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Frenger is pleased to announce the acquisition by his client of 100% of Lönne Holding AS, headquartered in Bergen, Norway, from its joint owners, Credo Invest and Terje Lonne. The company is a leading distributor of OEM and MRO industrial products, operating predominantly in Norway and Sweden with further operations in Finland and Denmark. The key focus of Lönne's product range is motors, inverters, gear boxes, bearings and power transmission.
The company employs 170 people and has 4500 active customers principally in Oil and Gas, Automotive, Fisheries, Mining, Energy and Food processing, with customers serviced through a network of 15 branches and a Nordic central warehouse in Helsingborg, southern Sweden.
This acquisition is the 6th initiated by Frenger International on behalf of Brammer across 3 countries.
The acquisition of Lönne business is an excellent strategic acquisition for Brammer, providing them with the opportunity to enhance their position significantly in the Nordic region, an important growth market. It also provides cross-selling opportunities to Lönne’s customer base particularly in tools and general maintenance. The management team led by chief executive Ole Jacob Myre will remain with the business post acquisition.
Brammer is paying an initial £19m in cash, and will then assume net debt of some £18.8m on completion.
The Group is Europe’s leading supplier of quality industrial maintenance, repair and overhaul products, operating out of 350+ locations in 17 countries. The group will achieve revenues of over € 750 million in 2013 with more than 3,500 employees and is listed on the LSE since 1954.
Frenger International Ltd is a Mergers & Acquisitions boutique specialized in the initiation and management of cross-border acquisitions for its clients. Frenger has been supporting Brammer in its international acquisition program since 2005 and has now initiated and completed 6 acquisitions in France, the United Kingdom and Norway.