Equity financing for WhiteAway from eEquity

December 2010

WhiteAway: Leading online retailer of white goods and appliances in Denmark

"Initially, we concentrated on gaining a foothold in Scandinavia. But we have an ambition to enter multiple foreign markets - such as Germany, where ecommerce is only in its infancy and has huge potential. Already at an early stage in the construction of WhiteAway I have had talented and experienced people with different backgrounds and skills around me that I have could play ping pong with. We had never been a gazelle company, if I would have been doing it on my own."

Johannes Gadsbøll, CEO of WhiteAway



2009 revenues

DKK 150m


DKK 6m

Online market share in Denmark



Aarhus, Denmark

Online white goods dominant with a 50% online market share in Denmark

WhiteAway was established in Aarhus, Denmark in 2003 by brothers Johannes and Esben Gadsbøll as Ahvidevarer.dk – and the hobby project turned into an ambitious e-commerce company with Nordic aspirations.

WhiteAway operates an online platform enabling users to find and buy home appliances in Denmark.

With a 50% market share of the online market share in the country, the company is the dominant leader.

The company’s name was changed to WhiteAway in 2008 as a play on the words “white goods” and “right away”.

In both 2009 and 2010, WhiteAway was selected White Goods Store Of The Year by price comparison website PriceRunner.

eEquity invests with the view to create the Nordic leader

eEquity, a Sweden-based e-commerce focused private equity firm, invested in the Company with a view to expand geographically and build a category leader in the Nordics.

With the Nordics being a DKK 25bn (USD 3.7bn) white goods market, with rapidly increasing online penetration, this case is rife with opportunities for the young private equity firm.

In 2010, the Nordic online market penetration for white goods was 20% in Denmark, 7% in Sweden and 3% in Norway compared to 28% in the UK, suggesting vast opportunities for the company.

Stella EOC acted as sole advisor to the sellers.