DGAP-News: EQT: EQT backs accelerated growth of Avenso AG
(businesspress24) - DGAP-News: EQT Partners AB / Schlagwort(e):
Beteiligung/Unternehmensbeteiligung
EQT: EQT backs accelerated growth of Avenso AG
17.09.2013 / 08:28
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Press release September 17, 2013
EQT backs accelerated growth of Avenso AG
- EQT invests in Avenso AG, a leading German photographic art specialist
- EQT and the founders become the sole owners
- EQT provides new funds to accelerate growth strategy
EQT has invested in Avenso AG ('Avenso' or the 'Company'), a leading
gallery network and online retailer for photographic art serving the
contemporary photographic art market, based on a partnership agreement with
the founders. The existing minority shareholder Burda will be bought out by
EQT.
Avenso was founded in 2004 by two art collectors in Berlin. With its
flagship brand LUMAS, the Company has created a space for photographic art
for young collectors and all art-lovers, offering exceptional art
photography from a diverse selection of works by over 160 established
artists and carefully selected emerging talents. With 24 galleries
worldwide (16 in Germany, the others located in international cities such
as Vienna, Zurich, London, New York and Paris) more than 1,400 works are
available as original photographs in editions of 75 to 150. Signed by the
artist, these editions enable LUMAS to offer art at affordable prices,
starting at a price of EUR 100.
Via its second brand WhiteWall, a high-profile photo laboratory, Avenso
offers custom made mounting and framing services for private customers and
professional photographers. WhiteWall is a leading online retailer for
large-scale, gallery-quality prints.
Funds provided by EQT will be used to continue to develop the international
footprint of Avenso as well as to expand its growing online activities. The
plan is also to open new galleries and further strengthen the LUMAS and
WhiteWall brands.
'LUMAS and WhiteWall are serving unique market segments, driven by high
customer retention. The product and service offering are very suitable for
many more markets, which will facilitate the further growth of Avenso. We
are happy to partner with the founders of this well positioned business',
says Dr. Rolf Hagemann, EQT Industrial Advisor and designated member of the
Company's Board of Directors.
Avenso has already successfully expanded into the US, UK, Switzerland,
Austria, Spain, Italy, France and the Netherlands, while maintaining high
growth rates in its German home market. LUMAS' and WhiteWall's online
business shows high double digit growth.
'Over the last 10 years, LUMAS has created a new market segment for art,
offering selected established and young artists a platform to reach new
customer groups as well as providing art interested customers with access
to high quality photographic art in limited, signed editions. After
partnering very successfully for six years with our first investor, Acton
Capital Partners, EQT is a perfect investor for the next phase. EQT shares
our vision for quality, has strong experience in international retail and
e-commerce and can help us to accelerate the further growth of Avenso',
says Marc Ullrich, Co-Founder and CEO of Avenso.
Contacts:
Johan Hähnel, EQT Spokesman +46 706 05 63 34
Michael Föcking, EQT Partners +49 69 247 045 130
About EQT
EQT is the leading private equity group in Northern Europe with
approximately EUR 20 billion in raised capital, portfolio companies with
total sales of more than EUR 25 billion and over 550,000 employees. The
funds' investment philosophy is to help acquired companies grow and develop
into great and sustainable companies, both under EQT's ownership and with
future owners. The result so far: the over 60 previously or currently owned
portfolio companies have during EQT's ownership seen an average annual
increase in the number of employees by 11%, sales by 11% and earnings by
15%. Almost all of the return on investments is attributed to operational
improvements such as increased sales and efficiency gains.
EQT supports a growth oriented business strategy, which has its roots in
the Nordic culture, and a transparent governance model, combined with
access to EQT's unique international network of industrialists. By
implementing clear strategies and having access to operational expertise
and ownership skills, the portfolio companies develop and grow. The
strategies and implementation of operational excellence are driven by the
appointed CEO and management team, board members who are handpicked from
EQT's Industrial Network. Portfolio companies are monitored by more than
120 Investment Advisory Professionals from EQT Partners. EQT's funds
represent the investment of hundreds of investors from all parts of the
world.
Funds launched since the beginning of 2012 are managed in the Netherlands,
the UK and Luxembourg. EQT Holdings AB, based in Stockholm, Sweden is the
parent company of these general partners/fund managers. This means that EQT
applies a corporate structure with transparency for all stakeholders,
unique in the private equity industry.
EQT's mission since its first investment two decades ago remains the same -
create value in medium-sized to large companies in Northern and Eastern
Europe, Asia and the US by investing, helping them to develop and transform
into great, leading companies.
More information can be found on www.eqt.se
About Avenso AG
Founded in Berlin in 2003, Avenso has been democratizing the art market
with its brand LUMAS since 2004. Created by art collectors, brought to life
by 160 renowned artists and promising talents from major academies, LUMAS
is passionate about offering original, inspiring art as affordable
editions. Since 2008 Avenso has also been operating the renowned online
Photo-Lab WhiteWall, which is held in high regard by hobby and professional
photographers for its gallery-quality prints. The entire production process
for both brands takes place in Germany.
More information can be found on www.avenso.com
About Burda Digital Ventures
Burda Digital Ventures (BDV) is the corporate venture fund of German global
media group Hubert Burda Media. Since 1999, BDV has focused on
internet-enabled B2C companies from early to late stage situations. The BDV
Fund is managed by Acton Capital Partners, an independent, partner-led
venture capital investor in the internet and mobile communications sector.
Before founding their own independent company in 2008, the Acton team
incepted Burda Digital Ventures as a corporate venture capital vehicle for
Hubert Burda Media. The investment team responsible for the initial
investment in Avenso in 2006 has supported the company's growth trajectory
ever since. Acton's current fund, the Heureka Growth Fund, focusses on
growth equity investments in the B2C and B2smallB field, with funding
coming from international private and institutional investors. Established
in 2008, the fund's portfolio today includes 15 companies in Europe and
North America.
More information can be found on www.actoncapital.de
Ende der Finanznachricht
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