MANAMA, 1 June 2004 — Hilding Anders International, the leading European manufacturer of beds and mattresses, owned by Investcorp and its investors in the Gulf region, is to acquire a Norwegian counterpart, Jensen SA.
Hilding Anders, which was acquired by Investcorp and its investors in Dec. 2003, is a top performer in its sector in Europe with 2003 sales of $418 million and a work force of over 2,000 people. In 2003, the manufacturer sold over four million beds and mattresses.
Jensen is the largest manufacturer of beds and mattresses in Norway and has an estimated 28 percent market share in Norway, with a presence in the Swedish, Danish, Finish and UK markets.
The acquisition of Jensen adds significant value to Hilding Anders, extending the company’s leadership into the luxury end of the Scandinavian mattress and bed market.
Despite the takeover, the renowned Jensen brand name for top-of-the-range beds will remain, allowing the new owners to capitalize on its strength in the premium sector.
Chief Operating Officer of Investcorp, Gary Long, said that the acquisition would significantly strengthen Hilding Anders European leadership.
“This is in line with our strategy for Hilding Anders, outlined when we announced its acquisition, to seek attractive external growth opportunities, particularly in new markets. By acquiring a leading company in connected, but non-competing sectors, Hilding Anders can continue to expand internationally and achieve above-market growth,” Long said.
The transaction is conditional upon approval by the Norwegian Competition Authority, which is expected shortly.
