Danish trading fund Pitzner Gruppen Holding AS, owned by asset management company Axel Pitzner Fonden, is acquiring a 60% majority stake in Nordic Houseware Group AS, a leading Danish plastics group.
Based in Nærum, in eastern Denmark, Nordic Houseware Group has two plastics manufacturing businesses: Plast Team AS and Room Copenhagen AS.
Plast Team, produces more than 45 million plastic articles annually, making it a leading company in design and production of plastic products for storage, food storage, cleaning, and laundry.
Room Copenhagen is specialised in brand extension and is licensed to produce storage boxes, lunchboxes and drinking bottles in collaboration with leading brands such as Lego, Crayola and Star Wars.
In 2008, Nordic Houseware CEO Jacob Andersen bought Plast Team out of insolvency, after which he launched a comprehensive turnaround of the company.
He established licencing activities in 2010, distinguishing Plastic Team from the then newly founded Room Copenhagen.
In 2016, the Nordic Houseware Group holding company was founded to cover both businesses.
The group turned a profit (EBITDA) of DKK42m (€5.6m) in 2017 and expects a turnover of more than DKK425m (€57m) in 2018.
“We have undergone an exciting development in the last 10 years, and we are ready to take the next step now,” said Jacob Andersen, who will remain as CEO in Nordic Houseware Group post-acquisition.
Anderson, who owns a 30% share in the holding, and top managers of the company have confirmed that gains from the sale will be reinvested in the growth of the company.
“For example, we would like to expand our licencing activities further into Asia, and we are considering acquisitions and establishing our own production facilities,” Anderson noted.
Selling to Pitzner Gruppen, he added, will provide a strong partner and the necessary capital for Nordic Houseware Group to pursue its “ever-ambitious growth and profit targets.”