# PE Pitch Sheets — Priority Targets

> Last updated: 2026-04-13 (Round 2 council revisions applied)
> Internal working document. Data from Proff.no / Brønnøysund / Purehelp.no public registers.
> Personal data processed under GDPR Art. 6(1)(f) legitimate interest basis.
> Not for external distribution without redaction of individual names.

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## 1. Imenco — PRE-EXIT GOVERNANCE PATTERN

### The one-liner
> *"Imenco is a NOK 491M subsea technology leader where the founder has transitioned to board chair and installed a professional CEO — a governance pattern typical of pre-transaction preparation."*

### Verified facts (Proff.no, 2024 accounts)
- **Org.nr**: 923 005 749
- **Location**: Aksdal/Haugesund, Rogaland
- **Revenue (2024)**: NOK 491M
- **Operating profit (2024)**: NOK 55M (11% margin)
- **Equity**: NOK 78M
- **Employees**: 197
- **Products**: Subsea cameras, lifting/handling, helicopter refueling, surveillance
- **Founded**: 1979 (46 years)

### Ownership & governance
- **Sole owner** via Imenco Invest AS (100%)
- Owner transitioned from CEO to working board chair
- Professional CEO **Rune Bringedal** installed
- No visible family involvement in ownership structure
- Board: 4 men, 2 women, average age 58

### Arkwright Eierskifteindeks score: 77
- Succession Urgency: 75 (owner age, governance transition, no next-gen)
- PE Attractiveness: 75 (margin, revenue size, niche leader, subsea tailwind)
- Arkwright Fit: 75 (Norwegian-language, sub-1M DD, maritime sector)

### Why now
- Governance transition completed (owner → chair, pro CEO installed) is a well-established pre-transaction pattern
- Subsea/offshore tech market tailwind from offshore wind expansion
- 11% margin, NOK 55M operating profit — strong profitability
- Single ownership = clean deal structure, no shareholder agreement complexity

### Target PE buyers (ranked)
1. **Credo Partners** — Already in Nogva Motorfabrikk (maritime family-business playbook)
2. **HitecVision** — Subsea/offshore core competence
3. **Arcus Infrastructure** — Already in Abyss Group (workboat/subsea)
4. **Norvestor** — Industrial tech focus

### Strategic buyers (less likely, but possible)
- TechnipFMC — subsea portfolio gap
- Teledyne FLIR — precedent with Prox Dynamics acquisition
- Aker Solutions — consolidating subsea

### Comparable transactions (verification needed for multiples)
- Sperre Air Power → Norvestor (2018, ~NOK 352M revenue, sold for 600M+ ≈ 1.7x revenue)
- Nogva Motorfabrikk → Credo Partners 51% (2024, ~NOK 551M revenue)
- Abyss Group → Arcus Infrastructure 21.55% (2025, EUR 12M for stake)

### Recommended approach
Approach Credo Partners deal team with thesis: "Norwegian subsea service consolidation." Frame Imenco as strongest independent asset in the segment. Offer sector-specific DD capacity for potential acquisition. Do not contact Imenco directly.

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## 2. LOS Gruppen — PLATFORM-SCALE INDEPENDENT

### The one-liner
> *"LOS Gruppen is a NOK 1.3B electrical/maritime services group with two co-founders (50/50 ownership since 1983) targeting NOK 2B in 2026 — no visible family successor in management."*

### Verified facts
- **Org.nr**: 935 443 415
- **Location**: Bømlo (HQ), 13 locations across Vestland, Bergen, Oslo
- **Revenue**: ~NOK 1.3B (current), target NOK 2B (2026)
- **Employees**: 500-700
- **Segments**: Electrical installation, maritime services, marine engineering
- **Founded**: 1983 (42 years)

### Ownership & governance
- **Jakob Særsten Invest AS: 50%**
- **Martin Lønning Invest AS: 50%**
- Both co-founders since 1983
- No visible family successors in management or board
- Operating company CEOs are professional managers (Oddgeir Alvsvåg at LOS Elektro)

### Arkwright Eierskifteindeks score: 77
- Succession Urgency: 75 (two co-founders, 42 years, no visible next-gen)
- PE Attractiveness: 80 (platform scale, growth trajectory, Norwegian mid-market sweet spot)
- Arkwright Fit: 75 (construction trades sector focus)

