Norgesdekk buys P. Holth
Norgesdekk AS has bought P. Holth AS in a move that sees the company expand to five locations. The business already has operations in Bergen, Jaeren Kristiansand and Tonsberg, Norway. According to the company, the expansion takes effect on 1 January 2013.
Norgesdekk is already one of the largest independent wholesalers in the Norwegian tyre and wheel market. The latest acquisition is said to be part of a long-term strategy to be a wholesaler that serves its customers with same day deliver and “excellent” service. The P. Holth purchase significantly increases the level of service the company is able to offer in the Oslo area.
Norgesdekk itself was purchase from Dekk1 Holding AS in 2011 by its original founder Arne Stangeland and his colleagues of many years, Sveinung Uelan, Jone Stangeland, Lars K Skaar and Alf B Haarvei. They had been active in building up the company’s Dekk1 retail and wholesale businesses since 2006. In 2008 they sold 50 per cent of their business to private equity firm Borea Opportunity. In 2011 Borea and the founders parted ways after they realised they had different opinions about the future strategy for the company. And it was at this point that the company was split in two. Borea Opportunity continued with the Dekk1 retail business, while the current owners continued with Norgesdekk.
P Holth was found in 1992 by Petter Holth. He built the business into a 110 million Norwegian krone business. Following the acquisition Petter Holth will become an active shareholder in Norgesdekk AS. It appears that P Holth’s Falken and Sailun agencies will go with it to Norgesdekk.
P Holth’s Dekkmestern retail business will be taken over by Jan Rune Jvamme.