Norvestor invests in the pest control company Nomor
Norvestor VI, L.P. (Norvestor), a fund advised by Norvestor Equity AS, has agreed to team up with the management team of Nomor AB (publ) (Nomor), a fast growing provider of services within pest control, food safety and related services in Sweden. By investing in Nomor, Norvestor will support the continued development of one of the fastest growing companies in the pest control services sector in the Nordics.
Nomor, established in 1995, is the second largest pest control company in Sweden. The current management team, headed by Svein Olav Stølen (CEO) and Robert Stierngranat (Sales Director), joined Nomor in 2009. Since then the company’s revenue has nearly doubled through organic growth. In this period, Nomor has been turned around from loss making into a company with healthy financials. At the core of Nomor’s strategy is a strong orientation towards customer needs and demands throughout the entire organisation. Nomor serves its customers from 19 offices across Sweden, and had revenues of SEK 104 million in 2013.
“We see many attractive growth opportunities for Nomor which we are eager to exploit. We are very excited and pleased to partner with Norvestor, which has significant experience from growing Nordic services companies”, says Svein Olav Stølen
“Nomor fits our investment strategy well with its strong growth, sales oriented strategy and dedication to customer service and cost efficiency. We have followed the company for many years, and are impressed with what management has achieved in terms of building a fast growing and well- run company. We look forward to developing Nomor further together with Svein Olav Stølen, Robert Stierngranat and the rest of the team”, says Fredrik Korterud, Partner in Norvestor Equity and chairman designate in Nomor.
Norvestor will become the largest shareholder in Nomor with 70% of the shares, while the remaining shares will be held by management and employees of Nomor.
For further information:
Svein Olav Stølen, CEO Nomor
Telephone: +46 70 366 56 66
Fredrik Korterud, Partner Norvestor Equity
Telephone: +47 402 11 402
Nomor AB (publ) is the second largest pest control company in Sweden. The company operates nationwide within three service areas; Pest control, Food safety and Home & House. Pest control consists of a broad range of sanitation services and preventative measures for exterminating pests (e.g. rats, mice, wasps, cockroaches, bugs and eremites). Food safety is targeting customers that have to abide by certain hygiene standards (e.g. food industry, hotels, restaurants). Nomor mainly provides full service agreements that guarantee compliance with current regulation. Home & House services constitute a broad range of services, such as inspection and sanitation of mould/fungi, preventive building inspections for insurance or transaction purposes and cleaning of house surfaces. Nomor serves its customers from 19 offices across Sweden, and has central functions located in Sollentuna
and Falun. Read more at www.nomor.se
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 192 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; Panorama Gruppen AS, Life Europe AB, Johnson Metall Group AS, Wema Group Holding 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 and Future Production Holding AS. Read more at www.norvestor.com