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 company with roots dating back to the 19th century, the investment marks the next phase of development. John Are Lindstad, with a background from Fenix 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
Verdane funds provide flexible growth capital to fast growing software, consumer internet, energy or high-technology industry businesses. The funds are distinctive in that they can invest both in single companies, and portfolios of companies. Verdane funds have €900m under management and have invested in over 300 holdings over the past 14 years. Verdane Capital Advisors has 25 employees working out of offices in Oslo, Stockholm, and Helsinki. More information can be found at: www.verdanecapital.com.