North Investment Group AB (publ) acquires Sørlie Prosjektinnredninger AS

North Investment Group (NIG) has today acquired 100 % of the shares in Sørlie Prosjektinnredninger.

Sørlie Prosjektinnredninger is an Østfold based supplier of furniture and furnishings for offices, meeting rooms, canteens, common areas / social meeting places, kindergartens, schools and nursing- and retirement homes. Sørlie has annual sales of NOK 150 million and some 36 employees. 

“NIG and Sørlie have enjoyed a long and close cooperation and this transaction ensures that we get the best out of each other going forward. Sørlie's strong brand and market position in Eastern Norway combined with NIG's industrial expertise strengthens our strategic position in addition to generating attractive synergies. We are looking forward to cooperating and developing Sørlie further together with Arnfinn Sørlie and his family in the years to come”, says Trond Frigaard, founder of Frigaardgruppen and majority owner of NIG.

The acquisition of Sørlie forms part of NIG´s strategy to be a leading Scandinavian supplier of furniture within healthcare, school, office and storage. Sourcing of products from a network of several hundred qualified manufacturers based in Europe and Asia comprises the core competence and competitive advantage of NIG. NIG will have annual sales of NOK 1 billion following the acquisition.

“We are looking forward to being part of NIG and the combination will make Sørlie into an even stronger partner for our customers”, says Arnfinn Sørlie, majority owner of Sørlie.

Sørlie will invest part of the transaction consideration into NIG through a private placement whereby Arnfinn Sørlie and family will hold 4,46% of the outstanding capital in NIG.

About NIG
NIG supplies furniture and storage solutions to the majority of public and private sectors in Scandinavia. NIG owns a collection of established brands including Sonesson Inredningar, Sarpsborg Metall, Tranås Skolmøbler, Form o Miljö, SSG, GBP Ergonomics and Ergoff Miljö. NIG will have annual sales of NOK 1 billion following the acquisition. For more information: www.northinvestmentgroup.se.

About Sørlie
Sørlie was established by Karl Sørlie in 1913 and was later combined with Idé Finn Sørlie AS in 1987. Sørlie supplies furniture and furnishings for offices, meeting rooms, canteens, common areas / social meeting places, kindergartens, schools and nursing- and retirement homes. For more information: www.sorliepro.no.

For additional information, please contact:

Ståle Eide, CEO + 47 913 493 22, stale@northinvestmentgroup.no
Ellen Hanetho, IR + 47 48 22 07 50, ellen@frigaardinvest.no