To accelerate the international expansion in the furniture design company Wendelbo, Maj Invest Equity and the Wendelbo family have entered into a partnership. The family will continue in the management of the company and as minority shareholders after the transaction.
Wendelbo is a successful Danish design company which designs, produces and markets furniture – primarily sofas, chairs and tables - under the two brands Wendelbo and Won. Wendelbo’s design furniture is sold globally through approximately 200 distributors – with North America as the largest market. In recent years, the company has achieved significant two-digit growth rates across both products, distribution channels and geographic markets. These growth rates reflect both increased sales from existing designs and successful launch of new designs. Wendelbo’s designs are developed in cooperation with Wendelbo’s design team and recognised international designers.
Maj Invest Equity and the Wendelbo family see several attractive opportunities to further develop Wendelbo on the basis of the company’s high-quality products, attractive Scandinavian-inspired design, highly efficient production in Vietnam and client base with a broad geographic reach.
”It is our ambition to continue the positive international growth, and with Maj Invest Equity on board we have the right partner to help us. From the beginning, Maj Invest Equity’s thoughts on partnership appealed to us because we were looking for an experienced and competent sounding board. There has been a very good chemistry in our dialogue with Maj Invest Equity, and we are convinced that Wendelbo will benefit greatly from their competences and experience with developing similar companies. The successful development of Muuto, which was exited in 2018, is a good example of this”, says Lars Wendelbo, CEO of Wendelbo, and continues:
”Globally, there is a great interest in our designs, but we have also acknowledged the fact that we need an experienced and committed partner to raise our company to the next level. Maj Invest Equity’s broadly-based competences will help ensure the right setting for our continued journey of growth. Together, we will strengthen our design profile and sales efforts, among other things. We look very much forward to cooperating with Maj Invest Equity”.
”In our considerations to potentially enter into a partnership, we have had a good dialogue with the Wendelbo family. The company has succeeded in establishing internationally within high-end retailing and in the professional segment with innovative and functional design furniture of very high quality. In our opinion, Wendelbo has a big potential in an attractive global market and with a good pipeline of interesting designs to support this potential. We know this industry well and are convinced that we can contribute to further expansion by contributing to the establishment of the right platform, among other things, through increased professionalisation and a strengthening of the organisation", says Thomas Riis, Director in Maj Invest Equity.
”We share the family’s visions for Wendelbo and we agree on the future strategy for developing the company’s brand position and for intensifying the global sales efforts in order to unlock the attractive potential out there. The company already has a solid pipeline of new products, and continued product development will be a key element in the continued expansion of the company”, says Managing Partner in Maj Invest Erik Holm.
The parties agree not to disclose the transaction price.
Contact information:
Thomas Riis
Director
Maj Invest Equity
Tel.: +45 29 72 21 21
Lars Wendelbo
CEO
Wendelbo
Tel.: +45 40 87 75 24
About Wendelbo
Wendelbo Møbel Design is a family-owned company, which since 1955 and through three generations has been owned and led by the Wendelbo family – and driven by a strong passion for design. Wendelbo designs, produces and markets modern furniture – primarily sofas, chairs and tables – globally under the company’s own brands. The furniture is all about Scandinavian design and a strong Danish tradition for fine craftmanship – and meets an international demand for furniture that combines innovation and functionality, modern design and history. Wendelbo is headquartered in Aarhus, Denmark, and has its own high-quality production in Vietnam.
For more information, please see www.wendelbo.dk
About Maj Invest Equity
With assets under management of approximately DKK 4.3 billion, Maj Invest Equity is Denmark’s largest private equity investor in small and medium-sized companies. Currently, the portfolio comprises 13 companies. In 2016, Maj Invest Equity launched its fifth fund with a total commitment of approximately DKK 2 billion. Since 2005, Maj Invest Equity has made investments in more than 35 companies. Maj Invest Equity is a part of the Maj Invest group.
For more information, please see www.majinvest.com