UK-based investment company 3i Group has agreed to invest approximately kr1.5bn ($223m) in BoConcept Holding, a global furniture brand.

Last month, 3i affiliate Layout Bidco published a conditional voluntary public offer to BoConcept shareholders, inviting them to acquire all outstanding shares for kr500 ($74) a B-share, and kr615 ($91) for each A-share in cash.

The B-shares of BoConcept are currently listed on Nasdaq Copenhagen and will be delisted upon completion of the deal.

Earlier this week, Layout Bidco declared the final result and completion of its recommended public offer.

"We look forward to supporting the management team to further develop the company and continue to grow it internationally."

Layout Bidco will complete the offer, with settlement scheduled for 13 July. It will also redeem any remaining minority shareholders in BoConcept in accordance with the relevant provisions set out in the Danish Companies Act and the offer document.

BoConcept was founded in 1952, offering furniture and accessory collections through its 254 branded stores and 43 studios spread across 60 countries.

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The company is mainly focused on product, brand and concept development, as well as retail operations, are outsourced to franchise-run brand stores.

It offers products, which are a mix of metropolitan style, inspired by international lifestyle and luxury brands and ‘new Nordic design’.

3i director Netherlands Boris Kawohl said: "We are delighted to announce the success of our offer to acquire BoConcept. We are investing in a successful international brand with a proven track record in over 60 countries, active in an attractive market segment.

"We look forward to supporting the management team to further develop the company and continue to grow it internationally."