Altor acquires Helly Hansen
By IBI Magazine
Altor Fund II (Altor) is to acquire Helly Hansen, a leading Norwegian provider of action utility wear, from Investcorp.
Altor has announced that it has entered into an agreement with Investcorp to purchase 100 per cent of the shares in Helly Hansen, a worldwide supplier of technical apparel and footwear for outdoor sports, work and survival.
Founded in Norway in 1877, Helly Hansen operates in three business areas. Sport and leisure is the company's largest division, supplying branded technical apparel and footwear for outdoor sports. Its work wear division serves the professional apparel markets, while a dedicated unit manufactures and distributes survival suits for the oil & gas industry.
Headquartered in Moss, Norway, the company generates annual sales of approximately NOK 1,400 million and employs approximately 600 employees across Europe, North America and Asia. Helly Hansen's products are sold through general sports retailers, specialty retailers and dedicated Helly Hansen stores.
Altor is in its third year of operation and specialises in acquiring majority shareholdings in mid-sized companies in the Nordic region where, as an active owner, it can contribute to positive and lasting change in its portfolio companies.
"Helly Hansen has built a truly global brand which marries authentic substance and a strong legacy with progressive and trend-right design. Altor will assist the company in utilising its strong brand name and product competence to strengthen its market position," said Hugo Maurstad, partner in Altor Equity Partners.
"We are very excited about this opportunity to work with Helly Hansen's management team in the next stages of the journey they have embarked on. The strategy is to continue the focus on operational excellence and grow the brand in its existing markets," he added.
"With Altor as its new owner, Helly Hansen will have a strong partner with financial resources and extensive expertise that can further support our future growth. Altor identifies and subscribes to the current Helly strategy and will help us to unlock the fantastic potential of the brand," said Jan Valdmaa, CEO of Helly Hansen.
"The brand is going trough an exciting rejuvenation, building design leadership and innovation on the company's unique heritage of survival, work and sport," he added.
Details of the transaction were not disclosed, and the acquisition of Helly Hansen is conditional upon the approval of the transaction by the relevant competition authorities.
The Altor funds are private equity funds comprising the Altor 2003 Fund with €650 million in capital and Altor Fund II with €1,150 million in capital. It is advised by Altor Equity Partners with offices in Oslo, Norway and Stockholm, Sweden. Altor focuses on Nordic investments with enterprise values ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners employs a staff of 25.
(1 November 2006)
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