Litorina acquires a majority stake in NN07, an international premium casual menswear brand. The acquisition creates a partnership with NN07’s founders and management as well as the previous majority owner, Fidelio, which all will remain as significant owners. By combining a strong value proposition, authentic and consistent brand DNA and high-quality products, NN07 has achieved strong profitable growth since its inception in 2007. Litorina will support NN07 on its continued international growth journey by leveraging previous experience from the premium menswear market.

NN07 was founded in Copenhagen in 2007 and is well-known for its popular chinos. The company has, by focusing on design, quality and fit, successfully established itself as a lifestyle brand with a complete product range, offering trousers, shirts, knitwear, jerseys and outerwear. Sustainability is core to NN07 and pervades all products as the company constantly strives to create timeless and durable clothes that stand the test of time.

NN07’s ability to refine classic menswear and create the originals of tomorrow with superior quality has led to loyal consumers and strong relationships with trade partners. NN07 has built close collaborations with leading local and global partners such as NK, Magasin, Care of Carl, Mr. Porter, Harvey Nichols, Liberty, Engelhorn, Konen, Bijenkorf and Nordstrom. Today, NN07 has sales in more than 40 countries with c. 75% originating from Scandinavia and c. 25% predominantly from UK, Germany, Benelux and USA.

To support in the international expansion and brand development, NN07’s board of directors will be strengthened with Fabian Månsson (former CEO H&M, Eddie Bauer, etc.) as the new chairman and Hans Davidson (former CEO of Eton) as a new director. Anders Cleemann (CEO of Muuto and former CEO of Peak Performance) will continue as a director.

“With its uncompromising focus on bringing high-quality premium menswear with a strong value proposition to the market, NN07 is well-positioned to continue its strong profitable growth journey. We have good experience from investing in the premium menswear sector, for example through our investment in the premium shirt company Eton, and we are pleased that NN07 has chosen Litorina as its partner. We are very impressed with the team at NN07 and what they have accomplished. The strong relationship NN07 has with strategic resellers constitutes a solid foundation for continued international expansion. Furthermore, NN07 has a loyal customer base due to its focus on providing quality products, leading to interesting opportunities in the digital arena”, says Gustav Thott, Partner at Litorina.

”The NN07 team is excited to partner with Litorina, a leading investor within consumer brands. We are growing strongly in Scandinavia, expanding internationally with premium retailers and strengthening our presence in the online landscape. Litorina, with its extensive knowledge, experience and network, will be a great support to the skilled team at NN07 on our fantastic growth journey”, says Tommy Holte, CEO at NN07.

For further information, please contact:

Tommy Holte, +45 29 61 46 26, CEO, NN07
Gustav Thott, +46 708 55 66 30, Partner, Litorina V Advisor

NN07 is a lifestyle brand built on the foundations of quality, attention to details and good craftmanship. From the headquarter in Copenhagen the team creates the originals of tomorrow through uncompromising fit, design and quality. NN07 products are sold internationally via NN07’s own website, concept stores, leading e-commerce retailers, department stores and retailers. For more information please visit www.nn07.com.

Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. For more information, please visit www.litorina.se.

Fidelio is a Swedish investment company that primarily invests in non-public companies in Northern Europe. Our aim is to be an active owner that works closely with management to drive growth and create healthy and strong businesses. A combination of quick decision making and a flexible investment mandate enables us to be a long-term, flexible and pragmatic investor. In close collaboration with the management teams we help our portfolio companies by providing expertise, commitment and capital. For more information please visit www.fideliocapital.se

Grove Collaborative raised $150 million in its Series D round, bringing its valuation across the $1 billion mark.

The company, which makes natural home and personal care products, had previously raised over $60 million, according to Crunchbase.

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The new round was led by Lone Pine Capital, Glynn Capital, and General Atlantic. A new investor, Greenspring Associates, as well as existing investors Mayfield Fund , NextView Ventures, Norwest Venture Partners, MHS Capital and Heron Rock Capital also participated, according to a statement from the company.

With the fresh cash, the San Francisco-based company plans to expand into clean beauty, create more sustainable packaging and products, and hire more than 100 new employees for its Grove Guide team, which answers customer questions and educates shoppers about the company’s natural products.

