The firm said it has netered into a partnership agreement with Avenso’s founders and bought out minority shareholder Burda.
Avenso said that it will use the investment from EQT to develop its international operations as well as to expand its online activity. It aims to open new galleries and further strengthen the LUMAS and WhiteWall brands.
The company has already expanded into new markets including the US, the UK, Switzerland, Austria, Spain, Italy, France and the Netherlands, while maintaining its high growth rates in Germany.
EQT industrial advisor Rolf Hagemann said, “LUMAS and WhiteWall are serving unique market segments, driven by high customer retention.
“The product and service offering are very suitable for many more markets, which will facilitate the further growth of Avenso. We are happy to partner with the founders of this well positioned business.”
Earlier in September EQT bought Finnish private healthcare provider Terveystalo from fellow private equity firm Bridgepoint.
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