The Swedish investment fund sold its fashion webshop Ellos to FNG in 2019. But the Belgian fashion group only paid part of the acquisition sum of 229 million euros to the Swedes. Just before FNG went bankrupt, Nordic Capital initiated a mechanism to regain full ownership of Ellos. The acquisition took place last summer. Nordic Capital paid 1 euro after the consultant KPMG hired by the Swedes estimated the value of Ellos at 0 euros.

    “We want to get our hands on Ellos again through the lawsuit or get a higher price for it,” says Van Deyck. The trustees want more money for Ellos because they were asked by FNG’s creditors to repay 350 million euros. If their claim remains unsuccessful, the creditors can whistle for their money.