Mathem merges operations with Mat.se

MatHem, a Stockholm, Sweden pure-play online grocery retailer, announced signing off an agreement for merging operations with local competitor Mat.se.

The deal was made in a share swapping structure - Mathem acquiring Mat.se in exchange for a share transfer to Axfood of newly issued shares in Mathem worth SEK 688 million ($75.4M), which makes Axfood Mathem's second largest owner with an ownership share of 16.5 percent. Kinnevik will also continue to be Mathem's largest owner with an ownership share of 31 percent.

The transaction is part of a larger partnership agreement between Mathem and Axfood's purchasing and logistics company Dagab.

Mat.se was acquired by Axfood in 2016. The company was founded in Gothenburg and is active in both Gothenburg and Stockholm. During the last twelve months as of September 30, 2021, sales for Mat.se amounted to SEK 459 million ($50.3M).

MatHem, founded in 2006 by Tomas and Karolin Kull (the Kull family) and led by CEO Johan Lagercrantz, built a strong household brand as it offers a broad range of grocery products and adjacent household consumables, catering to more than half of Swedish households. The company produced sales of SEK 2.7 billion ($300M) in the fiscal year ending September 2021.