Clas Ohlson makes a strategic investment in Mathem, buys 10% for $26M.

Sweden Investments 08 December 2017
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Clas Ohlson, an Insjön, Sweden-headquartered hardware store chain, announced signing off a strategic agreement with MatHem, a local online grocery shopping site in Sweden.

The transaction is made through an investment of SEK 221M ($26M) in the company for 10% of MatHem i Sverige AB, and also involves an arrangement for cross selling on the companies respective properties.

MatHem.se, founded in 2009 and led by CEO Tomas Kull, is Sweden's largest online grocery store. The company is available in Sweden mainly in the Stockholm area, Gothenburg, Malmö, Lund and Helsingborg, with the largest customer profile of 30-40 year olds with children. 

MatHem's revenues amounted to SEK 963M ($114M) in 2016. The company raised more than $50M in outside capital from investors including Anders Holch Povlsen, Karl-Johan Persson, Ferd Ventures, Rite Ventures and Verdane Capital.

After this investment, Clas Ohlson becomes MatHem's fourth largest owner, with 10%. Clas Ohlson will finance the deal with own funds and its CEO, Lotta Lyrå, will join Mathem's board of directors.

Clas Ohlson was founded in 1918 as a mail order business based in Insjön, Sweden and has become since then a 200 store retail chain present in six countries. The company is listed on Nasdaq Stockholm, has sales of approximately SEK 8bn ($940M) and more than 4,800 employees.