Dutch 123inkt for sale for €500 mln
123inkt, a Dutch e-tailer of print cartridges and office supplies, is for sale. The company is said to be worth at least 500 million euros. Since its last annual numbers, the company has grown significantly, sources say.
That is what sources that know of the sale told Dutch newspaper FD. The online shop, which was founded in 2000, sells cartridges and office supplies to individuals as well as businesses. Aside from 123inkt, the company has multiple online shops under its wing such as 123accu, 123led, 123-3D and 123schoon, which sell batteries and LED lamps, among others.
EBITDA of 50 to 60 million
The company has grown significantly since its last annual numbers from 2019, the sources say. They mention an Earnings Before Interest (EBITDA) of 50 to 60 million euros. According to one source, the business is worth ten times that amount, namely a whopping 500 million euros. The sale of the online store is overseen by the English bank Rothschild.
Three years ago the shop made over 162 million euros in revenue.
Three years ago 123inkt.nl was worth more than 162 million euros in revenue. At the time, the EBITDA was worth over 28 million euros. Additionally, founder and CEO Gerben Kreuning has received tens of millions of euros in dividends the past few years. In 2019 and 2020, the CEO was paid 10 million euros. Back in 2018, he got as much as 26,5 million euros.
3,5+ million customers in Netherlands, Belgium and Bulgaria
123inkt.nl has passed the 3,5 million unique customers mark this past year, its website states. Aside from its home country the Netherlands, the shop mainly sells to customers in Belgium and Bulgaria. The company also recently launched 123zakelijk, an all-in-one-service for corporate clients. 123inkt.nl is also a record holder of two well-known Dutch ecommerce awards. It won the title ‘Best online store of the Netherlands’ in 2010, 2015, 2016 and 2018.
The shop is a record holder of Dutch ecommerce awards.
Years-long lawsuit with HP
The Dutch shop is also known for a years-long lawsuit with printer manufacturer HP, which also controls Samsung’s printer branch. In 2014, the brand sued 123inkt.nl to put an end to the store selling off-brand cartridges. The lawsuit was eventually won by the cartridge seller.
However, as of 2016, HP employs software updates to block other cartridge brands. That same year, 123inkt.nl started a foundation to serve the interests of sellers and consumers, which has around 1000 members. Efforts to prohibit HP’s blocking software have been rejected by judges so far.