According to a report published on the Angling International website, Norweigan investment company Verdane Capital IX has purchased a controlling interest in O. Mustad & Son AS and Sunkost AS from the Ard Group.
Mustad executives view the move as a way to take the hook maker's sales to the next level on the international level.
John Are Lindstad, who was appointed CEO of Mustad in April said, “Mustad is a company with an inspiring history and a 140-year tradition. I am very enthusiastic about leading this great team and company to the next level, with expansion built around Mustad’s globally strong brand.”
Arne Handeland, Partner at Verdane Capital Advisors said: “Through the efforts of the employees of Mustad, and owner, the Ard Group, Mustad has positioned itself with a strong brand-name and considerable possibilities to grow internationally. We are very excited to have the opportunity to play a part in unlocking that potential.”
Mustad produces more than 1.5 billion items per year for recreational and commercial use. The company has 460 employee.
Borre Nordheim-Larsen, CEO of the Ard Group, added: “I am very pleased to have Verdane on board as the new co-owner. The experience, network and track-record of Verdane is exactly the right match for Mustad and the Ard Group. As a new owner and partner Verdane will be instrumental in taking our companies to the next level.”