Manufacturer of beds and mattresses owned by Investcorp to buy Norwegian counterpart
Hilding Anders International, the leading European manufacturer of beds and mattresses, owned by Investcorp and its investors in the Gulf region, is to buy a Norwegian counterpart, Jensen SA.
Hilding Anders is a 65-year old, Swedish-headquartered company that was acquired by Investcorp and its investors in December 2003. Hilding Anders is a top performer in its sector in Europe with 2003 sales of $418 million and a workforce of over 2,000 people. In 2003, Hilding Anders sold over four million beds and mattresses. Jensen is the largest manufacturer of beds and mattresses in Norway. It has an estimated 28% market share in Norway, and is also present in the Swedish, Danish, Finish and UK markets.
The acquisition of Jensen adds significant value to Hilding Anders, extending the company's leadership into the premium, luxury end of the Scandinavian mattress and bed market. Founded in 1947, Jensen is a manufacturer of very high quality mattresses and Hilding Anders will retain the renowned Jensen brand name for top-of-the-range beds, capitalizing on its strength in the premium sector.
Chief Operating Officer of Investcorp, Gary Long, said that the acquisition would significantly strengthen Hilding Anders European leadership: ”This is in line with our strategy for Hilding Anders, outlined when we announced its acquisition, to seek attractive external growth opportunities, particularly in new markets. By acquiring a leading company in connected, but non-competing, sectors, Hilding Anders can continue to expand internationally and achieve above-market growth.”
The transaction is conditional upon approval by the Norwegian Competition Authority, which is expected shortly. (menareport.com)
© 2004 Mena Report (www.menareport.com)