### Why now
- Platform scale (NOK 1.3B → 2B target) makes standalone acquisition attractive
- Two co-founders after 40+ years increases likelihood of transition planning
- 500-700 employees, diversified revenue (elektro + maritime)
- Sector consolidation: Bravida, OneCo, Tekni actively acquiring

### Deal structure considerations
- 50/50 ownership requires both founders aligned on transaction
- Co-founder agreement may contain drag-along/tag-along provisions (needs DD)
- Platform size likely attracts competitive auction

### Target PE buyers (ranked)
1. **Equip Capital** — Norwegian mid-market mandate, NOK 3.6B fund (II)
2. **Herkules Capital** — Industrial services focus
3. **FSN Capital** — Already in Håndverksgruppen + Nordlo (adjacent)

### Strategic buyers
- **Bravida** — Would be transformative Norwegian acquisition
- **OneCo / Aars family** — Would create NOK 3B+ group

### Comparable transactions
- Thunestvedt Konsern → Bravida (2023, ~NOK 600M)
- Helgevold Elektro → Tekni/Driv (2024, ~NOK 270M+)
- Eviny Solutions → AF Gruppen (2025, ~NOK 759M)
- Minel Gruppen → Bravida (2021, ~NOK 600M)

### Recommended approach
Pre-process VCDD thesis to Equip Capital. Frame as "last remaining mid-large independent Norwegian electrical platform." Expected process timing: 2027-2028 as founders approach NOK 2B target.

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## 3. Teleplan Globe — LONG-VINTAGE SINGLE-FAMILY DEFENCE OWNERSHIP

### The one-liner
> *"Teleplan Globe is a NOK 373M defence C2/ISR software company with single-family ownership since 1959 — 66 years of private ownership in a strategic sector with unprecedented demand growth."*

### Verified facts
- **Org.nr**: 926 981 595
- **Location**: Lysaker (Oslo region)
- **Revenue (2023)**: NOK 372.8M
- **Operating profit (2023)**: NOK 32M
- **Employees**: 181 (80+ software engineers)
- **Products**: C2/ISR software, Mime programme, NEW C2 system for Norwegian Armed Forces
- **Founded**: 1959 (66 years of single-family ownership)

### Ownership & governance
- Sole shareholder via **Teleplan Holding AS**
- Owner is described publicly as "second-generation" owner
- Professional CEO + large board (11 members, avg age 53)
- Subsidiary of Teleplan AS

### Arkwright Eierskifteindeks score: 77
- Succession Urgency: 80 (66-year single-family ownership, single shareholder)
- PE Attractiveness: 75 (defence tailwind, strategic software, margins)
- Arkwright Fit: 75 (Norwegian-language DD, defence sector)

### Why now
- European defence budgets at historic highs (Norway toward 2-3% of GDP)
- NATO rearmament creates demand for Norwegian defence software
- 66-year ownership vintage increases probability of transition in next 3-5 years
- Governance structure (professional CEO, large board) suggests institutional readiness

### Target PE buyers (ranked)
1. **Norvestor** — Precedent with Norautron (Oct 2025), defence supply chain thesis
2. **AE Industrial Partners** (US) — Largest defence PE, exploring Europe
3. **Veritas Capital** (US) — Defence PE with European ambitions

### Strategic buyers
- **Kongsberg D&A** — Obvious, but potential competition concerns
- **Thales Norway** — Already in Norwegian defence
- **Rheinmetall** — Expanding Nordic footprint
- **SAAB** — Adjacent capabilities

### Regulatory considerations
- Sikkerhetsloven ownership screening likely required
- Investeringskontrolloven (investment screening, 2025-2026) may apply
- NSM clearance implications for foreign buyers
- Favors Norwegian or allied-country buyers

### Comparable transactions
- Norautron → Norvestor IX (Oct 2025, ~NOK 2.5B) — key Norwegian defence comp
- Prox Dynamics → FLIR/Teledyne (2016, USD 134M) — Norwegian defence-tech precedent
- International C4ISR multiples: 12-18x EBITDA (listed comps: Kongsberg, SAAB, Rheinmetall)

### Recommended approach
Pitch Norvestor deal team with defence supply chain thesis continuation (after Norautron). Parallel: introduce AE Industrial Partners to Norwegian defence landscape. Do not contact Teleplan Globe or owner directly.

