Vendis Capital takes participation in X²O and Overstock
Oostkamp (Belgium), 20 October 2016 – Vendis Capital, the private equity firm that specialises in European consumer brands, is taking a minority interest in Legio Group. Legio Group unites the retail concepts X²O, Overstock Garden and Overstock Home.
Today, Vendis Capital and Legio Group announced their collaboration. Vendis Capital, the private equity firm with an exclusive focus on the consumer sector, is taking a substantial shareholding in Legio Group. With this investment, Vendis wants to support the group’s further development. Under the leadership of its CEO and founder Jan Ollevier, Legio Group is the parent company behind the retail concepts X²O, Overstock Garden and Overstock Home.
X²O is a leading retailer in bathroom furniture and fittings. With as many as eighteen branches in Belgium already, the retailer recently took its first steps into the Netherlands where it now has three shops. Overstock Garden is the Belgian market leader for selling high-quality garden furniture and related products. Overstock’s interior range was recently given its own shop concept with the creation of Overstock Home; which now has a total of thirteen sales outlets. Legio Group was set up in 2004 by Jan Ollevier, the Group’s CEO and has its head office in Oostkamp (Belgium).
Michiel Deturck, partner from Vendis Capital, says: “We are very happy with our investment in Legio Group. Since it was founded, the group has followed an impressive growth trajectory and has obtained a key position in the Belgian bathroom and garden furniture market in a relatively short time. We are strongly convinced of the value proposition for the consumer and of the further roll-out potential both in Belgium and internationally. We have been following Jan and his team for a while and we are looking forward to being able to make a contribution to the company’s future development.”
Jan Ollevier, founder of Legio Group, adds: “We think that with Vendis we have the right partner on board to further the group’s development. Vendis specialises in the consumer sector and has a great deal of experience in rolling out successful retail concepts, both nationally and internationally.”
Legio Group represents the fourth investment for Vendis Capital II, which was launched in 2015 and for which Vendis managed to secure €180 million in capital commitments. Since it was founded at the end of 2009, Vendis has made thirteen investments; in more recent years these have primarily been in consumer brands without retail operations. Legio will add yet another retail concept to their portfolio.
The deal is subject to the usual conditions, including approval by the competition regulation authorities.