South Korean investment firm NXMH has won the race to acquire Norway-based children’s equipment company Stokke.
Buyout bidders included Advent International, Carlyle Group, EQT, Investcorp, Montagu Private Equity and Nordic Capital.
NXMH is wholly owned by holding company NXC, which is the largest shareholder in online games developer Nexon Corporation.
“We are grateful to the Stokke family for affording us the privilege of becoming the next owner of Stokke, an 80 year old family-owned business. We have spent a lot of time evaluating Stokke and believe the company has a strong global brand with significant international growth potential combined with a solid employee base. We look forward to working with Stokke management and employees to guide the company through the next leg of growth and taking advantage of the significant opportunities ahead” said Jungju Kim, chairman and CEO of NXC.
The transaction is expected to close in early 2014. In October the family-owned company was said to have hired Goldman Sachs to advise on strategic options, including a potential private equity sale.
The deal could reach as much as €400m, with financing of around €200m amounting to six times the company’s EBITDA.
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