Procuritas announces successful Pierce Initial Public Offering on Nasdaq Stockholm
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26 March 2021: PCI V Advisor AB, advisor to Procuritas Capital Investors V (“Procuritas”), announces the successful initial public offering of the shares of Pierce Group AB (publ) (“Pierce” or the “Company”), a leading and fast-growing European e-commerce company selling gear, spare parts, accessories and streetwear for motorcycles and snowmobiles, on Nasdaq Stockholm (the “IPO”).
The IPO attracted very strong investor interest and commenced trading on Nasdaq Stockholm today. The price in the IPO was set at SEK 64 per share, corresponding to a market capitalisation of Pierce of approximately SEK 2,540 million. The total offering amounted to approximately SEK 1,203 million (approximately €120 million), of which SEK350 million (approximately €35 million) was from issuing new shares.
Procuritas teamed up with the Pierce founders in 2014, attracted by its strong niche and leading market position in the Nordics, with great potential for expansion across Europe. It has worked closely with the Pierce management team to professionalize it and drive growth by:
- Appointing a new management team (taking over from the founders, that remain shareholders) and building a strong organisation
- Entering new markets and adjacent segments
- Building a fantastic assortment
- Developing Pierce’s own distribution capability
- Investing in new e-commerce and CRM systems
- Moving customer support operations to Barcelona
Mattias Feiff, Co-Managing Partner at PCI V Advisor AB, advisor to Procuritas Capital Investors V and board member of Pierce, comments:
“It has been a fantastic transformative growth journey with Pierce since Procuritas invested in the company in 2014. We would like to draw all attention to the team that has made this possible. The entrepreneurs Daniel Petersen and Stefan Rönn who started a great company in 2008 and later Henrik Zadig and the rest of the management team, the board and all Pierce’s hard working employees that have helped us build a market leader in Europe. We are proud to welcome new shareholders to Pierce and look forward to maintaining a significant shareholding in the company.”
“At Procuritas, we have a passion for business and partnering with entrepreneurs to support and accelerate the growth of niche, market-leading companies to fulfil their true business potential. Pierce is a fine example of this and one of Procuritas’s most successful investments.”
Henrik Zadig, CEO of Pierce, added: “These are exciting times for the company, and I am immensely proud of what Pierce, working in partnership with Procuritas, has achieved. As enthusiastic owners of the business, Procuritas has been pivotal in supporting and investing in our growth. We believe that we are still in the beginning of the journey with Pierce and that we have only scratched the surface of the potential that exists in our business model and within our niche. Our organisation and customer offering are stronger than ever, and we have a number of exciting activities ongoing with the purpose of further improving and strengthening our already leading position. Now, we look forward to the next step in our journey in a listed environment, with the goal of continue to deliver profitable growth”.
Full details of the Offering are available at https://www.piercegroup.com/en/section/press/press-releases-press/.