Procuritas buys Cutters

The GP drew capital from Procuritas Capital Investors VI, a €318m buyout fund that invests in companies with enterprise values between €20-100m.

The company's founders have retained a 35% stake in the business and Procuritas will own the other 65%. The management team, led by CEO Kristian Solheim, will remain in their positions.

Procuritas plans to support the company's international growth. It has opened 60 salons in Norway and has recently started expanding into Sweden, Finland and Denmark.

Company
Cutters was founded in 2015 and is headquartered in Bergen. It runs hair salons that offer a service that only takes 15 minutes, has a fixed price regardless of gender or type of haircut, and can be easily booked online. Annual revenues were NOK 156m in 2018 (profit before taxes of NOK 11m), up from NOK 67m in 2017 (profit before taxes of NOK 600,000).

People
Procuritas Capital Investors – Mattias Feiff (partner).
Cutters – Kristian Solheim (CEO).

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• Topics
• Buyouts
• Nordics
• Consumer
• Procuritas
• Norway