Armada Mezzanine Fund III has provided mezzanine financing in support of Litorina’s acquisition of the ECO-Boråstapeter Group in Sweden, the leading wallpaper manufacturer in the Nordic region. In 2009 ECO-Boråstapeter had a turnover of c. SEK 550m and has c. 165 employees.
ECO-Boråstapeter designs, manufactures and markets a wide selection of wallpapers mainly focusing on the premium sector. The group is market-leading in the Nordic region in wallpapers and has some of the region’s most well-known and best selling wallpaper brands: Boråstapeter, Eco Wallpaper, Cole & Son and Mr Perswall. Three quarters of the group’s sales are in the Nordic market, but the group is also currently active in approximately 35 other countries, including United Kingdom, Russia, China and the US.
The group was founded in 1905 by Waldemar Andrén under the name Borås Tapetfabrik. A big step towards today’s ECO-Boråstapeter was taken in 2002 when Ecotapeter’s brand name and collections were acquired (now Eco Wallpaper). The international presence was strengthened in 2008 through the acquisition of the British wallpaper company Cole & Son, which also gave the group a stronger position in the segment for high-end wallpapers. The market for wallpapers is expected to grow as a result of a continued positive trend within interior decorating.
“It is an interesting opportunity for us to take part in this transaction and we have great confidence in both management and the Litorina team. The investment will fit well in our portfolio given the proven resilience of the business during the last few years and the attractive growth opportunities presented by the industry”, says Jan Wiklund, Partner of Armada Mezzanine.
For more information, please contact:
Jan Wiklund, tel. +46 8 676 6562 or +46 70 551 4054
at Armada Mezzanine Capital Oy, Stockholm branch.