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## 4. Fjellstrand — GOVERNANCE CONCENTRATION RISK, HIGH GROWTH

### The one-liner
> *"Fjellstrand is a NOK 240M aluminium fast ferry builder with strong recent growth, single-owner governance concentration, and no visible successor in public records."*

### Verified facts
- **Org.nr**: 945 645 245
- **Location**: Omastrand, Hardanger (Vestland)
- **Revenue (2024)**: NOK 240M (+32% vs 2023)
- **Operating margin**: 11.3%
- **Employees**: 39 (verified via Proff.no 2024)
- **Products**: Aluminium fast ferries and passenger vessels
- **Entity registered**: 1987 (heritage back to 1928)

### Ownership & governance
- Sole owner via **Cinus AS** (holding)
- Currently both CEO and board chair
- Small board (2 members total)
- Also owns Fjellstrand Eiendom, Aastvedt Brygge, Norside Wind

### Arkwright Eierskifteindeks score: 62
- Succession Urgency: 80 (sole-owner + CEO + chair concentration, no next-gen visible)
- PE Attractiveness: 50 (project-based revenue lumpiness, small employee base)
- Arkwright Fit: 50 (maritime sector but cyclical risk)

### Why PE buyers may HESITATE (devil's advocate)
- 39 employees = small, key-person dependent
- Revenue growth (32%) driven by 1-2 ferry delivery milestones, not structural
- Project-based revenue recognition = lumpy
- Shipyard cyclicality concerns

### Why it remains a monitor target
- Governance concentration suggests limited succession planning visibility
- Norwegian coastal electrification thesis = long-run tailwind
- Small deal size fits some specialist buyers

### Target buyers
- **Strategic**: Brødrene Aa (in restructuring), Maritime Partner, Ulstein-adjacent builders
- **PE**: Likely too small and cyclical for most Norwegian mid-market PE
- **Green-transition focused**: HAVN Capital if clean-ferry thesis developed

### Assessment
Fjellstrand has high succession-urgency score but moderate PE attractiveness due to scale and revenue profile. Monitor rather than proactive pitch.

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## 5. Veøy AS — GROWTH CAPITAL OPPORTUNITY

### The one-liner
> *"Veøy is a NOK 688M Norwegian transport group where 3rd-generation heirs own 100% via holding companies but professional management runs daily operations — a classic growth-capital partnership opportunity."*

### Verified facts
- **Org.nr**: 917 160 635
- **Location**: Åndalsnes (HQ), 9 branches
- **Revenue (2023)**: NOK 687.9M
- **Operating profit (2023)**: NOK 29.6M
- **Employees**: 498
- **Subsidiaries**: Veøy Møre AS, Tangvik AS, Veøy Buss AS
- **Founded**: 1930s heritage

### Ownership & governance
- **Veøy Holding AS** owns 100% of operating company
- Veøy Holding owned 50/50 by MEK AS + Elma Mittet AS (two family holding vehicles)
- **External professional CEO** Lars Elling Bjaastad installed
- Founder-generation member on board

### Arkwright Eierskifteindeks score: 69
- Succession Urgency: 65 (external CEO installed, next-gen in ownership but not operations)
- PE Attractiveness: 75 (revenue scale, transport sector consolidation momentum)
- Arkwright Fit: 65 (Norwegian mid-market, transport sector)

### Why this is a partnership opportunity (not a buyout)
- Young next-generation shareholders may prefer partnership over full exit
- Professional external CEO already bridges the operational gap
- Green transport regulation requires fleet renewal capex — PE partner can finance
- Multi-location operations support consolidation thesis

### Target PE buyers (ranked)
1. **Equip Capital** — Norwegian mid-market, partnership-style structures
2. **Herkules Capital** — Industrial services
3. **FSN Capital** — If building transport platform thesis

### Strategic buyers
- **Nor-Log Gruppen** — Would create NOK 2B+ group
- **NTG (Nordic Transport Group)** — Active Nordic acquirer

### Deal structure thinking
- Likely NOK 400-600M EV at 6-7x EBITDA
- Growth capital structure (minority + management rights) may fit family preferences better than majority buyout
- 5-7 year hold with professional-CEO continuity

### Recommended approach
Pitch growth-capital thesis to Equip Capital. Frame: "Transport sector consolidation, generational handover in progress with professional management already installed."

