Among other things, the private equity company Nordic Capital, which owns the Finnish lock manufacturer Iloq, announced on Wednesday that it will give up its majority ownership in Ellos.
Also operating in Finland, Ellos is mainly focused on the mail order of clothes, accessories and interior furniture. Anu Kivistö
The Swedish mail order company Ellos, which mainly sells clothes, accessories and interior furniture, is in a financial crisis, reports the Swedish newspaper Aftonbladet.
Founded in 1947, Ellos operates not only in Sweden but also in Norway, Denmark and Finland.
In Finland, Ellos operates under the name Ellos Finland Oy. According to Kauppalehti, the company’s operating result in 2023 was nearly 5 million euros. However, the parent company Ellos Group Ab reported losses of around 15.9 million euros at the same time.
Nordic Capital, the private equity company that owned the parent company, announced on Wednesday that it would give up its ownership of Ellos.
Nordic Capital’s current portfolio also includes the Finnish lock manufacturer Iloq.
The mail order company will now be owned by the creditors. It was reported earlier in August that Ellos was negotiating a loan of up to 1.5 billion kroner, i.e. about 132.3 million euros, which would replace a bond of the same size that expired in the summer.
According to the company’s press release, the search for a new owner should not affect Ellos Group’s business relationships or operations, which will continue as normal. Therefore, the change does not affect the company’s suppliers or employees either.
Edited on August 28, 2024 at 5:52 p.m.: The story previously stated that the Finnish department store chain would also be part of Nordic Capital’s portfolio. The company sold its entire holding in Tokmanni in 2017.
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