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1999-10-20
Oriflame transaction completed
Industri Kapital has become a major shareholder of Oriflame. After the transaction, which closed on October 19, the Industri Kapital 1997 Fund and the af Jochnick families each hold approximately 45% of the outstanding shares of the company. As part of the transaction, Oriflame was delisted from the London Stock Exchange. The transaction values Oriflame at approximately 450 million Euro.
– Being a global cosmetics company with a strong brand name and as one of the leaders world-wide in direct sales, Oriflame is a unique retailer with Swedish roots. Oriflame can expand successfully on new markets based on a proven business concept while further improvements in logistics and manufacturing can be made, says Harald Mix, deputy Chief Executive at Industri Kapital.
– Oriflame has good development potential that has not been reflected in the share price development on the London Stock Exchange. We are convinced that the delisting is beneficial for the company and its development in the short and medium term. Our aim is to develop the business together with our partner Industri Kapital, and over time we will consider seeking a broadening of ownership through an IPO, says Jonas af Jochnick.
– We are strengthening our positions in key markets, including in Eastern Europe, Russia, Latin America and India. Growth is a central part of our strategy, says Robert af Jochnick, CEO of Oriflame.
Bengt Braun, President and CEO of the Bonnier Group, has been appointed Chairman of the Board of Directors of Oriflame.
About Industri Kapital
Industri Kapital is a leading European private equity firm with total funds under management in excess of 1 billion Euro. Since 1989, Industri Kapital has made more than 30 investments in a broad range of industries. The fund investors are mainly well-known Nordic, European and North American institutional investors.
About Oriflame
Oriflame is an international cosmetics company and one of the largest direct sales companies in the world. The company has operations in more than 50 countries and has over 650 000 distributors. Turnover in 1998 was approximately 320 million Euro and operating profit approximately 45 million Euro. The group employed approximately 2700 people. Oriflame sells a broad range of beauty products, including colour cosmetics, fragrances and skin care products.