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## 6. Elektrogruppen (Elektro AS) — NORD-NORGE PLATFORM

### The one-liner
> *"Elektrogruppen is Nord-Norge's largest private technical contractor at NOK ~700M+ revenue — 78 years of Jenssen family ownership with 18 subsidiaries and current generation in governance."*

### Verified facts (needs Proff.no re-verification)
- **Location**: Bodø (HQ), Nord-Norge network
- **Revenue**: ~NOK 700M+ (group estimate)
- **Employees**: 690
- **Structure**: 18 subsidiaries including Elektro Bodø (279M), Elektro Mo, Meløy Elektro, Lofoten Elektro, UNIFAB
- **Founded**: 1946 by Arne Jenssen

### Ownership
- Jenssen family since 1946 (78 years)
- Current generation (Amund Jenssen) on board
- Konekta member

### Arkwright Eierskifteindeks score: 62
- Succession Urgency: 55 (multi-generational family, 78 years)
- PE Attractiveness: 75 (platform scale, regional dominance)
- Arkwright Fit: 65 (Nord-Norge geography, electrical sector)

### Why relevant
- Only private technical contractor of this scale in Nord-Norge
- Regional dominance = defensive competitive position
- 18 subsidiaries = acquisition-led growth track record
- 4th generation family transition approaching

### Target PE buyers
1. **FSN Capital** — Already in Håndverksgruppen + Nordlo (sector expertise)
2. **Equip Capital** — Norwegian mid-market
3. **Herkules Capital** — Industrial services

### Recommended approach
Pitch sector thesis to FSN Capital: "Nord-Norge technical contractor consolidation." Elektrogruppen as potential platform anchor. Verify revenue and ownership details on Proff.no before external use.

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## 7. JM Hansen — 100-YEAR FAMILY WITH ACQUISITION MOMENTUM

### The one-liner
> *"JM Hansen is a 100-year family-owned technical contractor (NOK 800M combined post-acquisitions) with 4th-generation leadership actively building regional scale through acquisition."*

### Verified facts (needs Proff.no re-verification)
- **Location**: Tromsø (HQ), including Svalbard
- **Revenue**: NOK 800M combined (post NTE Elektro + Tromsø Elektro acquisitions)
- **Employees**: ~450
- **Founded**: 1925 by Johan Martin Hansen
- **Current generation**: Nina Hansen leadership

### Ownership
- Hansen family since 1925 (100 years, celebrated 2025)
- 4th generation active in leadership
- Recently acquired NTE Elektro and Tromsø Elektro

### Arkwright Eierskifteindeks score: 65
- Succession Urgency: 50 (4th gen active, transition in progress)
- PE Attractiveness: 80 (100-year heritage, scale, acquisition momentum)
- Arkwright Fit: 65 (Nord-Norge electrical)

### Why relevant
- Active acquirer mode = needs growth capital or strategic partner
- Family leadership credible (4th generation)
- Recent deal activity demonstrates execution capability
- 100-year brand heritage = soft value

### Target PE buyers
1. **FSN Capital** — Sector fit, growth capital model
2. **Equip Capital** — Norwegian mid-market
3. **Herkules Capital** — Industrial services scale-up

### Recommended approach
Growth capital thesis to FSN Capital or Equip Capital. Frame: "4th-generation family business accelerating consolidation — PE partnership for next phase."

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## Outreach Strategy (Internal — Do Not Share Externally)

### Priority sequence (based on Round 2 council consensus)
1. **Pitch Imenco thesis to Credo Partners** (highest composite score + maritime playbook match)
2. **Pitch LOS Gruppen to Equip Capital** (platform-scale, mid-market mandate fit)
3. **Pitch Teleplan Globe thesis to Norvestor** (defence precedent with Norautron)
4. **Pitch Veøy growth capital to Equip Capital** (transport partnership model)
5. **Build sector thesis for VVS consolidation** → VB Gruppen + Anter (15-20 page report)
6. **Approach HAVN Capital** with energy services thesis

### Do NOT
- Approach any named family owner directly (banker conflict + reputation risk)
- Publish named targets in external media
- Use speculative language ("most acute," "single point of failure") in any document
- Discuss individuals' personal or family health

### For each pitch
- 1-page format (Deal Snapshot → Why Now → Value Creation → Comparable Transactions → Risks → Approach)
- Transaction multiples from public sources (Bravida/Instalco/Caverion Q-reports disclose)
- Credibility slide: Arkwright sector track record, team, indicative pricing

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*Last updated: 2026-04-13. Round 2 council revisions incorporated.*