Clearwater International advises Sinful on its sale to Polaris

Clearwater International has advised Sinful, a data-driven Scandinavian market-leading niche e-commerce business within adult toys and related products, on its sale to private equity firm Polaris.

Since its foundation in 2008 by Mathilde Mackowski and Tonny Corydon Andersen, Sinful has successfully built a market-leading position across Scandinavia with consistent high top line growth, new market entries and has demonstrated a solid track record in transitioning towards an own brand portfolio. The business has shipped almost 800,000 orders to more than 10 million unique users over the last 12 months in a niche industry growing at a rapid pace. Sinful has grown more than 30% each year since its foundation and has increased 2020 revenue by 38% to more than €40m and EBIT by just over 130% to €8m.

Polaris is a Nordic private equity firm headquartered in Copenhagen, which invests in well-established medium-sized companies in the Nordics. Currently, Polaris owns 15 companies with total revenue of over €800m and 5,000 employees.

Polaris is backing Sinful´s ambitious management team, led by Mathilde and Tonny, to further accelerate its growth and fuel their international expansion in the coming years. As the first steps in a European expansion strategy, Sinful is venturing into the French and UK markets in 2021.