At what enterprise value was KICKS GROUP acquired in 2023?

During the acquisition of KICKS GROUP by MATAS GROUP in 2023, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b DKK. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of KICKS GROUP when it was acquired by MATAS GROUP?

The estimated EV/EBITDA multiple for KICKS GROUP is in the range of below 5x. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was KICKS GROUP acquired by MATAS GROUP?

KICKS GROUP was acquired by MATAS GROUP in 2023.

What was the revenue of KICKS GROUP at the time of the deal?

The revenue of KICKS GROUP at the time of the deal is estimated to be in the range of 2.5b - 5b DKK. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of KICKS GROUP during the acquisition?

KICKS GROUP's EBITDA is estimated to be in the range of 250M - 500M DKK. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the KICKS GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the KICKS GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://matasgroup.com/news/matas-group-to-acquire-kicks-group-to-create-the-nordic-leader-in-beauty-and-wellbeing/

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Home Database Retail & ConsumerKICKS GROUP

06/2023

KICKS GROUP acquired by MATAS GROUP

SWEDEN Retail / Specialized Retail / Beauty & Cosmetics EV 1b - 4b DKK

Context

Matas signed a definitive agreement with Axel Johnson to acquire 100% of KICKS Group. Executed on a bilateral basis, this 100% equity transfer consolidates the KICKS and Skincity retail banners under a single corporate umbrella. The transaction was fully debt financed within existing gearing targets to ensure capital efficiency. The transaction incorporates an operational platform consisting of approximately 1,700 employees, an retail infrastructure network of 226 physical stores across Sweden, Norway, and Finland, alongside an active customer ecosystem serving 3.3 million loyalty club members. The transaction combines Matas’ market leadership in Denmark with KICKS Group’s retail footprint in Sweden and Norway to build a pan-Nordic health and beauty platform. The post-closing industrial strategy targets operational consolidation across IT infrastructure, administrative functions, and supply chain logistics, backed by a new automated warehouse facility in Rosersberg, Sweden. This unified infrastructure will support an accelerated omni-channel e-commerce expansion to manage a combined base of 5 million club members and nearly 500 stores.

KICKS GROUP, which reported an EBITDA margin of 9.8% in 2023, is valued in this transaction at an EV/EBITDA multiple of 4.4x, a level significantly lower than the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

KICKS Group operates as an omni-channel beauty and wellbeing retailer within the Nordic region. The company's business model centers on a dual-banner retail framework comprising KICKS, a full-service beauty concept, and Skincity, an online skincare clinic. Through these platforms, the entity commercializes a curated portfolio of approximately 25,000 products across 300 third-party and proprietary private-label brands, covering makeup, fragrances, professional skincare, and haircare segments. The organization's operational architecture spans Sweden, Norway, and Finland, supporting an infrastructure of 226 physical stores fully integrated with e-commerce channels. This localized footprint relies on a workforce of approximately 1,700 trained beauty advisors and certified skincare therapists who deliver personalized consulting and online clinical support. To optimize its logistics framework, the platform's backend operations—including sourcing, administration, and IT—are centralized, transitioning toward a unified automated fulfillment center to manage both retail banners.

Ent. Value

FREE VIEW

1336M DKK

Equity Value

Multiples

FREE VIEW

EV / Revenue

0.4x

FREE VIEW

EV / EBITDA

4.4x

EV / EBIT

Historical Financials (DKK)

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Year

Rev

EBITDA

EBIT

2023

3126M

305M

2022

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09/2021	CICLAD	GROUP CERADEL	FRANCE	Retail	Ciclad acquired a majority stake in Ceradel from its founding shareholders in a transaction advised by Clairfield International. The deal was structured as a Leveraged Buy-Out (LBO) aimed at reorganizing the capital structure to facilitate the exit of historical shareholders while bringing in financial firepower for expansion

REFERENCES

Valuation range: EV 1b - 4b DKK

Revenue range: 2.5b - 5b DKK

EBITDA range: 250M - 500M DKK

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of KICKS GROUP by MATAS GROUP are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Acquirer: matas group