Herkules sells Stamina Group to Norvestor

Herkules made the divestment from its third buyout fund, which held a final close on NOK 6bn in October 2008.

The divestment comprises the Avonova Holding and Stamina Helse subsidiaries of Helse Holding (formerly Hjelp24).

It is Norvestor's 12th investment from Novestor VII, a €510m buyout fund that closed in February 2016 and will take a majority stake in Stamina. Stamina's management and employees will also increase their shareholding in the deal.

Herkules said in a statement that it had a disappointing start to its ownership of Stamina, but made several changes at the beginning of 2016 which led to a successful turnaround.

Previous funding
Herkules acquired Norwegian private healthcare specialist Hjelp24 from Gjensidige for NOK 315.8m in 2011.

It bolted on Avonva for approximately SEK 190m in 2012 to establish the Stamina group subsidiary.

The fitness division of Stamina was divested earlier in 2018.

Company
Stamina is headquartered in Oslo, Norway, and employs 500 staff. Avonova is headquartered in Lidköping, Sweden, and employs 650 people. The group had consolidated revenues of NOK 1.3bn in 2017.

People
Norvestor – Henning Void (partner); Are Stenberg (investment director).
Herkules Capital – Gaute GIllebo (managing partner); Fredrik Toft Bysveen (director).

Advisers
Vendor – DNB Markets (corporate finance); Schjødt (legal); PwC (financial due diligence).
Acquirer – Thomessen (legal).

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• Topics
• Buyouts
• Exits
• Nordics
• Healthcare
• Herkules Capital
• Norvestor
• Secondary buyout
• Norway
• Sweden