Stashed Cash Discovered from Hiding Place
In a significant move, Swedish mattress and home goods manufacturer Hilding Anders has sold its 73% stake in Askona Group, Russia's leading bedding producer, to the company's founder, Vladimir Sedov. The sale, announced on August 11, 2025, marks the end of a decade-long partnership between the two companies.
The decision to sell was primarily driven by financial and lender-related pressures faced by Hilding Anders due to its Russian subsidiary. The sale was reportedly a requirement set by Hilding Anders' lenders for managing its financial situation, as the company faced the possibility of lenders taking over and liquidating major parts of the business if the sale did not succeed.
Hilding Anders, which was previously owned by investment funds managed by American KKR & Co, has been grappling with financial difficulties. In June 2023, the company was transferred to unnamed creditors as part of a debt restructuring deal worth over €573 million. The company's financial deterioration was partly due to not receiving dividends from Askona due to Western sanctions against Russia.
Despite the challenges, Hilding Anders continued to operate in Russia and provided financial support to its Russian subsidiary even after IKEA stores in Russia closed in 2022. However, the sale of its Russian business was complicated by sanctions, a mandatory 60% discount, a payment to the Russian budget, and the need for approval from the commission on control over foreign investments.
Alexei Vanchugov, managing partner of "Vanchugov and Partners", notes that there is currently no significant decline in sales for Askona. The company remains the leader in its segment and has a stable operational vertical.
The sale price comparison between the 2023 sale price and the 2010 purchase price by Hilding Anders is not available from the provided sources. Financial analytics platform Octus reported in January 2024 that Hilding Anders approached Lazard for the final sale of its Russian business.
Alexander Zaitsev, CEO of Atomic Capital, suggests that after a possible easing of monetary credit policy in Russia in the medium term, "Askona" may conduct an IPO to attract investments for further development.
Vladimir Sedov founded Askona Group in 1990 and it has since become a major producer of bedding products. Prior to the buyback, Askona's partner was Hilding Anders, which acquired a 51% stake for $100 million in 2010 and later increased its stake to 73%. The buyback assets are now under the full control of Askona's founder, Vladimir Sedov.
Approximately 5 million mattresses are produced in Russia annually, and with Askona's strong position in the market, the company is expected to continue its growth trajectory under its new ownership.
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