Acquisition of SWAPPIE

Funds of Funds Experts
Lower Mid-Market Experts


We are pleased to announce the acquisition of Swappie by one of our Swedish managers, who recently closed the transaction resulting in a minority shareholder of the company.

Swappie is an online-only refurbished smartphone retailer, offering fully functioning smartphones at an affordable price. Established in Finland in 2016, the company has grown into Europe’s largest player that sells refurbished smartphones.

The company sources its smartphones from leasing companies, brokers, and consumers. It then performs tests and repairs in-house in Estonia and Finland, and ships smartphones to customers across Europe. Thanks to its high quality-control standards, the warranties offered are more comprehensive than the original.

Swappie is a market leader in Finland, Sweden, Italy, Denmark and Ireland, having entered Germany, Portugal, Benelux, Norway, and Slovakia in 2020. With each new market launch, the company has seen faster growth, showing a strong learning curve, and having grown revenues more than tenfold since 2018.

The company has several value-creation levers, including:

  • Scaling through assisting in new market expansion.
  • Increasing the focus on lifetime value (LTV).
  • Maximizing areas such as extended warranty, accessories, etc.
  • Potential subscription model.