Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 21.4.2022  
C(2022 ) 2615 final  
PUBLIC VERSION  
Nordic Capital  CV1 Limited  
26 Esplanade,  St Helier  
JE2 3QA  Jersey  
Channel Islands  
Subject : Case M. 10690 –  NORDIC CAPITAL / ELLOS GROUP  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 25 March 2022 , the European Commission received notification of a proposed 
concent ration pursuant to Article 4 of the Merger  Regulation by which Nordic Capital  
Group (Channel Islands ) will acquire within the meaning of Article 3(1)(b) of the 
Merger Regulation  sole control of the whole of  Ellos Group  (Sweden ), controlled by 
FNG Finance Belgium BV  (Belgium) . The concentration is accomplished by way of  
purchase of shares .3 
2. The business activities of the undertakings concerned are:  
 Nordic Capital  Group  is a group of private equity funds focus ing on investments 
primarily in Northern Europe  in the following sectors : healthcare, tech & 
payments, financial services, industrial & business services and consumer 
products . Within the latter, Nordic Capital ultimately controls a retailer of sports 
goods, Unisport , active in  Denmark, Finland, Norwa y, Sweden , Germany, the 
Netherlands, Austria and France , 
 Ellos Group  is an e -commerce group for home furnishings and fashion which 
includes the online stores Ellos , Jotex, Homeroom and Stayhard . It is active in  
Denmark, Finland, Norway, Sweden , Germany, th e Netherlands, Austria and 
Poland . 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No OJ C 147, 4.4.2022, p. 4 –5. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (c) of the Commission  Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5 .