Kinnevik AB (publ) (“Kinnevik”) today announced its participation with NOK 200m in Kolonial’s recent funding round. The NOK 2.2bn round was co-led by Softbank and Prosus, and encompassed NOK 1.2bn in primary equity and NOK 1.0bn in secondary equity acquired from other existing shareholders. After the round, Kinnevik emerges as the largest shareholder in Kolonial, owning 21% of the company.

The newly raised capital will be used to fund Kolonial’s international expansion plans, beginning with Finland, with a new fulfilment center due to open in Helsinki later this year. The company is further in the earlier stages of preparing a 2022 launch in the EUR 220bn German grocery market. In preparation of becoming a global company and the imminent international expansion, Kolonial is refreshing its brand proposition and changing its name to Oda.

Oda’s mission is to be the most effective online grocer in the world, and it has world leading picking efficiency of 212 UPH (units processed per labor hour at the warehouse), compared to 169 UPH of the leading UK online grocer in 2020. Its unique business model is built on Nordic principles of employee wellbeing and a commitment to sustainability, as well as proprietary warehouse automation and data-driven processes.

Georgi Ganev, CEO of Kinnevik commented:” We are excited by the strong traction in Oda and its international expansion plans. Since our first investment in 2018, Karl and his team have consistently impressed us with their combined focus on growth and efficiency, achieving world class productivity levels in their fulfilment operations. We are happy to welcome fellow leading global tech investors Softbank and Prosus as shareholders, and we look forward to working with them in support of Oda’s growth plans and international expansion.”

In Kinnevik’s Year-End Release 2020, Kinnevik’s investment in Oda was valued at SEK 1,087m. Out of Kinnevik’s approximate NOK 200m participation in the new funding round, some 170m were injected already in 2019 in the form of a convertible bridge note, converting into shares at a customary discount to the valuation in the funding round. During the last months, Oda has consistently beaten its budgeted growth, set new record levels in fulfilment efficiency, and made significant strides in its preparations for international expansion. These developments, in combination with the new funding round, which values the business at NOK 7.5bn post-money, provide strong reference points for a valuation of Kinnevik’s investment in Oda that would correspond to a value uplift of more than 40 percent to just below SEK 1.6bn.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Vibrant Foods, leading producer and distributor of South Asian foods in the UK and across continental Europe, has announced its second acquisition in the last month, with the purchase of Fudco. Fudco, founded in 1979, began with a single retail store on Ealing Road, Wembley, serving quality foods to the community, and has since become the UK’s leading premium Asian foods brand; the portfolio comprises nuts, spices, dried fruits, pulses, speciality flours, and other Asian foods.

Led by brothers Sheilesh and Akhil Shah, the food arm of Fudco employs 68 people across its headquarters and factory in Willesden and retail store on Ealing Road, and has remained a family run business since its foundation. Today the business distributes an impressive 2,500 SKUs and is found in over 1,000 stores nationwide.

The new partnership will bring Fudco’s food brands into the Vibrant Foods portfolio, alongside the loved and recognised Asian foods brands of TRS, East End and Cofresh, as well as the recently acquired Everest Dairies, the UK’s leading paneer brand. This deal continues Vibrant’s strong tradition of investing in pioneering, heritage-focused, family-owned businesses, helping owners to exit while retaining the business’ legacy. It also cements Vibrant Foods as one of Europe’s leading, branded, Asian foods businesses by growing the group’s existing consumer demographic and reach.

Evergreen has recently completed the acquisition of Baileys Fertilisers Holdings Pty Ltd (“Baileys”), a leading player in the consumer branded garden products market in Australia.

Baileys is a fourth generation family-owned garden care business based outside Perth in Western Australia. The business has a portfolio of growing media and granulated plant and lawn fertilisers sold under the popular Baileys brand which is well-recognised and respected in the Western Australian garden care market. This acquisition brings a new strong brand, manufacturing and distribution capabilities in Western Australia which complements Evergreen’s presence in this market.

Baileys is Evergreen’s fifth acquisition under Exponent’s ownership.

