3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||2 Mar 2009|
|Customer:||Stockmann Oyj Abp|
|Amount in EUR:||EUR 40 million|
|NACE sector / loan type:||Retail trade, except of motor vehicles and motorcycles|
|Business area:||Industries and services|
The loan totalling EUR 40 million has been provided for financing the acquisition of Lindex, a major fashion chain in northern Europe. In 2007, Stockmann acquired 96.4% of the Lindex shares. The Lindex acquisition is being aimed at broadening Stockmann's international business. As a result, the Stockmann Group has added Sweden, Norway and the Czech Republic to its map, its yearly sales have increased by a third to approximately EUR 2.4 billion and the number of personnel has reached nearly 16,000. Besides NIB, the deal is being financed by a number of Finnish commercial banks and an insurance company.
Established in 1862, Stockmann is a Finnish listed company engaged in retail trade. The company has operated department and fashion stores in Finland, Russia and the three Baltic countries.
Stockmann's acquisition of Lindex is not regarded as having any significant environmental impacts. The main environmental issue for Stockmann's and Lindex's business are connected to supply chain risks connected to the group's subcontractors in the developing world. Potential positive indirect environmental effects from the acquisition may result from knowledge transfer (in respect to supply chain management), between the previously separate companies.