Norvestor divests Panorama Gruppen AS


Norvestor IV, L.P. (“Norvestor”) has agreed to sell Panorama Gruppen AS (“Panorama”), the market leader in the Norwegian jewellery industry, to Jotunfjell Partners AS (“Jotunfjell”).

Norvestor invested in Panorama in June 2005 as the Norwegian jewellery industry was regarded as underdeveloped compared to other retail sectors in terms of multi-store operations and centralized distribution systems. Panorama has since then become the definite leader in both retail and wholesale, but profitability has been below expectations mainly caused by a combination of low market growth and a challenging cost development in general.

“During the last year, we have simplified our business model around own retail stores and also completed significant cost reductions. In addition, the Company has re-profiled its largest chain, Gullfunn. So far this year, we see a strong improvement in our retail business compared to last year”, says Helge Holen, CEO in Panorama.

“Financially, Panorama has not been a good investment for Norvestor, but we have worked closely with management through our investment period to adapt the Company to the new market conditions. We are handing over a profitable Company that is well situated for the future including a significantly improved financial position. Jotunfjell Partners have extensive experience and knowledge within retail and will represent a good next owner for Panorama”, says Christian Sontum, Partner in Norvestor Equity and outgoing Chairman of Panorama.

Closing of the transaction is expected mid-November 2014 subject to certain formal approvals. For further information:

Christian Sontum, Partner in Norvestor Equity AS Telephone: +47 99 15 36 98


Helge Holen, CEO in Panorama Gruppen AS Telephone: +47 94 16 07 07


Panorama Gruppen AS is the market leader in the Norwegian jewellery industry. The Group was established in 1997 and is headquartered in Arendal, Norway.

The Group's business is divided into retailing and wholesale; it operates 70 own stores and 24 franchises split between the chains Gullfunn and Juvelen, and is by far the largest jewellery wholesaler in Norway. Most independent Norwegian jewellers distribute Panorama products. The Group has 65 employees, excluding in-store personnel.

Panorama continues leveraging its retail brands and wholesale operation to realize the full profit potential from an integrated value Chain 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 53 investments and participated in over 196 add-on acquisitions and divestitures. Norvestor focuses on investment opportunities in growth companies, making platform investments principally in the Norwegian and Swedish mid-market, with potential to achieve a leading Nordic or international position either through domestic organic growth, through acquisitions in fragmented industries or by expanding into new countries. Funds advised by Norvestor are currently invested in the following portfolio companies; Life Europe AB, Johnson Metall Group AS, Advantec Holding AS, Apsis Group AB, Aptilo Holding AB, Cegal Holding AS, Marine Aluminium Group AS, Crayon Group Holding AS, Sortera Skandinavien Holding AB, ABAX Holding AS, Robust AB, iSurvey Holding AS, Future Production Holding AS and Nomor Holding AB and PG Marine Group AS (pending closing of the transaction). Read more at