FSN Capital acquires majority stake in Mørenot

The deal sees FSN tap its FSN Capital V vehicle, a €1bn buyout fund closed in December 2016.

In partnership with FSN, the founding families plan to reinforce Mørenot's market position and further consolidate the market, both in Norway and internationally.

The transaction is subject to approval from the competition authorities.

Mørenot is the third investment from FSN's fifth vehicle, which surpassed its €870m target and the final tally for its predecessor, FSN Capital IV, which closed on €624m in 2013, according to Unquote Data.

Company
Established in 1913 and headquartered in Søvik, Mørenot is a Norwegian manufacturer of equipment and services for the fishery and aquaculture industries. It reported a turnover of NOK 870m in 2017 and recorded an organic sales compound annual growth rate of 8% between 2009-2017.

People
FSN Capital Partners – Ulrik Smith (partner).
Mørenot – Sveinung Flem (chair).

Advisers
Acquirer – Advokatfirmaet Haavind (legal); White & Case (legal); PwC (corporate finance, financial due diligence); Bain & Company (commercial due diligence); Rambøll (management due diligence); JLT (insurance due diligence); Implement Consulting Group (management due diligence).

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• Topics
• Buyouts
• Nordics
• Industrials
• Norway
• FSN Capital
• PwC
• White & Case