The Swedish online retailer Ellos Group could soon return under the umbrella of the financial investor Nordic Capital. The background is the bankruptcy announced a few days ago by the Belgian trading group FNG NV and its subsidiary FNG Finance Belgium BV, which currently owns the Ellos Group.
On Wednesday, Ellos Group announced that Nordic Capital had “initiated a process to become the majority owner of the company.” As part of the transaction, Nordic Capital subsidiary Cidron e-Com Sàrl is to take over Ellos parent company FNG Nordic AB. “Subject to certain conditions being met, Nordic Capital could regain ownership of Ellos Group and then continue supporting the company,” the online retailer said. The company’s bondholders have already approved new terms to clear the way for a change of ownership, but the relevant authorities still have to approve it, a statement said.
Nordic Capital only sold the Ellos Group to FNG in autumn 2019. The financial company, which also holds a minority stake in FNG and says it is currently the largest creditor of the insolvent Belgian group, said there were still outstanding claims from this transaction.
The aim of the return campaign that has now been initiated is to provide the Ellos Group with “the best possible conditions and future opportunities”, explained Nordic Capital. The e-commerce company operates the online shops Ellos, Jotex, Homeroom and Stayhard, which specialize in fashion and home furnishings. According to its own statements, it is not affected by the insolvency of the Belgian parent company.