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Axcel sells porcelain dinner service inventor Royal Copenhagen for €66m

12 Dec 2012

Danish private equity group Axcel has sold Scandinavian porcelain company Royal Copenhagen to Fiskars for DKK490m (€66m).

The deal includes 100 per cent of the shares in Royal Copenhagen and its Asian subsidiary Royal Scandinavian Modern KK Japan, and will be financed using Fiskars’ existing credit programmes.

In 2011 Royal Copenhagen’s reported net sales were DKK492.3mi (€66m), its EBIT was DKK38.7m (€5m) and its balance sheet total was DKK409.4m (€55m).

Royal Copenhagen was founded in 1775 by the Danish Royal Family when the first porcelain dinner service was created.

Axcel acquired a 70 per cent stake back in 2001.

In recent years, Royal Copenhagen has implemented a turnaround strategy, reorganising its product range and introduced a number of improvements in its supply chain management, including establishing a manufacturing unit in Thailand.

The company is headquartered in Glostrup, Denmark and employs a total of 650 people located in Denmark, Japan, Thailand, and elsewhere.

There are 12 Royal Copenhagen stores in Denmark, Japan and Korea, as well as outlets and 117 concessions in Denmark, Japan, Korea, Taiwan, Germany and US.

The deal follows another recent exit for Axcel, which recently sold Scandinavian luxury retailer Georg Jensen for $140m.

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