Odlo International AG, the Swiss company with Norwegian roots, has reached an agreement to acquire 100 percent of the shares in Janus Holding AS. Janus, founded in 1895, is Norway’s largest and oldest manufacturer of wool underwear and the only remaining company producing wool products on a large scale in Norway – still at its original location on Espeland in Bergen.
Janus has sales of around NOK 250 million (€ 25 million) and a strong position in Norway but also exports significantly to Europe and China. Odlo plans to increase production on Espeland by moving its wool production from current suppliers in Portugal and China to the Janus factories.
“We are proud and excited about the opportunity to join forces with a larger European company, which will provide us with a catalyst for joint growth and development,” says Janne Vangen Solheim, CEO of Janus Group. “We look forward to the new opportunities, people and markets we will be working with in the future, as well as the sound of several new machines. For 127 years, we have been guided by the belief that moving forward is the future – so we are now especially excited and looking forward to all that lies ahead,” she adds.
Following the signing of the transaction, Janus’ majority owner Janne Vangen Solheim will take on a new role as a board member of Odlo and contribute to the further development of the company. Arne Fonneland will continue his role as CEO of Janusfabrikken and remain responsible for the day-to-day operations of Janus while becoming part of Odlo’s executive team. Both will reinvest a significant amount of the sale proceeds in Odlo, continuing their ownership to ensure continuity and the best possible integration of the two companies. There will be no changes for Janus employees.
The transaction will be financed by equity from Odlo, external financing from Sparebanken Vest and by the owners of Janus, who will reinvest part of the purchase price in Odlo. The transaction is expected to close in the first quarter of 2022. Odlo has annual sales of approximately CHF 120 million with Ebitda of CHF 10 million.
