Oslo, Norway/Brussels, Belgium: Stokke AS ("Stokke") and NXMH BVBA ("NXMH") announce today the signing of a binding agreement whereby NXMH will acquire all of the outstanding shares of Stokke.
Stokke is a leading global provider of branded premium baby and children`s products headquartered in Norway. NXMH is an investment company based in Belgium, wholly owned by NXC in South Korea who is the largest shareholder in NEXON Corporation.
Rune Stokke, member of the Stokke family and Board member of Stokke commented "I feel fortunate to have had the opportunity to work with Stokke and many of its employees for over two decades. I believe that with NXMH we have found the right partner to transition Stokke from family ownership that has existed since 1932. I am confident that under NXMH`s ownership Stokke will continue to flourish by following the brand promise of always acting in the best interest of the child, and by developing truly innovative products that have always been our hallmark. Additionally, I believe that NXMH`s expertise in growth markets as well as in e-commerce will greatly benefit the company and allow it to reach its full potential in the years ahead."
Wilhelm Mohn, Chairman of the Stokke Board of Directors said "Stokke has a long heritage of providing innovative and high quality products. The company has sustained a very high growth rate over the past decade and significantly increased market share in the baby and children`s product segment. The company has a strong position in the European market and is now in a rapid early growth phase in the American and Asian markets. I am confident that the new and strengthened ownership will give the company the resources needed to continue to grow and expand globally."
Tomas Settevik, CEO of Stokke said "NXMH represents an excellent new owner for the company with its long term perspective. We look forward to working closely with them to implement our vision and global strategies. We are confident that we can leverage their strengths to expand the commercial potential of the company and its iconic products even further."
"We are grateful to the Stokke family for affording us the privilege of becoming the next owner of Stokke, an 80 year old family-owned business. We have spent a lot of time evaluating Stokke and believe the company has a strong global brand with significant international growth potential combined with a solid employee base. We look forward to working with Stokke management and employees to guide the company through the next leg of growth and taking advantage of the significant opportunities ahead" said Jungju Kim, Chairman & CEO of NXC.
Christopher Moon, CEO of NXMH said "Stokke is one of the most promising consumer brands in Europe. With its rich heritage and strong innovation capabilities, Stokke has the potential to become the global number one in the baby & children`s products market."
The transaction is expected to close in early 2014.
Goldman Sachs International acted as exclusive financial advisor, BAHR served as legal counsel and Credo Partners served as strategic advisor to Stokke on this transaction. Access Partners acted as exclusive financial advisor and Willkie & Farr and Gallagher and Schjødt served as legal counsel to NXMH.
Stokke AS was founded in 1932 and is headquartered in Norway. The company is a leading global provider of branded premium baby and children`s products with a brand promise of always acting "in the best interest of the child". Stokke products are designed to encourage increased interaction and bonding between parent and child and to grow with the child. Stokke products are sold in over 75 countries and include the Tripp Trapp®, Stokke® Xplory®, Stokke® Crusi(TM), Stokke® Scoot(TM), Stokke® MyCarrier(TM), Stokke® Sleepi(TM) and Stokke® Flexi Bath(TM) amongst others.
NXMH is the global investment arm of NXC Corporation. NXMH was founded in 2011 and is based in Brussels.
For further information on the transaction, please contact Ellen Hanetho, advisor to the Stokke board, +47 48 22 07 50.
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Source: Stokke via GlobeNewswire