Carnegie transactions

Carnegie transactions

Case study: Kjell & Company

Kjell & Company

Carnegie adviser to FSN Capital in the acquisition of Kjell & Company


Carnegie was sole financial adviser to FSN Capital in the acquisition of Kjell & Company, a leading Swedish retailer of accessories of consumer electronics.

Kjell & Company, headquartered in Malmö and founded in 1990, operates a network of 74 retail stores and online sales in Sweden and employs about 650 people. Since its inception, annual growth has been on average 49 per cent per annum. In 2013, the Company grew by 14 per cent with revenues of SEK 931 million and EBITDA of SEK 100 million. An opportunity for continued growth in Sweden, combined with the potential for international expansion, makes Kjell & Company an attractive investment opportunity for FSN Capital.

FSN Capital IV acquired Kjell & Company from ICA Gruppen and the Founders, the Dahnelius Family, for an undisclosed amount. FSN Capital IV is in control of a majority stake of the Company, whilst the Dahnelius Family remains as a significant owner.

Case study: Com Hem IPO

comhemOn 17 June 2014 Com Hem Holding AB (publ) announced the outcome of its IPO and listing on NASDAQ OMX Stockholm. The Offering was over-subscribed several times and attracted strong interest among Swedish and international institutional investors as well as Swedish retail investors.

Following an indicative price range of SEK 44-62 per share, the final offering price was set at SEK 58 per share, corresponding to a market capitalisation of SEK 11.5 billion. The Offering comprised 97,754,179 newly issued shares resulting in gross proceeds to the Company of SEK 5,670 million, before exercise of the over-allotment option. If the over-allotment option is exercised in full, it would result in additional gross proceeds of SEK 567 million to the Company. 

The shares were allocated to international and Swedish institutional investors as well as to the general public in Sweden.

Com Hem is one of Sweden’s leading suppliers of television, high-speed broadband and fixed-telephony. Approximately 39%, 1.83 million, of Sweden’s households are connected to Com Hem, with access to the market’s broadest range of television services. Com Hem offers attractively priced, high-quality and comprehensive services for television, high-speed broadband and fixed-telephony. The Company was established in 1983 and has approximately 1,050 employees and its head office in Stockholm.

BC Partners, who did not sell any shares in the Offering, remains the largest investor in Com Hem with a 50.0 % holding in the Company post the Offering assuming the over-allotment option is not exercised, and 47.7 % assuming the over-allotment option is exercised in full

Carnegie was joint book-runner in connection with the IPO.

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