Verdane seals first exit from Fund VIII for white goods company

Verdane Capital has sealed its first exit from its most recent fund, Fund VIII, selling its 20 percent stake in domestic appliance e-commerce company WhiteAway, according to a statement.

Verdane and one other shareholder sold its shares to a company owned by Danish fashion mogul Anders Holch Povlsen. Financial terms were not disclosed.

The firm initially invested into WhiteAway in September 2013 through a direct secondaries purchase from commerce investor eEquity. During the investment period, Verdane helped WhiteAway expand into the Norwegian and Swedish markets and grow its revenues 100 percent. 

“Our advice to companies is typically to focus more narrowly on core products,” Verdane partner Henrik Aspén said in the statement. “This advice really worked for WhiteAway – the company grew faster when they strengthened the focus on domestic appliances.”

Verdane VIII closed last month on SEK 2 billion (€220 million; $300 million). The fund, which is Verdane’s largest to date, launched in mid-2013 and held a number of rolling closes before holding a final close, Verdane director of investor relations Frida Einarson previously told Secondaries Investor.

Verdane VIII will continue to invest into Nordic companies with international growth potential active in information technology, energy and advanced industry. At the time of the final close, the fund had already invested into 16 companies through three different portfolios in Sweden and Norway.

Verdane is based in Oslo, Norway and has offices in Stockholm and Helsinki. Last month, Einarson said Verdane could expand to Copenhagen as the city would be the “natural next step” for the firm to have on-the-ground presence throughout the Nordic region.