Acquired Danish chain eyes growth
By Furniture Today Staff -- Furniture Today, March 31, 2003
Boston — Advent International, a private equity company here with several investments in retailing, has acquired Ilva, Denmark's second-largest furniture retailer.
Based in Greve, Denmark, Ilva is a midpriced retailer with three stores in the country. The new owners plan to expand aggressively outside Denmark, with at least one store in Sweden next year and other locations in the United Kingdom the following year.
"Ilva's concept of products will reinvigorate furniture buying for millions of people, providing the best of Scandinavian design and quality at affordable prices," said Martin Toogood, recently named executive chairman of the retailer. "I am delighted to be leading the company in its expansion beyond its home market."
He said Ilva will continue to focus on stylish presentation and price, and will emphasize services such as home delivery and special orders, which now account for about 10% of sales.
Jorgen Linde, the retailer's president, is planning to retire soon. His son, Jesper Linde, will remain with the company as chief executive officer for Scandinavia.
During its 20-year history, Advent has backed more than 20 retailers in the United States, Europe, Latin America and Asia. These include Kirkland's, a U.S. specialty retailer of home accessories and gifts, and Dollar Express, a U.S. discounter recently acquired by Dollar Tree Stores.
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