In June 2000, the fund Accent Equity 2000 (then: Nordico II) acquired Sven-Axel Svensson Bijouterier AB from the founder’s estate.

SAS Bijouterier had historically been a wholesaler of fashion jewellery. Retail stores had been opened on a very limited basis. A new strategy was formulated during the due diligence process as the company’s own cash flow allowed the development of a retail network with considerably higher margins than the wholesale operation. As the retail focus grew stronger, the company later changed its name to Glitter.

At the time of the fund’s investment, SAS Bijouterier had a turnover of SEK 93 million.

Following the fund’s acquisition of the company, a new strategy was implemented based on the value enhancement plan that was developed in connection with the acquisition:

  • Focus was shifted from wholesaling to retailing
  • Growth and market leadership was secured in Sweden, Norway and Denmark by an aggressive build-out of the store network
  • The organisation was strengthened with new management with retail experience
  • The activity level in the stores was increased (campaigns, product displays, etc.)

Through these actions, the company was developed from a local Swedish wholesaler to a Nordic market-leading retail network. The number of stores during the fund’s ownership period increased from 14 in 2000 to 125 at the end of 2004.

During the fund’s ownership period, the company increased its turnover to SEK 268 million as well as its EBITDA by 35%

In November 2004, Glitter was divested to the retail group Bergendahls.


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