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March 29, 2021

The Danish erotic toys e-commerce retailer Sinful has been sold to Polaris

Børsen
In February 2021, NKP exclusively reported in a "Proprietary Analysis of the Day" that the Danish erotic toys e-commerce retailer Sinful, which was founded by Mathilde Mackowski (34%) and Tonny Andersen (66%) in 2008, had mandated Clearwater International as financial sell-side advisor in a structured sales process slated for H1 2021. Later in February we then reported how the process was in advanced negotiations. Following these exclusive reports, it has now been announced that the Danish PE-fund Polaris has acquired a 57.5% stake in the company for an undisclosed amount in, according to Børsen, a bidding war consisting of 6 different suitors. Sinful reported a revenue of DKK 300m (+35% YoY) with an EBITDA of DKK 61m in 2020 and could, according to our previous coverage, be valued at between 1-3x sales, which is the typical level of new e-commerce listings on the Swedish stock exchange, which would indicate a valuation of Sinful of around DKK 600m.
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Transaction announcement
Originally surfaced by NKP | M&A Insights as:
February 17, 2021

Sale process of well-performing erotic toys e-commerce retailer Sinful is in advanced stages (NKP Proprietary)

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NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
February 16, 2021

Founders of online erotic toys retailer Sinful have mandated Clearwater International to explore exit options according to sources - estimated EBITDA of DKK 35m in 2020 (NKP Proprietary)

[log in to app.mainsights.io to read the full analysis as it was originally presented]
NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
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