Author Archive
Norsk Jernbanedrift sold to Herkules Capital
Press release from Herkules Capital AS:
Norsk Jernbanedrift AS (NJD) and Herkules Private Equity Fund III (Herkules) initiate a partnership to further develop the company.
NJD is one of the leading railway entrepreneurs in Norway and performs maintenance, operations, new builds, safety tasks and project execution for the railway infrastructure in Norway. The company was established in 2005 and has shown impressive growth in both revenues and employees. For 2010 the company reported revenues of NOK 226 million, and currently there are 116 employees. The headquarters are located in Porsgrunn, and NJD has in addition five local offices. NJD is involved in major railway projects across Norway.
Herkules will become the majority owner of NJD, and key employees that currently hold shares will maintain a considerable ownership share and continue to be active in the company.
The Norwegian railway infrastructure will require significant maintenance and investments over the next years. The implementation of the new transnational signaling system ERTMS will also impact the activity within and demand for railway infrastructure services.
“We see substantial opportunities in the market for NJD, and the timing is right to engage a professional partner like Herkules to further develop the company” says Ernst Terje Jakobsen, CEO at NJD.
“We are looking forward to co-operating with the competent management team at NJD, who has built an impressive company. Herkules will contribute to improved financial flexibility, and the investment rate will increase. We have strong belief in NJD, and that the company has the necessary competence to build a leading player which will impact and improve the standard of the Norwegian railway” says Tore Rynning-Nielsen, Senior Partner at Herkules.
ScanPole sold to Iivari Mononen
Press release from Iivari Mononen Oy:
Iivari Mononen Oy and ScanPole As have made a contract concerning the sale of the share capital stock of ScanPole Norge As to Iivari Mononen Oy. They have also agreed on transferring ScanPole Sverige Ab’s inventories, part of the fixed assets and the orders backlog and contracts to ScanPole Norge As. After these arrangements, ScanPole Norge As will own 66,7% of the share capital stock of the sales company ScanPole Ltd.
The primary product of ScanPole Norge As is creosote impregnated poles. Their main market areas are Norway, Sweden, United Kingdom and the Middle-East. Turnover (1.1. – 31.12.2010) of ScanPole Norge As combined with the recently integrated Swedish business activities was approximately 115 MNOK (14,4 MEUR). The company employed 19 employees.
ScanPole Norge As will carry on operation in Ilseng, Norway, as a subsidiary company of Iivari Mononen Oy. The company will focus on manufacturing creosoted poles mainly to the current market areas. Iivari Mononen Group will gradually shut down the impregnation plant in Kolho by the end of the year 2011. Pole production in Finland will be centralised to the Höljäkkä plant in Nurmes. Pole production in the Iivari Mononen Group will be divided between Finnish and Norwegian plants according to the optimal logistics and market areas. PrimaTimber Oy will continue to manufacture preservative-treated timber at the Joensuu plant.
The previous owner of Scanpole Norge AS sees the sale as an excellent opportunity to further develop the company. The previous owner has put much effort into restructuring the business, production and management, and see that the transfer of shares to an industrial player in the pole market will further strengthen activities at Ilseng, Norway. This will put the company and employees in an improved position to meet the future.
The purchase of share capital stock and business activities strengthens the growth strategy of the Iivari Mononen Group. It also strengthens company’s market position in the pole business in Europe and the Middle-East. The vision of Iivari Mononen Group is to be the leading and active operator in its line of industry in Europe. Business activities in the Iivari Mononen Group are divided into three areas comprising production and sales of poles and treated timber and industrial services linked to these products. Budgeted turnover for 2011 is 46,7 MEUR and the personnel consists of 73 employees.
Tomwil Miljø sold to Veidekke
Tomwil Miljø AS was established in 1999 and is engaged in the collection and transportation of waste. The company offers total solutions for the collection of waste for contractors, real estate, industry, housing associations etc.
Tomwil Miljø AS has established itself as a well know player in the waste market in Oslo and Akershus.
Turnover in 2010 was approximately NOK 40 million.
About Veidekke Gjenvinning:
Veidekke Gjenvinning was established in 1997 and has through a combination of organic growth and acquisitions gradually grown into a leading recycling operation with focus on treating industrial waste in eastern Norway and in Rogaland, Norway. Throughout these years the customers’ expectations toward good environmental solutions and the authorities’ tightening requirements toward the handling of waste has driven the recycling market toward larger, professional industrial units.
In 2010 the company’s turnover was NOK 410 million and profit before tax (EBT) was NOK 21 million. There are 143 employees.
Veidekke Gjenvinning was a wholly owned subsidiary of Veidekke ASA, one of Scandinavia’s leading construction and property development companies It is the leading company in its field in Norway and the fourth largest in Denmark, and it has extensive operations in growth regions in Sweden.
Molift sold to Etac
Press release from Etac AB:
Katalysator AS and Etac AB have agreed that Etac AB acquires 100% of the shares in the company Molift Group As, Norway from date of October 19th 2010.
