Accelerated growth Wehkamp with entry new shareholder Apax Partners
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Accelerated growth Wehkamp with financial backing and expertise of new shareholder
Higher revenues (+12%) and profit Wehkamp in financial year 2014/2015
Revenues holding company RFS grow to €711 million (€46 million profit)
Profitable growth strategy Wehkamp puts emphasis on customer experience, a broader
assortment and the best service
Online market leader in fashion, sports & leisure, beauty & wellness and home
Zwolle, July 06 - Online lifestyle department store Wehkamp strengthens its leading market
position in The Netherlands with the entry of new shareholder Apax Partners, a leading
international private equity company. Apax Partners has reached agreement with the current
shareholders of holding company RFS Holland Holding (“RFS”) about the acquisition of RFS. The
injection of capital from and expertise of Apax Partners will enable Wehkamp to implement
innovations even faster with an emphasis on customer experience, a broader assortment and the
best service.
The successful strategy of Wehkamp resulted for the financial year 2014/2015 in growth
acceleration, resulting in 12 percent consumer revenue growth to €546 million. This totalled RFS
consumer revenues, including Fonq.nl, Create2fit and Lacent, to €711.3 million, with a healthy profit
(EBITDA) of €46 million. Wehkamp is one of the few online retailers that besides revenue growth
also shows a sound (‘double digit’) profit development.
The profitable growth strategy of Wehkamp, that proved to be successful in the previous year under
the current shareholders, enters a new phase. This will be enabled by the financial power and online
expertise of Apax Partners, who has a portfolio of successful digital companies. The strong results,
the market position of Wehkamp and the excellent prospects of RFS are the rationale for Apax
Partners to pursue this acquisition.
Growth Wehkamp
The repositioning of the Wehkamp brand has been further enhanced in the previous year. The
company aims for customer experience of the individual consumer who wants to be surprised and
seduced online with relevant products. The website is consequently set-up as ‘browse & discover’,
which creates the customer experience that fits with individual lifestyles. The concept ‘the personal
department store’ will increasingly provide online customers tailor-made opportunities. Wehkamp
is a 100% pure online store, because of the existing enormous growth opportunities in the online
retail market. The company is successful with its online offering due to its investments in targeted
and tailored solutions to provide customers suggestions of products and information they really look
for. This information is offered amongst others via interesting and attractive content via an online
editorial platform, cooperation with vloggers and high quality production photography in the own
photo studio.
Market leader
The company is the online market leader in fashion, sports & leisure, beauty & wellness and home
and has a number 3 position in electronics in The Netherlands. Wehkamp has developed into a
‘powerhouse of brands’, where successful internationals brands gladly present themselves. River
Island, Supertrash, Polo Ralph Lauren and HK Living can among others also be purchased at
Wehkamp since this year.
Furthermore much has been invested in the service offering with which Wehkamp distinguishes
itself. Wehkamp now delivers 6 days per week, enabling customers to opt for which day and within
which timeframe of three hours they would like to receive their orders. The opening of the new fully
automated distribution centre in Zwolle, the largest in the world in its kind, will ensure that, as of
this autumn, consumers can obtain delivery that same day. This applies to 95 percent of the
assortment, partly due to the fact that all products are in stock. An order will then be ready for
sending only 30 minutes after the purchase. Around 90% of all Dutch households is customer at
Wehkamp.
CEO Gert van de Weerdhof is delighted about the new possibilities for RFS: “The previous years the
investments focused on growth have been beneficial and our results improved strongly. With the
capital injection and expertise of Apax Partners, we will be able to implement innovations even faster
with an emphasis on customer experience, a broader assortment and the best service. I am
enthusiastic about Apax Partners as a strong new shareholder that clearly expressed its confidence in
our strategy and people and brings valuable experience with growth companies such as Tommy
Hilfiger, Autotrader and Exact.”
"We are delighted at the prospect of Apax Funds becoming a shareholder at RFS and at working
with, and supporting, Gert van de Weerdhof and his management team. Wehkamp is an
extraordinarily well-known and respected Dutch brand - and the steps that Gert and RFS’ employees,
with the support of RFS' current shareholders, have taken to turn the business into a world-class
digital retailer are very impressive. Apax Funds have a long and successful track record in both Digital
and Retail, as evidenced by investments in AutoTrader, Trader Canada, Bankrate, Tommy Hilfiger,
New Look and Calvin Klein/PVH. In addition, our Digital and Operational Excellence practices act as
experienced, value-added partners for management. As advisors to the Apax Funds, we look forward
enormously to working with Gert and his team in the years to come, and to support the further
development of a business that will be an exciting place to work for employees, a trusted and valued
partner for suppliers and that will continue to develop its market-leading customer offering,"
commented Tom Hall, Partner at Apax Partners LLP.
The works council of RFS has been informed about the intended acquisition and has given a positive
advice. The acquisition is submitted for approval to the relevant authorities and will be subject to
approval of the AFM. The transaction is expected to be finalized in Q3.
Details of the transaction are not disclosed.
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About RFS Holland Holding
RFS Holland Holding B.V. (RFS) is the holding company of Wehkamp, Lacent, Fonq and Create2Fit.
RFS is the online shopping expert in The Netherlands. Annual revenues, including partnerships,
amounted to €711 million in the financial year 2014/2015. RFS employs 830 staff. The company head
office is located in Zwolle.
About Apax
Apax Partners is a leading global private equity advisory firm. It operates globally and has more than
30 years of investing experience. Apax Partners has advised funds that total over €34 billion in
aggregate as at 31 March 2015. Funds advised by Apax invest in companies across four global sectors
of Technology & Telecoms, Services, Healthcare and Consumer. These funds provide long‐term
equity financing to build and strengthen world-class companies. For further information about Apax,
please visit www.apax.com. Apax Partners LLP is authorised and regulated by the FCA in the UK and
is subject to the FCA's rules and guidance. Apax Partners’ registered office is 33 Jermyn Street,
London, SW1Y 6DN.
Note to the editor (not for publication):
For further information please contact:
RFS Holland Holding B.V.
Dirk van den Bogaart
Corporate Reputatiemanager & Woordvoerder
Telephone:
Email:
+31 38 497 3184
[email protected]
Apax Partners:
Alex Wessendorff, Communications Manager at Apax Partners LLP
tel: +44 20 7872 6461
email: [email protected]