Eurazeo Brands, the division of Eurazeo focused on high growth, differentiated consumer brands, has signed an exclusivity agreement under which it would invest 68 million euros in Ultra Premium Direct as a majority shareholder. Eurazeo is investing alongside co-founders Sophie and Matthieu Wincker and Eutopia, existing minority shareholder via Otium Consumer, which would reinvest in the transaction via its new fund.

Founded in 2013, Ultra Premium Direct (“UPD”) has quickly become a leading player in the French premium pet food market. As a digitally-native brand, it has a strong and engaged community, and was selected as one of the French Tech 120 in 2021. Thanks to its unique positioning and direct approach, Ultra Premium Direct aims at democratizing premium pet food, offering natural products which cater to pet needs at an attractive price point, directly through its own website and subscription service.

Ultra Premium Direct is focused on improving pet health and well-being. The company develops high protein products with no artificial colourings or preservatives in collaboration with veterinarian nutritionists to ensure balanced and appropriate recipes. Its R&D capabilities and owned industrial plant in Agen, south of France, has enabled strong control over its value chain and contributed to the local roots of the brand.
Eurazeo Brands would leverage its proven brand building, operating and consumer expertise to partner with UPD and support the company’s growth. Specifically, Eurazeo will invest in UPD’s digital and e-commerce capabilities to strengthen the brand and its community, and work alongside management to enhance UPD’s product and service offering. In addition, Eurazeo would utilize its global network to help UPD in its international expansion, notably in Europe, and provide its internal CSR expertise to support the brand’s purpose-driven mission.
This majority investment in Ultra Premium Direct demonstrates Eurazeo Brands’ willingness to pursue its European development, after the acquisition of Swedish brand Axel Arigato in November 2020. It would represent Eurazeo Brands ninth investment since May 2017.

Laurent Droin, Managing Director of Eurazeo Brands, said:
The pet food category benefits from very attractive underlying trends towards pet humanization, premiumization and search for quality and transparency. We are convinced that Ultra Premium Direct is a modern and differentiated brand as a result of its direct approach to consumers, without intermediaries, and high quality product offering distributed at a fair price point. We are eager to work alongside Sophie and Matthieu Wincker – co-founders of Ultra Premium Direct – and their team to support the future growth of the company by accelerating momentum in France and expanding internationally, penetrating new geographies.

Sophie and Matthieu Wincker, Co-founders of Ultra Premium Direct, said:
We are thrilled by Eurazeo’s investment into the company. Ultra Premium Direct was a pioneer in the pet food category and has become a leading player in France. We are delighted to benefit from Eurazeo’s support for our next journey, notably for our European expansion, and are convinced Eurazeo will be the right partner given their successful track record and capabilities. Together, we will further fulfill our mission to make quality pet food accessible to as many dogs and cats as possible.

About Ultra Premium Direct
Ultra Premium Direct is a French premium petfood brand. Founded in 2013 by Sophie and Matthieu Wincker, two animal-lovers, the brand differentiates itself, offering high quality products catering to dogs and cats’ natural needs, distributed exclusively through its own website, with an attractive price point. Ultra Premium Direct relies on a short and vertically integrated value chain thanks to owned production and logistic facility in Agen, allowing to offer a differentiated experience to consumers. The brand is highly authentic, mindful, and animates a strong community of loyal and engaged fans, sharing Ultra Premium Direct values and acting as brand ambassadors.

About Eurazeo
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15.0 billion from third parties, invested in over 450 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris. ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

About Eutopia
Eutopia is a Paris & NYC based investment fund dedicated to consumer startups with a purpose. Eutopia’s investment thesis is driven by current shifts in consumer behavior. We back founders who are rethinking the way we eat, shop, sleep and feel through a “good for me, good for the communities, good for the planet” approach. The team manages 170 million euros and has invested in 26 companies including Oh My Cream !, Hari&co, Tediber, Tiptoe or Nous Epiceries Anti-Gaspi. For more information please visit: www.eutopia.vc.

EURAZEO CONTACTS

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
mail : pbernardin@eurazeo.com
Tél : +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF
COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33 1 44 15 76 44

PRESS CONTACT

MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +
44 ( 7990 595 913