Orkla acquires Jordan
Orkla has entered into an agreement to buy Jordan, a leading branded consumer goods company in the oral hygiene, cleaning and painting tools segments.
Under the agreement, Orkla ASA will acquire 100% of the shares in Jordan Personal & Home Care AS and Jordan House Care AS. In 2011, sales totalled approximately NOK 900 million. Operating profit (EBITA) was NOK 90 million and operating profit before depreciation and write-downs (EBITDA) was NOK 120 million. At year-end, the company had around 620 employees.
The purchase price for the company is NOK 1,180 million on a cash and debt-free basis. The seller is Jordan AS, which has been a Norwegian family-owned company since its establishment in 1837.
Jordan is market leader in the Nordic region in toothbrushes, toothpicks and dental floss, as well as painting tools. In Norway, Jordan is the leading supplier of dishwashing brushes and microfiber cloths to the grocery sector. The company also exports its products to several countries outside the Nordic region. Jordan is Europe's third largest manufacturer of painting tools, under brands such as Anza, Spekter and Hamilton. Its subsidiary Peri-dent is one of the world's leading manufacturers of dental floss.
"Jordan is a company with long-standing traditions, and has strong brands that have established solid positions in their home markets. This acquisition is fully in line with our strategy to expand in the branded consumer goods sector in the Nordic region," says Orkla President and CEO Åge Korsvold.
Jordan will be part of Orkla Brands Nordic.
"In the past few years, Jordan has carried out major, significant improvement projects that have laid the foundation for profitable growth. We have considered various strategic courses of action to ensure the company's continued progress, and are confident that Orkla as owner will take Jordan to new heights," says Per-Arnfinn Brekke, CEO of Jordan and representative of the sixth generation of family owners.
The agreement is subject to the approval of the Norwegian competition authorities.
Orkla ASA
Oslo, 22 June 2012
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Rune Helland
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