Ard Group and Verdane aim to jointly develop the portfolio’s strong companies, and through the transaction, Verdane Capital IX becomes the majority owner in Ard Group portfolio companies O. Mustad & Søn AS and Sunkost AS.
For Mustad, a Norwegian companywith roots dating back to the 19th century, the investment marks the next phase of development. John Are Lindstad, with a background fromFenix Outdoor Group/Fjällräven, was appointed CEO of Mustad in April.
Lindstad said:“Mustad is a company with an inspiring history and a 140-year tradition. I am very enthusiastic about leading this great team and company to the next level, with expansion built around Mustad’s globally strong brand.”
As a global leader in fishing hooks, Mustad produces over 1.5 billion hooks per year for recreational and commercial use. The company has 460 employees, and revenues of Nkr 312m in 2016.
Børre Nordheim-Larsen, CEO of Ard Group, added:“I am very pleased to have Verdane on board as the new co-owner. The experience, network and track-record of Verdane is exactly the right match for Mustad and Ard Group. As a new owner and partner Verdane will be instrumental in taking our companies to the next level.”
Arne Handeland, Partner at Verdane Capital Advisors said: “Through the efforts of the employees of Mustad, and owner Ard Group, Mustad has positioned itself with a strong brand-name and considerable possibilities to grow internationally. We are very excited to have the opportunity to play a part in unlocking that potential.”
About Ard Group
Ard Group is a privately-owned investment company with roots going back to 1946. In the last ten years, the company has been geared towards becoming a family office/industrial investment company. Ard Group is owned by a Norwegian private individual, Børre Nordheim-Larsen. More information about Ard Group is available at: www.ardgroup.no
About Verdane
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.
Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
More info: www.verdane.com
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