Nordhaven Corporate Finance advised the owners of Furnes Jernstøperi AS in the sale to AVK Group

15 apr 2019

Nordhaven Corporate Finance advised Øyhovden Invest AS in the sale of Furnes Jernstøperi AS to the Danish Industrial group AVK Group. The sale also includes the subsidiaries and sister companies Øyhovden Trading AS and Randers Jernstøperi AS.

Through 40 years of active ownership, the Øyhovden family has been instrumental in the development of Furnes Jernstøperi AS. The family had an ambition to find an industrial, long-term owner with a willingness to support the business going forward. The family is pleased to enter into the agreement with AVK Group, which is perceived as a good fit both in terms of people, competence, energy and the desire for continued long-term development of the business. AVK Group is a solid international industrial player, with a well-recognized value perspective. Øyhovden Invest AS is therefore confident that the company will continue its great development shown in recent years.

Furnes Jernstøperi AS was established in 1958 in Brumunddal, Norway and moved to Stange municipality in 1967, and is today a world-class producer of manhole covers and associated products. Since 2016, the business has grown from a turnover of NOK 234 million (EUR 24 million) to NOK 310 million (EUR 32 million) in 2018, with solid financial results.

About Øyhovden Invest AS
 
Following the sale, Øyhovden Invest AS will continue to be an active owner in Hamjern AS, Core-tech AS, Container Gruppen Norge AS, Munck Cranes AS and Hamjern Eiendom AS. These companies are expected to have revenue of approximately NOK 420 million (EUR 44 million) in 2019, and currently have about 150 employees.
 
About AVK Group
 
With a turnover of NOK 7.2 billion (EUR 750 million), the AVK Group is a global market leader in valves and hydrants, which are part of vital infrastructures in the form of water and gas supply, waste water treatment and fire control, as well as a large number of industrial applications. AVK is family owned and has its headquarters in Skovby / Galten near Aarhus in Denmark. The Group has more than 100 production facilities and sales offices worldwide, and employs just over 4,000 people.

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