Mimir buys Saint Gobain's Nordic glass business

The deal is the fifth investment from Mimir's holding company, Mimir Invest, which was raised in 2016. The fund volume was not disclosed as it is not structured in the same way as a standard buyout fund due to the nature of its investments. Its portfolio companies have combined revenues of €300m.

Saint Gobain hired "one of the Big Four" accounting firms to sell the business unit, Unquote understands. The carved-out divisions generated sales of €35m and employ 170 people, but are currently loss-making. Saint Gobain will continue to support the business through a franchise agreement.

Mimir will work with the existing management to turn the business around. Partner Joakim Notö told Unquote that they think the management team is very good and CEO Vidar Eikeset has a lot of experience in turnaround situations.

Notö said the business had previously focused a lot on volumes but needs to take a more selective and specialised approach. He added that it was already on track to improve.

The company will focus on improving its processes, as well as its logistics and distribution procedures, Notö said, adding that production flow and machine setup time will also be addressed.

Company
Headquartered in Sweden and Norway, the businesses are manufacturers and distributors of niche glass products.

People
Mimir – Joakim Notö, Erik Bork (managing partners, investment team); Jeff Bork (managing partner, operating team).
Glassolutions Sweden and Norway – Vidar Eikeset (CEO).

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• Topics
• Buyouts
• Nordics
• Industrials
• Sweden
• Norway