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IK Investment Partners to sell Suomen Lähikauppa to Triton

20 Dec 2012

London-based private equity firm IK Investment Partners has agreed to sell its stake in Suomen Lähikauppa, Finland’s third-largest daily goods retailer, to European buyout house Triton Partners.

Shareholders IK2000 Fund, Wihuri and Osuuskunta Tradeka-yhtymä have signed an agreement to sell the business to Triton III, the Frankfurt-based firm’s €2.25bn 2009-vintage buyout vehicle.

Financial terms of the deal were not disclosed.

IK bought a 32 per cent stake in the combined daily goods retail business of Tradeka and Ruokamarkkinat in 2005, which were merged the same year to form Suomen Lähikauppa.

The company today operates through the Siwa and Valintatalo branded neighbourhood store chains, and boasted net sales of €1bn and a 7.8 per cent share of the Finnish grocery retail market in 2011.

Suomen operates through a network of about 740 stores with around 6,800 employees.

The exit will help return cash to IK’s investors amid fundraising for its €1.7bn seventh fund, which hit a €1bn first close in March this year, AltAssets reported exclusively at the time.

Campbell Lutyens is acting as a placement agent for IK VII Fund, according to a source familiar with the matter.

Triton is also fundraisng for its latest vehicle, Triton Fund IV, a €2.4bn fund that will target businesses with an enterprise value of between €50m and €500m, according to reports.

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