Outl1 was acquired by Bygghemma for $6M.

Bygghemma, a Stockholm, Sweden-based online supplier of home improvement products in the Nordic region, announced getting into an agreement for acquiring Outl1.se, a Swedish company operating online stores in Sweden for home, household and leisure products.

The deal was made by Bygghemma Group First AB, which paid SEK 55M ($5.7M) for 51% of the shares in the company, with an option to acquire the remaining 49 percent within 3-4 years based on the further performance.

Bygghemma Group will continue to operate Outl1.se as an independent unit. Joacim Boivie will remain as CEO and the business will be run and expanded from Stockholm.

Outl1.se, led by CEO and founder Joacim Boivie, has shown an average annual growth of 67 percent over the past five years and had sales of just over SEK 100 million in 2018 and an operating profit (EBIT) of about SEK 9 million.