Accent Equity steps in as majority owner in EAST to boost growth
13 July 2021
- The investment fund Accent Equity 2017 has signed an agreement to acquire a majority stake in EAST, a leading garment outsourcing partner
- EAST has initiated a European expansion and aims to accelerate new market entries supported by Accent Equity
- Current active owners and the management team will invest and continue to develop the group in close cooperation with Accent Equity
The investment fund Accent Equity 2017 has signed an agreement to acquire a majority stake in the garment outsourcing group EAST from its founders. Current CEO and co-founder Poul Skovgaard will continue his involvement and will alongside Accent Equity and other key employees invest in the company.
EAST was established in 2007 and has since become an industry leader in provided Danish fashion houses with various garment sourcing and design services. The company currently conducts sales activities in Denmark, Sweden, Germany, Spain and the Netherlands, and the largest part of the group’s operations is conducted by a wholly owned subsidiary in China. The Chinese operations comprise 170 employees that provide sourcing, design, and logistics services to the group’s customers in Europe.
”We are very pleased to partner with Accent Equity in order to jointly continue the growth journey to additional European countries. Together we will build the necessary foundation for future growth and Accent Equity will be a valuable partner for future consolidation”, says Poul Skovgaard, co-founder and CEO of EAST.
“We are impressed by EAST’s market position and the customer trust the company has gained in Denmark, and we are excited to support the group’s further growth journey. We believe the combination of Danish inspired design and local operations in China, with a strong network of local suppliers, is the key to gain a larger market share”, says Daniel Winberg, Partner at Accent Equity.
For additional information, please contact:
Daniel Winberg, Partner at Accent Equity, daniel.winberg@accentequity.se, +46 70 247 41 47
Poul Skovgaard, CEO of EAST Group, ps@eastdk.com, +45 2013 3739
About EAST:
EAST was founded in 2007 and provides garment sourcing, design, and logistics services. The group is headquartered in Ikast, Denmark, and conducts sales in activities in Europe through sales offices in in Dusseldorf, Berlin and Barcelona. The group’s Chinese operations are located in Guangzhou, China. In total EAST employs around 190 dedicated employees around the world, with the common goal to create good results and have satisfied customers in the fashion industry.
eastdk.com
About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns over the long term.
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