Altor Acquires Norwegian Holiday Home Manufacturer FH Gruppen
On February 27, Altor Fund IV (“Altor”) signed an agreement to acquire a majority stake in FH Gruppen AS (“FH Gruppen”), the leading manufacturer of holiday homes and houses in Norway, from founder Torbjørn Kaarud and a group of minority shareholders.
FH Gruppen consists of subsidiaries, Familiehytta, Telemarkhytter, Nordlyshytter, Familiehus, FH Entrepenør, FH Utvikling and FH Produksjon. The group is the market leader in sales and construction of holiday homes and houses in Norway, a market that continues to grow, completing construction of ~600 holiday homes in 2017.
“During the twelve years since inception the company has developed into a leading player in the Norwegian holiday home market and successfully established a presence in the housing market. I look forward to working together with Altor in developing the company further. Altor has great experience from developing world-class companies which I believe will benefit FH Gruppen in this next phase,” says Torbjørn Kaarud, founder and CEO of FH Gruppen.
“FH Gruppen has industrialized the manufacturing process for holiday homes through an in-sourced and highly standardized value-chain, offering pre-defined concept designs with conform quality and focus on providing the best end-to-end customer experience. They have delivered an impressive growth since its inception and is well positioned to continue to grow and take market share in both holiday homes and the housing market. We look forward to continuing this journey with the management team,” says Maria Tallaksen, Director at Altor.
The transaction is subject to customary regulatory requirements and approvals.
About FH Gruppen:
FH Gruppen is not only Norway’s fastest growing producer of holiday homes, but the largest. FH Gruppen is also the fastest growing producer of houses. The houses and holiday homes are deliveried from its subsidiaries Familiehytta, Telemarkhytter, Nordlyshytter and Familiehus. The reason behind this growth is the proximity to the customer and the market as well as the goal of delivering holiday homes and houses at an affordable price.
Source: Altor press release