong expertise in the online customization and technology sectors.

With a long history – being founded in 1986 – the family-run Company has since evolved to a leading online platform for high quality photo products in Europe. Saal Digital offers a range of high-end photo products including photo books, photo prints and wall décor, all created in Saal Digital’s state-of-the-art production facilities in Roettenbach and Siegen and shipped to a base of highly satisfied and loyal photo professionals, photo enthusiasts and private customers across more than 20 countries both in Europe and globally.

Convinced of the Company’s substantial future growth prospects, the Saal family and shareholders around Nordwind Capital committed a significant share of their proceeds to re-invest alongside the new majority shareholder, ARDIAN, and Saal Digital’s dedicated management team.

Tobias Schultheiss, Managing Director at GCA Altium, said: “We are delighted to have advised the shareholders and management team of Saal Digital. Saal Digital is a truly unique player in the high-end photo products market in Europe with an outstanding reputation amongst their customers and great growth prospects based on their positioning. ARDIAN will be a strong partner for the management team to continue the internationalization and to further digitalize the business model.”

The transaction has been signed. Terms of the transaction were not disclosed and closing of the transaction is subject to approval by the relevant antitrust authorities.

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