Hatteland Display’s history dates back to 1989, and the company is now the leading designer and manufacturer of high-end rugged displays, panel computers, and computers for all segments of the professional marine industry. The company has established strong relationships with major systems integrators through a growth strategy based on technological leadership and innovation.
Tore Rynning-Nielsen, Senior Partner at Herkules Capital says: “Our ambition with Hatteland Display was to grow the company by investing in production capacity and acquiring targets operating in adjacent market verticals. After continued growth for the first two years, we experienced a market downturn that forced us to re-focus. Since then, Hatteland has successfully introduced a new product range named Series-X which is now the de facto industry standard. The willingness to invest in product development during the downturn was vital for the success of Series-X and the growth Hatteland Display has seen since 2010. We are glad to sell Hatteland Display to a highly complementary industrial corporation such as Norautron Group as we are confident that both Hatteland Display and Norautron Group will benefit greatly from this new setting.”
Trond K. Johannessen, President & CEO of Hatteland Display says: “We are excited about becoming a part of the Norautron Group. There is a strong industrial logic in combining the strengths of the companies to further improve competitiveness and market positions”
Jørgen C. Broch, the owner of Norautron Group and Chairman of the Board, underlines the industrial fit between the companies and that synergies have been an important driver for the takeover. “This acquisition will further strengthen Norautron Group’s position as a global technology company”, says Jørgen C. Broch.
Herkules Private Equity Fund II acquired Hatteland Display in 2007. Based in Nedre Vats, Hatteland Display has two modern production facilities, including in-house optical bonding facilities. The company has approximately 150 employees with offices in Norway, Germany, France, USA as well as agents in Asia, Australia, Canada, Russia and USA. The company manufactures displays and computers for navigation, automation, positioning, monitoring and more. Hatteland Display is the leading global provider of solutions to system integrators worldwide, and focuses purely on the maritime industry. For 2015, the company expects to report revenues just below NOK 400 million with EBITDA margin of roughly 15%.
Norautron Group AS is a technology company established in 1986, owned by J.C. Broch AS and based in Horten, Norway. From a startup based upon contractual production of electronics, the group has also expanded into industrial computers, displays, networks and surveillance products for the professional market. In the last decade, Norautron Group has established or acquired companies in several countries in Europe and the far east. The group will together with Hatteland Display have approx. 900 employees around the world. See www.norautron.com/norautron-group/ for more information.
Herkules Capital is a leading Private Equity firm in Norway and has raised funds with committed capital totalling approximately NOK 15 billion. Herkules invests in companies located in the Nordic region, primarily in Norway, and acquires majority interests in established businesses with strong growth potential. Herkules has a proven experience in working in partnership with existing shareholders. The approach to ownership is industrial and long term, and built on fundamental respect for the history, culture and experience within each individual company. More information can be found at www.herkules.no.
Contact:
Tore Rynning-Nielsen, Senior Partner at Herkules Capital
Phone: +47 92 80 31 82
Trond K. Johannessen, President & CEO of Hatteland Display
Phone: +47 91 59 66 88
Rolf Leistad, Executive Vice President Norautron Group AS
Phone: +47 91 15 57 54
