(PRESS RELEASE) OSLO, 16-Sep-2021 — /EuropaWire/ — Altor, a family of private equity funds focused on the Nordic region, has announced the sale of Norwegian preschool chain Gnist Barnehager AS (“Gnist”) to Norlandia Preschools AS (“Norlandia”). The sellers are the founders of the chain and Altor Fund IV (“Altor”).
Gnist is a private Norwegian preschool chain with a strong pedagogical platform, with a particular focus on a systematic approach to operations, supported by good practices. This ensures high and consistent quality in all Gnist preschools, with a focus on the child’s individual needs and close cooperation with highly satisfied parents.
Gnist Kindergartens currently owns 17 kindergartens in Møre og Romsdal, Trøndelag, Vestland and Viken.
“We are pleased that the Gnist will be part of our organization,” says Kristin Voldsnes, division director for Norlandia. “The competence and commitment that is clear among the employees bodes well for a continued, high-quality daycare operation”, Voldsnes continues. She adds: “We look forward to welcoming all Gnist employees to a community where we seek to continue the good work at Gnist, as well as further develop the daycare offer for the benefit of children, parents and employees.”
“I am sure that with the professional foundation and long-term approach that has been a hallmark of Norlandia; children, employees and parents will find that this transition will be characterized by continuity and stability,” says Lill Nyseter Kortgaard, CEO of Gnist.
Maria Tallaksen, partner in Altor added: “Gnist offers a great experience for 1,800 children and their parents around Norway. It has been a privilege to work with management and Kjersti and Bjørn Grønmyr to further develop this company. As part of Norlandia, Gnist will become part of an even larger professional pedagogical environment to further develop the service offer.”
The transaction is subject to customary regulatory requirements and approvals.
Kristin Voldsnes, Division Director Norlandia, Tel +47 416 92 791
Tor Krusell, Head of Communications, Altor, Tel +46 8 512 516 01, Mobile +46 705 43 87 47
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Sonion, PIAB, Ålö, Dynapac, Gunnebo, and Norican Group.