The transaction is to be approved by the Norwegian Competition Authority (Konkurransetilsynet).
“Molift Group AS is a well-organized company with many competent employees, a strong brand name and an innovative product line. The company suits Etac just fine, and we are looking forward to develop Molift to its next level”, says Terje Berntzen, CEO at Etac AB.
“Etac is a strong and professional player in our industry, and we in Molift are very pleased that we now can continue to develop our position together with Etac”, says Geir Olav Farstad, CEO at Molift Group AS.
“The combination of these two companies is based on industrial logic. We are very pleased with Etac as the new owner of Molift Group and we believe Etac will contribute to the future development of the company”, says Jon Håkon Pran, CEO of Katalysator.
Etac AB manufactures and sells medical aids that improves life quality for disabled people and improves care provider working environments. It has it’s headquarter in Stockholm, sweden, and have subsidiaries in Norway, Denmark, Sweden, Germany, UK and Holland. Etac AB has a turnover of SEK 1,1 billion, and has 550 employees.
Molift Group AS develops and produces high quality products and solutions for patient transfer for the Health Care sector. Molift Group headquarter is located in Oslo, Norway. Molift Group has with its 60 employees a turnover of NOK 125 million.
Katalysator is a privately owned Norwegian investment company. Katalysator is the active owner of a number of companies in the sports and leisure, health, telecom and media sectors. Katalysator’s investment portfolio is valued at approximately NOK 600 million.
Flytteportalen.no to Finn.no
Finn.no invests in Flytteportalen.no through a share issue obtaining a majority stake.
Aspiro sells Mobile Entertainment business
Press release from Aspiro:
Aspiro reached an agreement with Lobus Mobil AB regarding the sale of its Mobile Entertainment business segment in Norway, Sweden and Denmark. The purchase price is SEK 42 m, with an additional earn-out model.
The divestment process of Mobile Entertainment, which has been ongoing since last winter and involved a series of bidders, concluded today. Lobus Mobil AB, headed up by Johan Lenander, is acquiring Aspiro’s Mobile Entertainment operation, which means the company taking on all operations of this business segment in the Scandinavian countries from 1 July 2010 onwards. Mobile Entertainment, which covers products like ringtones, games and graphics, will remain a customer of Aspiro Mobile Solutions going forward.
In recent years, the market trend for services in Mobile Entertainment has been downward, and there is also a significant risk that additional market regulation may adversely affect the prospects of running this business. Accordingly, in addition to the purchase price, Aspiro has chosen to apply and earn-out model, which potentially, may bring the company a higher purchase price if the current valuation proves overly low.
“This divestment of Mobile Entertainment is a natural result of our strategy of focusing our investments on the WiMP music service, TV streaming for mobiles and computers, and on business solutions. The fact that the sale of Mobile Entertainment is concluded is a clear marker of our transition from the old to the new Aspiro,” commented Gunnar Sellæg, Aspiro’s CEO.
The sale of Mobile Entertainment is a step in the process of repositioning Aspiro, with its focus on premium services addressing business partners. This repositioning has been successful, and in 2009, sales of Aspiro’s services in its Music and Mobile TV business segments rose by 74%. Aspiro’s premium services have also gained international recognition, including two nominations for the international Meffy award, for its WiMP music streaming service and the mobile TV services the company delivers to T-Mobile.
“Our future lies in the Music, Mobile TV and Business Solutions business segments, and we see high growth potential on the Nordic and global markets in these segments. We already supply major multinationals like T-Mobile, Telefónica O2 and Telenor, and expect to be able to post high growth in these segments going forward,” continued Gunnar Sellæg.
Excluding Mobile Entertainment in Norway, Sweden and Denmark Aspiro’s net sales were SEK 275.3 m in 2009, against SEK 245.3 m in 2008, or growth of 12%. EBITDA excluding Mobile Entertainment in 2009 was SEK -34.2 m, against SEK -2.2 m in 2008. Aspiro estimates that the sale will result in goodwill impairment and other costs attributable to the divestiture of some SEK 40 m. The sale of Mobile Entertainment will result in the buyer gaining lower working capital than tied up in this operation at present, implying that Aspiro will gain a positive cash flow effect when working capital is dissolved through 2010.
Troms Kraft acquires a minority interest in Salten Kraftsamband
Troms Kraft acquires 23,67 % of the shares in Salten Kraftsamband AS (SKS) from DONG Energy.
“We want to become co-owners of SKS and Nordkraft to ensure that ownership of two major
northern Norwegian utility companies remains in the region. SKS and Nordkraft are two well-run companies with good earnings and potential. We believe the companies, and from our side, this is therefore along-term investment,” says CEO of Troms Kraft, Oddbjørn Schei, and adds:
“We have a common history, we experience many of the same challenges and we have
complementary expertise. We have much to learn from each other. Together we can help
positively to the development and growth in the energy industry in northern Norway. Our ambition is to establish an equal partnership with the SKS and Norkraft to strengthen both companieslocally, regionally and nationally”.