Norvestor invests in hospitality provider CIC Hospitality
Norvestor VIII SCSp (“Norvestor VIII”), has signed an agreement to acquire the majority of the shares in CIC Hospitality AS (“CIC Hospitality”, “CIC” or “the Company”), a provider of affordable high-quality accommodation throughout the Nordics.
CIC Hospitality operates 15 hotels in the Nordics. With a focus on best-in-class cost management and innovative solutions, the Company offers affordable accommodation in cities and locations with limited accommodation alternatives. The hotels are typically located in areas where tourism is not the primary driver for demand, but rather where hospitals, defence, larger construction projects or other commercial activity generates customer nights. The Company was founded in 2018 by four industry veterans and currently has approximately 94 employees across Norway and Denmark.
“Having seen rapid growth since our inception in 2018, we are now ready for the next phase in our Company’s journey. We believe that we have a unique offering and we’re encouraged by positive feedback from customers and profitable growth through the difficult covid years. Together with Norvestor we will be able to accelerate the growth and to provide affordable accommodation in more locations“, says Matthias Tanski, CEO and co-founder of CIC Hospitality
“We are very excited to partner up with the founders and current management team of CIC Hospitality on the journey to offer great value-for-money accommodation. By deploying the latest technology and a fearless appetite to challenge industry standards, CIC can offer efficient and affordable accommodation in both city and rural locations, throughout the Nordics” says Tor Erling Gunnerød, Partner at Norvestor Advisory.
CIC Hospitality is headquartered in Oslo, Norway. Following the acquisition, Norvestor will become the largest shareholder in the Company, followed by the Company’s management, key employees and members of the board.
For further information:
Matthias Tanski, CEO, CIC Hospitality
Tel: +47 982 22 530
Tor Erling Gunnerød, Partner, Norvestor Advisory
Tel: +47 920 55 355
CIC is a Nordic hospitality provider offering affordable high-quality accommodation throughout the Nordics. Read more at https://www.cichospitality.com
Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, Copenhagen and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 77 investments with more than 300 follow-on M&A transactions, in addition to executing 53 exits including 16 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at www.norvestor.com