Press Release 14 June 2006

Ratos new main owner of Jøtul
  • Ratos is acquiring 62.5% of the Norwegian wood burning stove and fireplace manufacturer Jøtul
  • Ratos's investment amounts to approximately NOK 235m
  • Jøtul's previous main owner, Accent Equity, will stay on with a 22.5% stake in the company
  • Jøtul, which is Scandinavia's leading manufacturer of wood-burning stoves, reported pro forma EBITDA of NOK 90m in 2005 on sales of approximately NOK 775m

Established in 1853, Jøtul has shown strong growth during the past ten years, with average annual sales growth of 10%. The company's products are sold around the world, primarily through specialty stores, but in some markets also through the do-it-yourself trade. Jøtul's market share in Scandinavia is roughly 25%, while its global market share is just under 10%. The company has production plants in Norway, Denmark, the USA and France. In all, Jøtul has 740 employees in six countries.

 

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