Swedish Startup Space

Apotea-shares Worth $30 Milllion Available As Founders Starts Selling

Written by on April 1, 2016
Editors Note: This post is part of a series called , presented by Breakit.

Pär Svärdson and his co-founders have hired SEB to find a buyer for a part of the online pharmacy.

The online pharmacy has grown rapidly over the last years, and sales are expected to double in 2016 to almost $120 million (950 million SEK).

“Our profit margin is at around 3 percent right now, but that number will get higher in the future. Right now, we are putting all our power into growing the company”, Pär Svärdson says to Breakit (article in Swedish).

He has previously founded the online book store Adlibris. When the media giant Bonnier bought the last of his shares in 2011, he took five of his co-workers with him and founded Apotea. The six co-founders currently hold around 60 percent of the company shares, through the investment company Laulima. The shares that are up for sale is in that investment company.

“We want to sell shares corresponding to 4 percent of Apotea. We have hired SEB to help find us a buyer, and now some more minor owners are also looking to sell”, Pär Svärdson says, who owns an additional 5 percent of Apotea through a separate holding company.

In total, more than 10 percent of the shares in Apotea are currently for sale. However, Pär Svärdson claims that selling isn’t necessarily the right move economically speaking.

“The company is doing great and there is really no reason for selling. The owners of Laulima and I are working on another project that we need some capital for. That’s why we have started this process”, he says.

Among the largest owners are also the Sixth AP-fund, with 22 percent of the company, and a number of private investors.

“I don’t want to comment on the other shareholders’ but I know that the Sixth AP-fund is keeping its shares”, Pär Svärdson says.

The share holders are looking for a company valuation of almost $250 million (2 billion SEK), according to Breakit’s sources. That valuation would mean that around $30 million (250 million SEK) in shares are currently up for sale – if the founders sell at their asking price.

“I do not want to comment the valuation of the company”, Pär Svärdson says.

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