Altor Fund III (“Altor”) has signed an agreement to acquire ELIXIA Holding II AS, the leading health & fitness chain in the Nordic region, from Norvestor and its other owners.
“ELIXIA has demonstrated a strong track record of profitable growth. We look forward to continue developing the business with Altor as the new owner” commented Ståle Angel, CEO of ELIXIA.
“We have been impressed by what Ståle Angel and his management team have achieved during the past 10 years in the company, in particular the consistent and systematic execution model in all parts of the business. We see strong demand for ELIXIA’s offering in various Nordic cities and are well positioned to support the Company in its expansion with our pan-Nordic presence” said Reynir Indahl, Partner at Altor Equity Partners.
”Over the past five years, Norvestor has participated in the development of ELIXIA into a leading health & fitness chain in the Nordic region. ELIXIA is a high quality company with a strong concept and a world class management team with the competence to continue the development of the company going forward. Every year, ELIXIA has gained market shares in a growing market and also succeeded with implementing new products and services. We are very pleased that Altor has seen the opportunity for further growth and the strong potential for business development. ELIXIA has been a good investment for Norvestor and we think the company will be a good investment for the next owner as well”, says Lars Grinde, Managing Partner in Norvestor and outgoing Chairman of ELIXIA.
The transaction is expected to close in June subject to customary closing conditions.
Altor was advised by ABG Sundal Collier, McKinsey, Wiersholm and PwC. Acquisition financing will be provided by DnB NOR. Norvestor and ELIXIA were advised by UBS, Thommessen and Deloitte.
The Altor funds are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, the “Altor Fund II”, with committed capital of EUR 1,150 million and also the “Altor Fund III”, with committed capital of EUR 2,000 million. The Altor funds are advised by Altor Equity Partners. The Altor funds invest in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements and have since their inception in 2003 invested in over 30 platform investments and more than 30 add-on acquisitions. Investments include Lindorff, AGR, SPT Group, Helly Hansen, Constructor, Sonion, Apotek Hjärtat, Carnegie, Papyrus, Wrist, and Byggmax.
About Norvestor Equity
Norvestor Equity AS is a leading private equity company focusing on lower mid market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in Norway, having executed 45 investments and participated in 171 add-on acquisitions and divestitures. Norvestor Equity is the investment adviser to Norvestor IV, L.P. and Norvestor V, L.P. The two funds currently have ten portfolio companies; Panorama Gruppen AS, Life Europe AB, BecoTek Metal Group AS, Nordic Vision Clinics AS, RenoNorden AS, Wema Group Holding AS, Advantec Holding AS, Apsis Group AB, Aptilo Holding AB and Cegal Holding AS. Read more at www.norvestor.com