News - 09.03.2011

New Store Europe and Kleerex join forces

(Oslo, 9 March 2011) Herkules Private Equity Fund III company, New Store Europe has joined forces with Kleerex Retail Services Group, a sophisticated one-stop shop services provider based in the UK. The combined company will become a leading store fixtures and interiors company in Europe.

With more than 20 years experience, Kleerex is one of the leading suppliers of store fixtures, shop interiors and shop design in the UK. Kleerex has been built brick by brick to achieve a strong market position in UK and has a strong history of sales growth and increased market share. For 2010, the company delivered sales of GBP 54 million and employed 183 persons working out of 4 major facilities in the UK. Kleerex work with the leading retailers in the UK

With this partnership New Store Europe will strengthen its European presence and become one of a few companies with capabilities to serve multinational retailers across Europe. The combined Group will have annual sales of approximately EUR 200 million and employ more than 600 colleagues. “We are pleased to join forces with Kleerex, which is an excellent business with a leading position in supplying store fixtures and displays as well as value added services to the leading retailers in the UK. With the acquisition, our foothold in the most important retail market in Europe will be substantially strengthened. We believe that the combined talent and resources of both Kleerex and New Store Europe will provide our customers with new ideas and innovation, an improved global sourcing operation and a stronger ability to support our customers on an international basis -“ says Per Bjørgås, CEO of the new combined Group.

Gert W. Munthe, Managing Partner at Herkules is very pleased with the investment “We regard both New Store Europe and Kleerex as promising growth companies in an attractive industry. Considering the new combined Group’s innovative solutions and ability to contribute to improve profitability for retailers, we are very optimistic for increased growth going forward for the Group,” states Munthe.

“Today is the start of an exciting new era for Kleerex. The strengths and scale of NSE and Kleerex creates a strong and dynamic force in the UK and European store fixtures and interiors markets. I believe it will deliver real benefits and opportunities for our customers and colleagues in the future,” says Michael Ryan, Kleerex Group.

Per Bjørgås, CEO of New Store Europe
Telephone: +47 64 97 76 50

Gert W. Munthe, Managing Partner at Herkules Capital
Telephone: +47 22 04 80 00

Michael Ryan, Kleerex Group
Telephone: +353 183 99 300
About New Store Europe:
New Store Europe is one of the leading store interior companies in Europe, with headquarters based in Oslo and offices strategically located in 9 European countries. During 2010, New Store Europe made deliveries to more than 30 countries in Europe. A China office enables the company to deliver cost-efficient store interior solutions to all of Europe. New Store Europe has 400 talented and dedicated employees working to develop, produce and implement ideas, products and services for shop concepts that increase the customers’ profitability.

About Kleerex:
Kleerex is a leading specialist fixture and service provider to retailers in the UK. Kleerex has 183 colleagues and use their knowledge and expertise to deliver value to the customers every day. Kleerex has a strong and innovative design team, global manufacturing, supply chain management, consolidation and implementation services to support our customers.