Altor Fund VI, a Swedish private equity firm, has acquired a majority stake in Imbox Protection A/S, a Danish company specializing in footwear protection technology, while entering into a partnership with the company’s former founder and owners, Réné Marker and the Grundtvig family.
As part of the deal, both the founder and the Grundtvig family will retain significant stakes in the business. Marker will continue as CEO.
Founded in 2009 and headquartered in Skødstrup, Denmark, Imbox provides patented automated footwear protection machines via an equipment-as-a-service model. Using a water-based spray, the enclosed Imbox machine shields shoes from water, stains, dirt, mud, and fading without the use of harsh chemicals. The in-store service provides up to eight weeks of protection, or longer with light wear.
Imbox’s offering spans physical retail and e-commerce channels across 37 countries, with an installed base of around 9,700 machines in 8,900 stores.
In April, DSW launched the largest retail partnership in North America with Imbox Protection, rolling out the system to nearly 500 DSW locations nationwide.
Imbox sells one treatment per second, and reports it “generates around DKK 1 billion ($157 mm) of revenue for retailers.”
Altor is expected to support Imbox’s international growth.
“We are really excited to hit the ground running with Altor as a partner. We will benefit from their long expertise in helping companies scale internationally and add relevant experience for the next phase of our joint growth journey. Together, we will ensure that more end-users and stores will have access to our offering,” said Marker.
Henrik Grundtvig from the Grundtvig family continued, “Early on, we had the opportunity to help bring a Danish innovation to life. Since then, we have built a competitive offering with globally patented technologies. We are excited to continue the partnership with René and Altor while still only seeing the beginning of the Imbox journey.”
“Imbox is an excellent example of a strong and proven technology built to meet the needs of its industry and customers. We are really impressed by what René and the Grundtvig family have built over the years and look forward to being part of the continued growth journey,” said Jens Browaldh, partner at Altor.
“As Imbox embarks on its next chapter, the company will continue to benefit from René’s leadership and his team’s deep technical and industry expertise, now complemented by Altor’s experience to support accelerated growth. Our ambition is to at least triple the installed base over the next 3 to 5 years,” said Karl Svenningson, principal at Altor.
Parties have agreed not to disclose the financial details of the acquisition.
Image courtesy Imbox Protection A/S
