Duke Street Capital (DSC) and Segulah, the Swedish private equity house, have sold their stakes in Education and Entertainment Nordic (EEN) to a Swedish financial consortium.
The main funding for the acquisition came from two Swedish entrepreneurs, Leif Kristensson and Birge Lindeblad. For Duke Street, the sale made a 2.1x return with an IRR of 31% on its SEK99m (€11m).
DSC acquired 50% in EEN, originally called My Music, in December 1999 from a private owner. Segulah bought 23% and the management retained 27%.
The sale of the business represents the exit of the last investment in Segulah I LP. The firm closed its third fund in October on €250m.