SALE OF PANDORA SHARES

den 9 december 2014

Axcel III has today concluded the final sell down of its shareholding in PANDORA through an accelerated book building at a share price of DKK 520 corresponding to a total gross value of DKK 2.4bn. at a discount of 1.9% to the market Price.

Axcel III and the Enevoldsen family combined sold 5.9 million shares with total gross proceeds of DKK 3.1bn.

The headlines of the PANDORA investment include:

  • Successful IPO on 5 October 2010 at a share price of DKK 210
  • Axcel has since the IPO sold shares at DKK 200, DKK 245, DKK 347, DKK 397 and DKK 520 respectively corresponding to an average gross sales price of DKK 312, which is 49% above the IPO price
  • The total gross proceeds to Axcel from the PANDORA investments from dividends, share buy-back and sale of shares amount to DKK 20.2 bn
  • PANDORA has since Axcel’s entry in 2008 shown a remarkable development from a midsized, regional business into the global benchmark in its reference sector with a market capitalisation of more than USD11bn at last night’s closing price. PANDORA has since 2008:
  • Increased sales from 1.1 bn to more than 11.5 bn (based on its latest minimum guidance) ·         Increased EBITDA from 0.5bn to more than 4bn (based on its latest minimum guidance) ·         Increased number of employees from 1,200 to more than 10,000.

About Axcel

Founded in 1994 by a group of investors from Denmark's largest financial and industrial institutions, Axcel is a Nordic private equity firm focusing on midmarket companies and has a broad base of both Danish and international investors. Axcel has raised four funds with total committed capital of around DKK 10 billion. These funds have made 45 platform investments and more than 80 major add-on investments, and 37 companies have been sold or floated. Axcel currently owns eight companies with combined annual sales of around DKK 7.3 billion and some 5,000 employees.