Herkules bolts Friskhuset onto Hjelp24

Friskhuset's CEO and key personel will reinvest in Helse Holding.

Herkules believes the market for private occupational health services, preventive and general treatments, and rehabilitation services offers strong growth prospects. The GP stated this add-on will broaden Hjelp24's health-related training offering to businesses.

Herkules Capital acquired Norwegian private healthcare specialist Hjelp24 from Gjensidige for NOK 315.8m in June this year. Equity for the transaction was provided by Herkules Private Equity Fund III, which raised NOK 6bn at final close in October 2008.

Company
Friskhuset is a healthcare services provider focusing on training, occupational health services, physiotherapy, and nutrition consulting. It operates 29 fitness centres in Norway with approximately 35,000 members, and 280 corporate customers within the occupational health service segment.

Oslo-based Hjelp24 is a private healthcare provider with 40 offices across Norway. The company also has a subsidiary in Stockholm. Hjelp24 focuses on four core segments - HMS (occupational health), Respons (e.g. security alarms), NIMI (physical therapy, rehabilitation) and consulting.

The combined businesses are expected to post a turnover of around NOK 750m in 2011. Hjelp24 generated a NOK 545m turnover in 2010.

People
Rikke T. Reinemo handled the transaction for Herkules.

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