Danish furniture business BoConcept Holding A/S has confirmed that Layout Bidco A/S, an affiliate of London-based private equity firm 3i Group plc, has agreed the sale of the business for £166m.

This follows the announcement by Layout Bidco A/S of the completion of its recommended public offer for the entire share capital of BoConcept. The Offer corresponds to a total purchase price for the share capital of BoConcept of approximately DKK 1.5 bn.

Layout Bidco A/S has received valid acceptances of the recommended voluntary public offer to the shareholders of BoConcept Holding A/S for a total of 92.4% of the A- and B-share capital and 95.7% of the votes. Completion and settlement of the offer is scheduled for 13 July 2016.

Boris Kawohl, director, Netherlands at 3i, commented: “We are delighted to announce the success of our offer to acquire BoConcept. We are investing in a successful international brand with a proven track record in over 60 countries, active in an attractive market segment.

“We look forward to supporting the management team to further develop the company and continue to grow it internationally.”

Established in 1952, BoConcept trades through 254 brand franchise stores and 43 studios in over 60 countries.