Owner sells controlling interest in Mustad
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The owner of O. Mustad & Søn AS has sold its majority stake in the Norwegian hook making giant in a move designed to take the iconic brand’s international sales ‘to the next level’.
Verdane Capital IX, a Norwegian investment company has bought a controlling interest in Mustad and Sunkost AS from the Ard Group.
For Mustad, a Scandinavian company with roots dating back to the 19th century, the investment marks the next phase of development. John Are Lindstad, who was appointed CEO in April 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 items per year for recreational and commercial use. The company has 460 employee, and revenues of Nkr 312m in 2016.
Børre Nordheim-Larsen, CEO of the 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 the 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, the 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.”