Image credits: Mathem
Stockholm-based Mathem, an online grocery store, announced on Thursday that it has officially acquired 100 per cent shares in Kavall, a homegrown competitor that promises to deliver groceries in ten minutes. The financial details of the transaction have not been disclosed.
With this acquisition, the company continues to drive consolidation of the food delivery market, strengthening its position in e-commerce and fast delivery of groceries.
As a part of the acquisition, Mathem will continue to operate Kavall’s stores in Stockholm, which supplies in Kungsholmen, Vasastan, Norrmalm, Östermalm, and Gärdet.
The stores will eventually be operated under it’s brand Mathem Express.
Kavall CEO John Tengberg says, “It feels very fun and exciting that Kavall will now become part of Mathem, which with its strong brand and well-established operational activities provides fantastic conditions for the future. We have both seen the strong demand that exists for fast deliveries and look forward to seeing how we can develop this business successfully together through Mathem Express.”
In addition to the acquisition, the Stockholm-based firm also announced that it has secured capital from Kavall’s four largest owners, Bonnier Ventures, Inbox Capital, Nicoya, and VNV Global, in its upcoming financing round.
“The focus is on the continued development of the new automated logistics facility in Larsboda in Stockholm, which was put into operation at the end of last year,” notes the company.
Mathem: What you need to know
Based out of Stockholm, Mathem is a pure-play online grocery retailer with home delivery.
The company is a tech-driven supermarket offering a flexible e-commerce service that includes groceries, kitchen products, home furnishings, pharmacy products, and prescription medicine.
From its operations in Stockholm, Gothenburg, and Malmö, the company serves about 55 per cent of Sweden’s households.
“Fast deliveries are today a natural part of the cityscape, but there is a natural need for consolidation in the market. We have been impressed by Kavall’s development and what they have managed to build in a short time, and see great potential in their operations in Stockholm.”
“With this deal, we are sharpening our customer offering even more in a growing market. In addition, we bring in owners with extensive knowledge and experience from our industry, which further strengthens Mathem’s position. They show a fantastic commitment and faith in our development, and it is incredibly gratifying to have them on board,” says Johan Lagercrantz, CEO of Mathem.