The luxury Swedish shirt brand has sold a 65 percent stake to Litorina IV, a private equity firm that specializes primarily in acquiring and developing Swedish companies. Under the terms of the deal, the Davidson family, which founded Eton in 1928, will retain a 35 percent ownership interest and will remain on board to help strategically expand the business. Nils Vinberg, the former chief executive officer of Björn Borg, has been named chairman of Eton.
“We look forward to working with Litorina and continue to support Hans [Davidson] and his team in the expansion of Eton,” said Tintin Jonasson, chief executive officer of Eton Systems AB, the parent company, and third generation of the founding family. “We are confident that Eton will be able to maintain its high growth pace while at the same time continue to deliver shirts and accessories of the highest possible quality.”
Harold Kaiser, managing partner at Litorina Capital Advisors, the investment adviser to Litorina IV, added: “Eton is a high quality Swedish company with a leading market position within its niche in the Nordics and with presence at prominent department stores in all of its key markets. We are very pleased that the founding family has selected Litorina to be its partner in the continued development of Eton.”
Eton currently produces more than 600,000 shirts a year and has revenue of more than 300 million Swedish krona, or $41.8 million at current exchange. Its shirts are carried at more than 1,000 points of sales in 35 markets around the world. The company is based in Gånghester, Borås, an area known as the textile hub of Sweden. It operates eight Eton Brand stores.
Davidson, who remains the ceo of Eton, said: “We have many exciting opportunities ahead of us. With Litorina as new majority owner, Eton has the relevant competences and resources to take the next step in our development. We will together focus on continuing Eton’s successful expansion in both existing and new markets.”
A company spokeswoman said there were no further details at this point about the expansion plan.
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