Grove Collaborative, which was founded in 2016, promotes its products as natural and healthier for users and better for the environment. It’s known for products like its “tree free” toilet paper made of a bamboo and sugar cane blend. Grove Collaborative has household, personal care, baby, and pet products.

The direct-to-consumer company also has a partnership with Mrs. Meyers Clean Day and sells Mrs. Meyers products on the Grove website. It competes with other e-commerce and natural products companies such as the Honest Company (aka Jessica Alba’s natural goods company).

Grove Collaborative is growing quickly, expecting its revenue to triple in 2019. The company says it grew eight-fold between May 2017 and May 2019.

The company last raised its $35 million Series C in January 2018. It raised a $6.7 million Series A in July 2016, and a $15.4 million Series B in April 2017, according to Crunchbase.

TechCrunch also reported in December that the company was quietly raising money. Filings showed that the company was raising $27.4 million and $76.4 million in 2018, in addition to its Series C.

Investment AB Latour has, through its fully owned subsidiary Hultafors Group AB, signed an agreement to acquire Custom LeatherCraft Mfg. LLC (“CLC”) based in Los Angeles, CA, USA. The completion of the transaction is expected to take place during the month of September, subject to customary closing conditions, including regulatory approval.

CLC is an industry leading designer, developer and marketer of work gear (e.g. tool belts and softside tool carriers), personal protective equipment (e.g. kneepads and gloves), and outdoor gear. The Company was founded in 1983 and products are marketed under the CLC brand in the U.S. and the Kuny’s Leather brand in Canada. Net sales amounted to 53 MUSD in 2018 with a profitability well in line with Hultafors Group. The company has around 60 employees.

The acquisition is part of Hultafors Group’s strategy to strengthen its presence in N. America and to broaden its portfolio within attractive product categories. Through the acquisition Hultafors Group will strengthen its sales and marketing capabilities in N. America as well as reinforcing the relationships with key customers within the distribution channel.

“We are excited about this acquisition as we believe that CLC will be a substantial piece of the puzzle in realizing our N. American strategy. CLC has an unparalleled track record in product excellence, quality and innovation within its categories, making the company very well suited to be part of the Hultafors Group” says Ole Kristian Jødahl, CEO at Hultafors Group AB.

“Hultafors Group will be an excellent company for CLC to partner with given its existing product portfolio of leading brands, its strong reputation among professional users and its existing customer footprint”, says Ron Pickens, CEO of CLC.

As an effect of the acquisition the net debt (excl. IFRS 16) of Investment AB Latour is expected to increase by just over 1.0 billion SEK compared to the net debt level at the end of June 2019 as communicated in the Interim report April – June 2019.

Göteborg, August 31, 2019

INVESTMENT AB LATOUR (PUBL)
Jan Svensson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in about 40 markets, with emphasis on Europe and North America. Hultafors Group has more than 800 employees and an annual turnover of more than SEK 2.6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 57 billion. The wholly-owned industrial operations had an annual turnover of about SEK 12 billion in 2018.

Oakley Capital (“Oakley”) is pleased to announce that it has completed an investment in Alessi S.p.A (“Alessi”), the Italian high-end design business focussed on homeware products.

Alessi is an iconic homeware brand with 100 years of heritage; working with some of the world’s leading architects and designers it has captured a global audience and a well-established premium position in the market. The Alessi Juicy Salif Lemon Squeezer (designed by Philippe Starck) and Anna G Corkscrew (designed by Alessandro Mendini) are some of the most recognized homeware products in the world, with millions sold since they were launched, reinventing traditional categories with their innovative designs.

Alessi was fully owned by the founding family, who were looking to identify a partner to assist them in the development of the company. Oakley’s experience in supporting family and founder-owned businesses, and its expertise in the consumer sector made it an attractive partner at this stage in Alessi’s development.

Oakley’s strategy will focus on further strengthening and expanding the proposition of the brand by targeting new audiences and optimising the portfolio’s mix of products, pricing and distribution. In addition, Oakley brings deep expertise in marketing and shaping digital strategies for consumer-driven businesses (as seen with Parship Elite, Facile and Schülerhilfe).

Peter Dubens, Managing Partner of Oakley Capital, commented:

“We are delighted to become an investor in such a globally renowned brand. Alessi’s unique approach to design and product innovation makes it a highly attractive investment opportunity for Oakley. We are excited to partner with the Alessi family to support the business in the next phase of its development.”