News - 24.02.2014

Herkules IV acquires majority of Elektroimportøren

(Oslo, 24 February 2014) Herkules IV has signed an agreement to acquire a majority stake in Elektroimportøren, a successful wholesaler and retailer of electrical equipment in Norway. Herkules considers Elektroimportøren's current position to be very strong, with large growth potential.

Elektroimportøren holds a strong position in Norway as a full-range wholesaler and retailer within electrical equipment. Established in 1994, the company is unique in targeting both the professional and retail markets through three distribution channels; a large store located at Alnabru in Oslo, an online store and a customer service center targeting professional installers/electricians. Sales in 2013 were approximately NOK 166 million with an EBITDA of NOK 32 million.

In addition to offering a full range of electrical products from well-known brands, Elektroimportøren offers private label products through Namron AS. Namron offers a broad range of electrical products, with special focus on LED lighting, dimmers and heating.

“We are very impressed by the company Per Norman Nielsen has built over the years. Elektroimportøren has shown strong growth, and has developed a culture distinguished by enthusiasm, entrepreneurialism and cost-consciousness. We believe that Elektroimportøren has high potential for sustained strong growth”, says Sverre Flåskjer, Partner at Herkules Capital.

Per Norman Nielsen, founder and current owner, says: “Over the years, Elektroimportøren has grown into a large business, and we have now found an excellent partner to help us grow further. With Herkules on the team we plan to continue this journey and take Elektroimportøren to the next level”.

The transaction includes acquisition of majority stakes in Elektroimportøren AS and Namron AS. The founder and current owner, Per Norman Nielsen, will continue as shareholder with a significant minority stake, thus showing continued commitment to the company. He will also have a key role in sourcing and product development. Closing of the transaction is planned to take place end-March 2014.
Sverre Flåskjer, Partner at Herkules Capital
Telephone: +47 22 04 80 09 /+47 48 11 04 66

Elektroimportøren is a successful electrical equipment wholesaler and retailer with tremendous growth since inception in 1994. Elektroimportøren serves a wide range of customers, from professional installers/electricians to handy retail customers. The company offers a comprehensive product range through one store at Alnabru in Oslo, an online store and a customer service center. In 2013, sales were approximately NOK 166 million, and the company has 33 full-time employees and 19 part-time. More information can be found on

Herkules is Norway’s leading private equity fund, with an aggregated capital base of more than NOK 12 billion in committed capital from Norwegian and international investors. The funds invest in established companies with strong growth potential, either for organic growth or growth through acquisitions, and focuses on companies based in the Nordic countries. Herkules acquires majority ownership positions in the companies and has extensive experience in partnering with existing shareholders. Herkules has respect for the companies’ history, and takes an industrial approach, focusing on long-term growth.