Danish drug store chain Matas has entered an agreement to acquire digital retailer Firtal Group, for an enterprise value of DKK130m ($20.37m).

Firtal Group owns and operates Helsebixen.dk, as well as a portfolio of e-commerce sites and brands in the health and wellbeing domain.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Of the total enterprise value, $17.23m will be offered in cash and the remaining will be settled in shares. The deal also includes an additional earn-out component of up to $3.13m.

According to the company, transaction and restructuring costs related to the deal are estimated to be below DKK10m ($1.56m) in 2018-19.

The transaction is subject to the approval of Danish antitrust and is scheduled to complete in the fourth quarter of this year.

Following the completion of the transaction, Matas estimates that its total online revenue will almost double from the previous year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“We expect Firtal Group revenues to grow at double-digit rates throughout the strategy period and contribute to our long-term ambition.”

Matas CEO Gregers Wedell-Wedellsborg said: “We consider Firtal Group an attractive investment case on a standalone basis and we are impressed by the founders’ track record, digital retail skill-set and ambition.

“In addition, we have identified a number of ways to accelerate Firtal’s growth plans and improve profitability. As a result, we expect Firtal Group revenues to grow at double-digit rates throughout the strategy period and contribute to our long-term ambition of an EBITDA margin in excess of 14% no later than the financial year of 2022-23.

“Revenue ambitions for 2022/23 are increased to around $627.04m as a result of the acquisition.”

The deal will also enable Matas to expand its presence in the green and natural products market, which focuses on vitamins, food supplements and natural beauty products.