Axfood AB: now holds 16 percent of

Stockholm / SE. (axf) Sweden’s Axfood AB and Mathem are entering into a strategic partnership, with Axfood divesting in exchange for shares in Mathem, a strong pure-play online retailer with home delivery. At the same time, Mathem is entering into a long-term delivery partnership with Axfood’s purchasing and logistics company Dagab. The purchase consideration for amounts to SEK 688 m on a cash and debt-free basis, and payment will take place through newly issued shares in Mathem corresponding to a shareholding of 16.5 percent.

As part of this strategic partnership, Axfood AB has entered into an agreement to divest the operations of its own pure-play online retailer,, to Mathem i Sverige AB in exchange for newly issued shares in Mathem. Combining and Mathem will create synergies and economies of scale, providing improved opportunities to develop a strong offering in pure-play online retail with home delivery. At the same time, Axfood’s company Dagab Inköp och Logistik AB has signed a seven-year delivery partnership with Mathem that includes collaboration concerning purchases, assortment and logistics. The e-commerce logistics that currently uses, including warehouses and transports, are part of Dagab and are not included in the deal.

«Together with Mathem, we are now creating a stronger and improved pure-play online retail offering for Mathem’s and’s customers. The long-term delivery partnership between Dagab and Mathem will further strengthen the offering to consumers,» says Klas Balkow, President and CEO of Axfood.

«The joint forces of and Mathem will create a heavyweight in the online market for grocery deliveries. The merger with, which has a well-established service and exciting products, will result in a number of powerful synergies, leading to an exciting and strong joint customer offering that benefits everyone involved. The customer offering is also being further enhanced through our purchasing and logistics partnership with Dagab. I look forward to a close and fruitful partnership with Axfood moving forward,» says Johan Lagercrantz, CEO of Mathem.

«We welcome Axfood as an owner and partner of Mathem. Axfood’s leading position and expertise in good and sustainable food will further strengthen Mathem’s customer offering, and we look forward to continuing to support Mathem together on its exciting journey of growth,» says Georgi Ganev, CEO of Kinnevik, which is Mathem’s largest owner.

The purchase consideration amounts to SEK 688 m on a cash and debt-free basis. The valuation of is in line with the valuation of Mathem and is based on a multiple of 1.5 times the company’s net sales in the last 12 months as of 30 September 2021.

Following the transaction, Axfood’s shareholding in Mathem will amount to 16.5 percent, which after closing of the transaction will make Axfood the second largest owner in Mathem. Axfood will be represented on Mathem’s Board of Directors by one director. Axfood has committed to participate with up to approximately SEK 80 m in the event of a financing round in 2022 and will thereafter like the other shareholders of Mathem have preferential rights to subscribe for its pro rata share in future financing rounds.

The completion of the transaction is subject to approval by the Swedish Competition Authority, which is expected in the first quarter of 2022. The transaction will be presented in more detail at Axfood’s digital Capital Markets Day on 16 December.

About is a strong, full-range online grocery company with home delivery. At, customers can find shopping lists and inspiring recipes and access a unique carbon footprint database to help them shop sustainably. The company was founded in Gothenburg and now has a well-established position in both Gothenburg and Stockholm.’s net sales for the last 12 months as of 30 September 2021 amounted to SEK 459 m.

About Mathem

Mathem is Sweden’s leading pure-play online grocery retailer with home delivery. The company is a tech-driven supermarket that offers a flexible e-commerce service that includes groceries, kitchen products, home furnishings, pharmacy products and prescription medicine. Mathem owns the entire value chain. With a smart and well-designed e-commerce platform on its website and app, a broad high-quality assortment, four logistics facilities and its own distribution organisation, Mathem delivers customer orders all the way to their homes. From its operations in Stockholm, Gothenburg and Malmö, Mathem serves about 55 percent of Sweden’s households. Mathem’s net sales for the last 12 months as of 30 September 2021 amounted to SEK 2,727 m.