KICKS GROUP acquired by MATAS GROUP
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 (11.2x).
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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 VIEW1336M DKK
Equity Value
Multiples
FREE VIEW
EV / Revenue
0.4x
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EV / EBITDA
4.4x
EV / EBIT
Historical Financials (DKK)
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REFERENCES
Valuation range: EV 1b - 4b DKK
Revenue range: 2.5b - 5b DKK
EBITDA range: 250M - 500M DKK
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Acquirer: matas group