Belgian department store INNO has been acquired by Axcent of Scandinavia, the majority shareholder of Swedish department store chain Åhléns, and SKEL fjárfestingafélag, a publicly traded investment company with extensive experience in the consumer and retail sectors.

Åhléns was founded in 1899, when it began as a postal service provider in Sweden. Today, Åhléns is a powerful retailer with the largest beauty department in the Nordic countries and an extensive range of household and fashion products. With around 3,000 employees, Åhléns has established itself as a model of customer service excellence. The company was acquired by Ayad Al-Saffarin 2022.

SKEL fjárfestingafélag, the Icelandic investment company with a strong focus on long-term value creation, has carved out a niche in supporting initiatives aimed at reducing dependence on fossil fuels. Their expertise extends to providing strategic support and advice to companies, management teams and entrepreneurs, making them a valuable asset in this new venture.

The acquisition of INNO, the largest Belgian department stores’ chain, represents a significant expansion in the Belgian market for the Scandinavian-Icelandic consortium. INNO’s network of 16 national shops, offering a diverse range of fashion, accessories, homeware and beauty products, provides a platform for growth and synergies. The combined expertise in retail, strategic investments and sustainable practises will strengthen INNO’s market position and explore potential avenues for expansion and innovation in the Belgian retail sector.

Eight Advisory team members supporting on this transaction:

Financial due diligence and Restructuring: Philippe Fimmers (Partner), Olivier Van Nes (Director), Nicolas Wemaere (Manager), Charles-Edouard Fontaine (Senior), Martin Rouault (Senior)