RNB Retail and Brands AB (publ) has today reached an agreement to sell Polarn O. Pyret to Procuritas for a preliminary value of SEK 330 million on a cash and debt-free basis.
RNB Retail and Brands AB has previously announced a process to separate the group subsidiaries and ultimately divest the subsidiaries to stable and suitable owners. After the divestment of the business of Departments & Stores earlier this year, one such process has now reached an important milestone with the agreement to divest the assets of Polarn O. Pyret to Procuritas Fund VI. The preliminary purchase price amounts to SEK 330 million on a cash and debt-free basis. The final purchase price, payment and cash flow effect will be presented in connection with the completion of the transaction, which is expected to take place during the current financial quarter. The deal is subject to final formal approval from RNB Retail and Brand's bondholders and the Swedish Competition Authority. The process to find a suitable solution for the remaining group, including Brothers, is ongoing.
"The successful divestment of Polarn O. Pyret is a testimony to the company's fundamental strengths, strong brand awareness and channel strategy. During the past year's pandemic, Polarn O. Pyret has proved that the company has an attractive offer and that it remains resilient and very competitive in e-commerce. The sale is the result of all the hard work in making the company better equipped for the future. I am confident that Procuritas will be a great steward of Polarn O. Pyret. With Polarn O. Pyret, they share a passion for sustainability and long-term thinking that puts kids first," says Kristian Lustin, CEO of RNB Retail and Brands.
About Polarn O. Pyret
Polarn O. Pyret is a Swedish brand for baby and childrenswear that started in 1976 with the goal of making clothes that let kids be kids. After 45 years we can proudly call ourselves a leading brand for high-quality kids wear in the Nordics, and our products are sold in several markets around the world. We produce clothes that are made to last and to be worn, loved, and washed repeatedly and to be handed down to the next child, we call this design that lasts. Read more at www.polarnopyret.com
Procuritas is a private equity investor, focused on investing in and growing Nordic mid-market companies. With a passion for business and hands-on industrial experience, we have over the last thirty year supported over 45 companies in accelerating growth and realizing their true potential. As owners, we are characterized by our commitment and strong belief that we are allies with management in the quest to build long-term strong and sustainable businesses. For more information, see www.procuritas.com