OSLO: Elektroimportøren Invest AS, a fast-growing provider of electrical equipment and installations, announced its intention to launch a private offering of existing shares in the Company and to list the Company’s shares on Euronext Growth Oslo.

Elektroimportøren is a leading Norwegian provider of electrical equipment and installations towards the private and professional markets, comprising 23 stores and pick-up locations across Norway, as well as Norway’s leading online store for electrical equipment.

Since the Company’s establishment in 1996, the Company has had a clear strategy to disrupt the traditional value chain through offering sales and distribution directly through end-customers in the NOK 70bn market for electrical equipment and installation.

In 2020, Elektroimportøren launched SpotOn, the Company’s new online platform connecting private customers with installers, offering predictable and attractive prices, in a very convenient manner. As per LTM Q3 2020, the Company has revenues of NOK 1,175 million and an adjusted EBITA of NOK 120 million.

The Listing will support Elektroimportøren’s strategy and ambitions, allowing the Company to strengthen its overall market awareness for both end-consumers, professional installers as well as the Company’s suppliers, and improve the Company’s ability to i) attract, retain and motivate talented personnel, ii) diversify and build a long-term shareholder base that can take part in the Company’s future growth and value creation and iii) allow for a more liquid market for the Company’s shares.

The Company was established in 1996 when it launched its first store at Alnabru. The Company thereafter launched a website in 1998, becoming the first omnichannel player within the electronic components and materials space.

The Company’s ambition was to create an alternative for consumers seeking to buy electronic components in a product market that historically had been unavailable for private consumers.

In 2014, the Company was acquired by funds managed by Herkules Capital. In 2015, the Company launched its new store concept and started a nationwide roll-out of the store concept increasing the number of stores from 1 to 23 as of today. Since 2013, the Company has delivered a revenue CAGR of 34% and an adjusted EBITDA CAGR of 24% (as of 30 September 2020).

The Company reported revenues of NOK 1,175 million on an LTM basis as per Q3 2020, and an adjusted EBITA in the same period of NOK 120 million. The Company has experienced strong growth throughout 2020, with a comparable store (like-for-like) growth of 24% and a 34% growth for the online store, on a year-to-date basis.

Furthermore, the Company has experienced significant year-to-date growth in the profitability, with an annual increase in adjusted EBITA of 109% as per 30 September (compared to the same period last year). The solid growth experienced in Q3 2020 has continued throughout October and November, and the Company sees a strong potential to continue the growth both in the short term, as well as in the mid-to-long term.

The Offering is expected to comprise a private offering of existing shares in the Company offered by Herkules Private Equity IV (Jersey-I) L. P. and Herkules Private Equity IV (Jersey-II) L. P. and certain other existing shareholders.

Six cornerstone investors have, subject to certain conditions and for price per share of up to NOK 48.25, equivalent to an equity value of the Company of NOK 1,000 million, undertaken to acquire shares for a total amount of NOK 385 million in the Offering.

These six cornerstone investors are i) Eika Kapitalforvaltning (NOK 95 million), ii) Nordea Investment Management (NOK 95 million), iii) WQZ Investment Group Ltd (NOK 95 million), iv) Pareto Asset Management (NOK 40 million), v) Sissener AS (NOK 35 million), and vi) Delphi Funds, a part of Storebrand (NOK 25 million).

Subject to receiving the relevant approvals from the Oslo Stock Exchange, as well as prevailing equity capital market conditions, the Company is expected to have its first day of trading on Euronext Growth Oslo on or about 16 December 2020.