3i Group has invested €120m in Lampenwelt, an online lighting products retailer based near Frankfurt. The business posted sales of €61m in 2016.
3i will invest alongside management and Walter Neumüller, one of the current owners of the business, In addition, 3i will provide a short term refinancing loan to Lampenwelt of €54 million which is set for refinancing shortly after completion.
3i said it secured the deal off-market and was able to due diligence the company outside of a formal process.
Founded in 2004 by Thomas Rebmann and his brother Andreas Rebmann, Lampenwelt is a specialty online retailer of lighting products in Europe. It sells into 12 European companies.
Jochen Wilms, who has prior experience at Bertelsmann, Schüco and Grohe, will join the board as executive chairman and co-invest alongside 3i and management.
Thomas and Andreas Rebmann will continue in their roles as chief executive and chief operating officer respectively.