FNG Nordic AB (publ) (the “Company”) has been informed that Cidron e-Com S.Ã.R.L. (”Nordic Capital”), a company controlled by Nordic Capital, has initiated a process to become the principal owner of the Company, following the Company’s Belgian parent company, FNG Finance Belgium BV (“FNG BV”), having filed for insolvency proceedings in Belgium. Subject to certain conditions being fulfilled, Nordic Capital may become owner of Ellos Group again and then continue to support its development.
On 17 February 2022, the Company was informed that its Belgian parent company had filed for insolvency proceedings in Belgium. As a consequence of the current situation, Nordic Capital has, as a former owner of Ellos Group and as the largest creditor of the Belgian parent company, initiated a process to regain ownership of the Company and its subsidiaries within Ellos Group, to create the best possible conditions and future opportunities for the Company. The change of ownership is subject to regulatory approvals from relevant authorities.
FNG Nordic and its subsidiaries within the Ellos Group continue their operations as before and are not considered to be affected by the Belgian parent company's insolvency proceedings. As previously communicated, existing financing remains, since the bondholders have previously approved to amend the terms and conditions for FNG Nordic's bond loan to allow for the ownership change.
Until 2019 Ellos Group was owned by Nordic Capital, which, at that time, entered into an agreement to sell Ellos Group to Belgian FNG BV. Nordic Capital has since then been a minority owner in the Belgian parent company. As previously communicated, Nordic Capital has claims on FNG BV since the agreement was entered into.
For more information:
Johan Stigson, CFO. Telephone. +46 (0)33 16 08 05
This information is information that FNG Nordic AB (publ) is legally obliged to disclose in accordance with the EU Market Abuse Regulation. Through the agency of the contact persons shown above, the information was released for publication on 23 of February 2022 at 09.20 CET.
ABOUT ELLOS GROUP
The Ellos Group, which includes Ellos, Jotex, Stayhard, and Homeroom, is the Nordic region’s leading e-commerce group. Working closely with our millions of customers, we are constantly striving to develop and offer attractive and sustainable fashion and household items for the entire family. Our focus is always on the customer. We continuously work to develop our business through innovation, creativity, and sustainability. The Ellos Group, headquartered in Borås, and with operations in all Nordic countries, has around 550 employees and sales of around SEK 3.2 billion. www.ellosgroup.com