Known for its clothing and home design, Lexington operates in more than 20 markets. Manna & Co is already the parent company of Finlayson, Vallila and Makia, among others. According to Manna’s CEO, there will definitely be more acquisitions.
Finn Manna & Co design company buys Lexinton, known in Sweden for clothing and home design.
Manna & Co and the founding owners of Lexington Kristina and Tommy Lindhe and some of the company’s other major shareholders have agreed to acquire a 68.1 percent stake in Lexington, a Stockholm-listed company listed on First North.
The sellers will leave the ownership completely and will not remain the owners of Manna & Co, says Mannan’s CEO Mikko Koponen.
Founded in 1997, Lexington is an internationalized design and lifestyle brand that currently operates in more than 20 markets.
In Finland, Lexington’s products are sold, for example, by Stockmann and several Interior Design stores. Lexington’s net sales in 2021 were approximately EUR 30.7 million and EBITDA was approximately EUR 2.7 million.
Lexington has about 125 employees. Lexington will continue to operate independently in the same way as other Manna & Co brands.
Manna & Co brands already include Finlayson, Vallila, Makia, Reino & Aino and Sasta.
Finnish brands merged under the same parent company in the spring of 2021.
Manna & Co wholly owns Finlayson, Vallila and Makia. The Group also includes Relays & Aino, a wholly owned subsidiary of Finlayson. In addition, Manna & Co owns a 20% stake in Sasta.
On the market Manna & Co exceeds the 30% ownership limit in Lexington, which obliges the company to make a public tender offer for all remaining Lexington shares no later than March 18, 2022.
The purchase price agreed between the parties is SEK 36.0 per share, which means that the total value of the transaction is approximately SEK 146.5 million, or approximately EUR 13.8 million.
Manna seeks acquisition of Lexington to benefit internationalization.
“Over the next five years, the goal is to grow to approximately EUR 300 million,” says CEO Mikko Koponen.
In 2021, the Manna & Co Group’s pro forma net sales were approximately EUR 90 million.
According to Koponen, there will certainly be more acquisitions in the future.
“We are also constantly looking at other options for how we can expand,” says Koponen.
“Acquisitions are at the heart of our strategy. Of course, there is also organic growth, but also acquisitions. ”
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