Noratel is a leading global manufacturer and distributor of low/medium voltage transformers with a comprehensive range of dry-insulated transformers, power-supplies and chokes. The company has a unique position in the low/medium voltage transformer market – no other sizable competitor offers Noratel’s product range. With its broad customer portfolio in Europe, Asia and North America, Noratel has become a preferred supplier to leading international OEMs in various markets. The company has a well-established position and supplies transformers to wholesalers, the renewable energy sector, the medical equipment sector, oil & offshore, transportation, etc. Over the years Noratel has had a strong and consistent financial performance, with a steady growth in EBITDA. Selected acquisitions and strong organic development have increased EBITDA from NOK 31 million in in 2004 to NOK 100 million in 2013. Sales has grown from NOK 305 million in 2004 to NOK 794 million in 2013.
Patrik Bø Egeland, Partner at Herkules Capital, states that: “When we invested in Noratel in 2004, we believed in the strong product offering and the international potential of the company. Together with a highly competent management team we have been successful in positioning the company globally from its strong basis and roots at Hokksund, Norway. Noratel has been an early mover in balancing local presence with low-cost manufacturing in Eastern Europe and Asia. This, combined with excellent product quality and design, has ensured Noratel a strong and profitable position in the global transformer market. Acal is a strong industrial owner, with experience from the electronics technology industry, and it shares the same quality and value focus as is deeply rooted in Noratel. We are confident that Acal will be a good fit and owner for Noratel”.
Nick Jefferies, Group Chief Executive Acal Plc commented: “The proposed acquisition of Noratel is a major step forward in building a highly differentiated specialist electronics supplier. The company has a successful track record of providing custom electromagnetic products to industrial customers throughout Europe and increasingly in North America and Asia, and fits well with our existing businesses, in particular the Myrra Group. As part of the enlarged group, Noratel will have access to our 20,000 strong customer base whilst Acal will benefit from Noratel’s well established customisation, design and manufacturing capabilities and international footprint. We look forward to welcoming Noratel’s management and employees into the Acal Group.”
Contact:
Patrik Bø Egeland, Partner at Herkules Capital
Telephone: +47 22 04 80 07
Herkules is among Norway’s leading private equity funds, with an aggregated capital base of more than NOK 13 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. Herkules has offices in Oslo and Singapore. More information to be found at: www.herkules.no
Noratel is a leading global manufacturer and distributor of low/medium voltage transformers with a comprehensive range of dry-insulated transformers, power-supplies and chokes. The Company has a broad customer portfolio in Europe, Asia and North America, and has become a preferred supplier to leading international OEMs in various markets.
The Acal Group is a European leader in advanced technology solutions, providing marketing, engineering, design, manufacturing and other services. As a leading European specialist electronics supplier, the Electronics division is the only such provider with an infrastructure to deliver a broad complementary range of specialist products and bespoke solutions across Europe. Acal’s long term strategy is to gain significant additional market share through both organic growth and acquisition and to further enhance its value-adding capabilities.
Acal has operating companies in the UK, Netherlands, Belgium, Germany, France, Italy, Poland, Spain and the Nordic region. Additionally, it has operating companies in Asia (China and South Korea) and Africa (South Africa). Businesses comprise Acal BFi, Hectronic, MTC, Myrra Group, RSG, Stortech, Vertec and Young Electronics Group.