Qliro Group AB (publ) writes in a press release that the company entered into an agreement to sell its subsidiary Tretti AB. The buyer is the Danish e-retailer White Away.
The cash purchase price is SEK 250 million, corresponding to an enterprise value of approximately SEK 180 million.
Jual will remain a partner to Qliro financial services and CDON marketplace for the sale. Even the White Away will be partner to Qliro Financial Services regarding payment solutions for the company’s e-commerce in Sweden and join as a new distributor of CDON Marketplace.
Jual founded in 2004, went public in 2005 and was acquired by Qliro Group in 2011. Since the acquisition, Tretti grown, from a turnover of SEK 450 million in 2010 to SEK 754 million in 2015, and has established a leading position in the Swedish market for white goods online. 2015 reported Tretti an EBITDA of 4.4 million.
Paul Fischbein , President and CEO of Qliro Group, comments:
– Tretti acquired by Qliro Group five years ago and has since grown and established itself as a leading online store for appliances and household appliances in Sweden. With its volumes, the company has additionally been a central piece of the puzzle in order Qliro group, strategic reconstruction of both Qliro financial services and CDON Marketplace.
Furthermore, he says that sales of Tretti preceded by a structured and competitive sales process .
– the transaction is in line with the group’s strategy as it simplifies the group’s structure and frees up capital for continued investments in Qliro group and important new cooperation agreement is concluded. White Away group including Tretti become, through multi-year agreements, the main external partner for Qliro financial services and CDON marketplace forward. In addition to the purchase price, we thus also a great value in this strategic cooperation, said Paul Fischbein.
The deal has aroused interest and commented on in the business press.
According to the news site Breakit this is only the first in a series of sales.
– the plan is to dismember the company, says an informant for Breakit.
the reason stated be that the portfolio of e-commerce – which now consists of Cdon, web, Nelly and Gymgrossisten – failed to get sufficient synergies. Instead bleed Group money. Latest quarterly report shows a loss after tax of SEK 40 million.
Breakit writes that the investment company Rite, which became a major shareholder in the middle of March, is a driving force to get to a cutting. The goal is believed to be to streamline the Group and to maintain the financial part of it has not yet launched the payment service Qliro Financial Services, where Rite sees great potential.
The heavy losses in Qliro group is also reflected in the stock market. Since January, 30 percent of the value wiped out.