(Norway) – Triton have acquired more than 75% of shares in Glamox AS.
Funds advised by Triton have agreed to acquire Arendals Fossekompani ASA’s shareholding in Glamox AS, a Norwegian industrial group that develops, manufactures and distributes professional lighting solutions.
Triton will acquire the 75.16% shareholding in Glamox for a total consideration of NOK 2,762.7million plus interest until closing date. The other main shareholder, Erik Must AS and affiliates, will retain the 24.7% shareholding in Glamox.
Glamox was founded in 1947. Today, the company is a global provider of LED lighting solutions for marine and offshore, and a provider of professional building solutions in several European markets across its Glamox, Aqua Signal, Luxo, Norselight and LINKSrechts brands. The Glamox group consists of seven production units as well as 40 sales offices and 70 agent/distribution offices covering all continents. The group has about 1,300 employees, revenues of NOK 2.5billion (2016) and a long-term history of profitable growth.
“Over many years we have enjoyed a strong and sustainable development with Arendals Fossekompani as our main shareholder. We will now get another business owner that is renowned for its track record of developing and growing industrial companies similar to Glamox,” said Rune Marthinussen, CEO of Glamox AS.
“Triton has proven repeatedly that they are capable and willing to make significant investments in the businesses they own. This is something our customers, partners and employees will benefit from.”
“We want to support the management and employees of Glamox as a stable owner by investing in and supporting the growth and development of the company. We will contribute with our strategic insights and operational know-how in this industry. We look forward to working together with the management team, the Board of Directors and the other shareholders in building a stronger company”, added Peder Prahl, Director of the General Partner for the Triton funds.
The other main shareholder, Erik Must AS and affiliates, will retain the shareholding in Glamox.
“We have been shareholders in Glamox since 1982. We believe in the company, its management and employees, and will remain a long-term, responsible owner,” said Erik Must.
Closing of the share purchase agreement will take place subject to the fulfillment of customary closing conditions, including necessary anti-trust clearances. Estimated time of closing is November/December 2017.