Danish furniture business BoConcept Holding A/S has confirmed that it has agreed to sell the company to Layout Bidco A/S, an affiliate of private equity firm 3i Group plc.

The deal sees Layout Bidco A/S submit a conditional voluntary public offer to the shareholders of BoConcept to purchase all B-shares in BoConcept Holding A/S for DKK 500 in cash per B-share and all non-listed A-shares in the Company for DKK 615 in cash per A-share, generating an overall value of DKK 1.45bn (£153.1m).

Stated within the announcement: “The shareholders Viggo Mølholm, the holding company held by him and his family, together with an additional group of 16 shareholders as well as members of BoConcept Holding A/S’ Board of Directors and executive management, have all made irrevocable undertakings to accept the offer for their BoConcept Holding A/S shares.”

Together with the news of the potential sale, which will see Layout Bidco publish an offer document as soon as it has been approved by the Danish Financial Supervisory Authority no later than 4 weeks, BoConcept revealed a 7.6% hike in revenue growth for the full year results for 2015/16.

Despite the year-on-year increase to DKK 1.235m, sales for the last quarter were down by 0.6% to DKK 308m. Overall EBITDA for the year resulted in DKK 149m.

Commenting on the results, CEO Torben Paulin said: ”The financial result for the full year 2015/16 is very satisfactory and a result of our turnaround plan. The financial result of the year has primarily been achieved through an adaption of the store network, better performance in the continued stores, and higher efficiency across the value chain and a positive contribution from FX.”