INNO takes home gold at the M&A Awards

This past summer, Belgian department store chain INNO was acquired by Axcent of Scandinavia, the majority shareholder of Swedish department store chain Åhléns, and SKEL fjárfestingafélag, a listed Iceland-based investment company with considerable experience in the consumer and retail sector. INNO and its new owners are particularly proud of this award from a jury of captains of industry and M&A experts.

“Thanks to its strategic repositioning in recent years, INNO is more ready than ever for the future and will seamlessly blend in with Axcent/SKEL, which is a perfect match with INNO. We have created a rich breeding ground to grow faster in the coming years, strengthened by the retail expertise and experience of the company’s new owners.”  

Armin Devender, CEO INNO

Jury: “Acquisition puts INNO in pole position for future growth”

The jury congratulated INNO and its new owners on this extremely complex acquisition. “The acquisition heralds a new start for Belgium’s best-known department store while emphasising the cross-border character of deals in the mid cap segment of the European market. This acquisition by two experienced investors in the retail sector secures INNO’s legacy on the Belgian retail landscape, in addition to positioning the company for future growth.”

Clairfield International advised and assisted INNO during the acquisition process. Wim Goossens, Partner at Clairfield International: “INNO’s business plan post-acquisition ties in with the approach of the new owners, which consists of a continued focus on physical retail, and is executed by the existing Belgian management team. Axcent of Scandinavia and SKEL are strong strategic partners, who will help to further stabilise INNO and combat the continuing decline of Europe’s high streets/shopping streets.”

Arion Bank was the buy side advisor to Axcent/SKEL. Hreidar Mar Hermannsson, Head of Investment Banking at Arion Bank: „INNO is a remarkable brand and has been a part of the Belgian national identity for more than 125 years. We are certain that the capable management of INNO and with the vision of Axcent/SKEL, INNO will continue to be at the center of the national life of Belgians for years to come. Arion Bank is proud to be a part of this story.”

Thanks to the INNO employees

INNO congratulates all the nominees in the M&A Awards and thanks the jury for its feedback and praise and the team at Clairfield International for its robust support.

However, CEO Armin Devender was positively glowing with pride when he thanked INNO’s employees in particular: “INNO was able to take home the gold thanks to the efforts of each and every one of our employees, from our sales staff on the shop floor right up to the members of our management team. I was impressed at every stage of the acquisition process by the extraordinary level of cooperation, seamless exchange of information, and unflagging motivation. I therefore wish to extend a heartfelt thanks to all INNO employees!”

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About INNO

INNO is the only department store in Belgium to carry a wide range of premium and mainstream brands. The chain has been an integral part of the retail landscape of all major Belgian cities for nearly 127 years, making it an ally of Belgians in their daily lives for many generations. A leading Belgian brand, INNO is known for having a loyal, continuously growing customer base. Since the spring of 2021, INNO has also carved out a niche for itself on the Belgian online retail market with inno.be. INNO offers Belgian customers an omnichannel shopping experience, with online and offline convenience complementing and enhancing each other. www.inno.be