TCM Group A/S Completes Purchase of Remaining Shares in Celebert ApS
In a significant development for TCM Group A/S, the company has signed an agreement to acquire the remaining 55% of shares in Celebert ApS. This decision follows the majority shareholder's exercise of a put option, which was anticipated and aligns with TCM's previous communications regarding their growth strategy.
The acquisition is awaiting standard regulatory approvals, including the necessary clearance from competition authorities, and is anticipated to be finalized in the fourth quarter of the year.
About Celebert ApS: A Rising Star in Online Retail
Celebert ApS has established itself as a notable player in the online retail sector, particularly in the sale of kitchens, bathroom fittings, wardrobes, and white goods. Since its inception in 2007, Celebert has pioneered the online kitchen market in Denmark, experiencing rapid growth under the guidance of Birk Aagaard, the founder and CEO. In 2024, the company reported a remarkable net sales figure of approximately DKK 150 million, showcasing its robust market presence and increasing profitability.
Following the planned succession strategy, Birk Aagaard will step down from his role as CEO, effective immediately. Søren Kruse has been appointed as the new CEO, bringing over 20 years of experience in online retail and a strong track record in senior management roles. His leadership is expected to drive Celebert’s continued success and expansion.
Insights from TCM Group CEO Torben Paulin
TCM Group's CEO Torben Paulin expressed confidence in the acquisition's potential, highlighting: "With the acquisition of the remaining shares in Celebert ApS, we are poised to continue the company's growth journey. Once we obtain the necessary regulatory approvals, we will leverage Søren Kruse's extensive experience to further enhance Celebert's operations and market reach."
Financial Outlook and Purchase Details
Regarding the financial aspect, the purchase price for the 55% stake in Celebert ApS is estimated to be between DKK 60 million and DKK 85 million. The final amount will be contingent on ongoing discussions between the parties involved but will not exceed DKK 87.5 million. TCM Group plans to finance this acquisition through a mix of existing resources and new bank credit facilities.
As the acquisition timeline extends beyond initial expectations, TCM Group has chosen to adjust its revenue and earnings projections for the upcoming year. The revised guidance indicates full-year revenue projections adjusted to DKK 1,250 – 1,325 million, down from a previous estimate of DKK 1,250 – 1,400 million. Furthermore, theAdjusted EBIT is now expected to fall within the range of DKK 90 – 115 million.
About TCM Group
TCM Group is recognized as Scandinavia's third-largest manufacturer of kitchens and furniture designed for bathrooms and storage solutions. With a commitment to quality and craftsmanship, TCM Group produces its products in Denmark. The company employs a multi-brand strategy featuring prominent brands such as Svane Køkkenet, Tvis Køkken, Nettoline, and AUBO. Together, these brands cater to a comprehensive price spectrum and are distributed through approximately 220 dealers across Denmark and Scandinavia. TCM Group also offers private label kitchens through DIY shops in Denmark and independent kitchen retailers in Norway.
For further inquiries, please reach out to:
Torben Paulin, CEO, TCM Group A/S, +45 21 21 04 64
Thomas Hjannung, CFO, TCM Group A/S, +45 25 17 42 33
IR Contact – ir@tcmgroup.dk
Frequently Asked Questions
What is the significance of TCM Group acquiring Celebert ApS?
This acquisition solidifies TCM Group's control over Celebert, enhancing their strategic position in the Danish online kitchen market.
Who is the new CEO of Celebert ApS?
Søren Kruse has been appointed as the new CEO, succeeding founder Birk Aagaard.
What are the expected financial impacts of this acquisition?
Due to delays in the acquisition process, TCM Group has revised its revenue guidance for 2025.
What is the purchase price for the shares?
The expected price range for the 55% stake is between DKK 60 million and DKK 85 million.
What do Celebert's products include?
Celebert specializes in kitchens, bathroom interiors, wardrobes, and white goods, which have positioned it well in the online retail market.
