Category Archives: News

3i invests €200m in Hans Anders to support further growth

3I

3i Group plc (“3i”) today announces that it has agreed to invest €200m in Hans Anders, a leading optical retailer in the Benelux. The business is being purchased from Alpha Private Equity and Alpinvest.

Founded in 1982 and headquartered in Gorinchem, the Netherlands, Hans Anders is a market leading, value-for-money optical retailer in the Benelux with a presence in Sweden and France. The company offers a range of private label and branded spectacles, as well as hearing aids, contact lenses and sunglasses, at average price points significantly below its major competitors. The company is the most well-known optical retailer in its core markets with a high level of brand awareness and customer loyalty.

Hans Anders represents an attractive opportunity in the sweet spot of 3i’s consumer strategy and will benefit from long-term, macro growth dynamics including an aging population and an increasing focus by consumers on the value-for-money segment. 3i has extensive experience of investing in the value-for-money segment through its existing investments in Action, the leading international non-food discount retailer, and Basic-Fit, the largest value-for-money fitness club operator in Europe.

Hans Anders operates 253 stores in the Netherlands, 105 in Belgium, 62 in France and 36 in Sweden and achieved sales of €192m in the last fiscal year ending January 2017. It has achieved average annual revenue growth of 10% since 2013.

Robert Van Goethem, Partner & Head of Consumer at 3i, commented:
“Hans Anders is a successful company, led by a first class management team, with exciting growth potential. The European optical retail market remains heavily fragmented and we believe there are significant opportunities for Hans Anders as a leading player in the value-for-money segment. We look forward to supporting the management team to drive further growth and expand the company’s footprint.”

Remco Boerefijn, who will become CEO of Hans Anders following the transaction, said:
“We are delighted to be partnering with 3i. As well as its deep experience and strong track record of supporting retailers in the Benelux and Europe at large, it has an exceptional international network which will greatly benefit Hans Anders. 3i also has experience in the optical market which will be very valuable to our partnership.”

The transaction is subject to customary regulatory approvals.

-Ends-

For further information, contact:

3i Group plc
Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

About 3i Group
3i is a leading international investment manager focused on mid-market private equity and infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

About Hans Anders
Founded in 1982, Hans Anders is an international retailer of spectacles, hearing and contact lenses. Hans Anders, the core brand in the group, is the market leader in the Netherlands and has over 400 stores in the Netherlands, Belgium and France.  In Sweden the group operates under the Direkt Optik brand. Hans Anders employs over 1,500 people. For further information, please visit: https://www.hansanders.com.

Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

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Meniga raises €7.5M round led by Industrifonden

We are excited to announce that we are leading a €7.5 million equity round in Meniga, a pioneer in digital banking technology globally, reaching more than 40 million users across close to 20 countries. The round enables further expansion into data-driven personal finance, transaction data analytics and card-linked offers for leading banks, in the trillion-dollar financial service sector. 

 The €7.5M equity round is led by Industrifonden with participation from current investors including Velocity Capital and Frumtak Ventures. The investment enables continued development of Meniga’s cutting-edge digital banking platform and strengthens the sales team.

– Meniga has a proven track-record and is in a unique position for further growth as an innovative digital partner to banks and advertisers, transforming the way they use transaction data. We are particularly excited about the opportunities in data-driven digital banking and proud to support the exceptional Meniga team, says Sofia Ericsson Holm, investor at Industrifonden, responsible for the Meniga investment.

Meniga’s digital banking platform helps banks use personal finance data to enrich their online and mobile customer experiences. Founded in 2009, Meniga has pioneered the market for white-label digital banking solutions to become the preferred digital partner to world-leading banks, including Santander, Commerzbank and ING Direct. Meniga’s team is headquartered in London, with offices in Reykjavik as well as Stockholm, where its development team is located.

– We have never seen higher demand for our solutions and innovation capabilities. The funding allows us to accelerate growth and partner with more banks to help them transform the way customers engage with them via digital channels. Industrifonden is a great fit for Meniga and their team brings decades of experience to help us on our journey, says Georg Ludviksson, CEO Meniga.

– Meniga is already working with many of the world’s leading banks and has built a strong reputation as an innovation leader in digital banking at a time when banks are forced to re-think their customer strategy and business models, continues Sofia, who will join Meniga’s board of directors effective immediately.

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Ferd takes stake in online grocery retailer MatHem

Ferd has taken its first ever step in the grocery industry, with Ferd Capital having recently invested SEK 100 million in the Swedish online grocery retailer MatHem.

MatHem is the largest online grocery retailer in Sweden, and reported revenue of nearly SEK 1 billion in 2016.

“We expect to grow by between 30% and 40% this year. The plan is for us to be profitable by the end of the year”, commented Tomas Kull, CEO of MatHem, in an article published in Finansavisen earlier this year. Tomas Kull started the company with his wife.

Scandinavian owners
Ferd invested in MatHem in close collaboration with its largest shareholder, the private equity company Verdane Capital, which owns 36% of the company.

Ferd Capital has invested around SEK 100 million in MatHem, giving it a 6% stake. Denmark’s Anders Holch Povlsen, who owns the international fashion company Bestseller, and Karl-Johan Persson, the majority shareholder in H&M, also invested in MatHem at the same time. The former now owns 21% of the company and the latter 10%, with the company’s founders keeping around 12%.

Founder Tomas Kull is very pleased that Ferd has come on board, particularly because Ferd is a capital-rich owner with a long-term investment horizon that also cares about social responsibility.

“Ferd’s funds will enable us to continue to grow while maintaining quality and launching new projects”, commented Tomas Kull to ICA Nyheter, a specialist Swedish grocery publication.

Big potential
From Ferd Capital’s perspective, MatHem represents an exciting investment in a new industry.

“We are impressed with what MatHem has achieved. The company is growing very strongly while delivering a high-quality service to consumers. Investing in MatHem also represents an opportunity to gain exposure to the grocery market, and specifically to a distribution channel that is growing strongly”, comments Håkon Glimstad Kristiansen, Senior Investment Manager at Ferd Capital.

Håkon Glimstad Kristiansen and his colleague Kristian Eikre, Head of Special Investments at Ferd, worked on the investment case for MatHem together. Kristian Eikre is in no doubt that online grocery retailing represents a big and growing market.

“We don’t think physical shops will disappear, but this is without doubt an enormous market”, comments Kristian.

In connection with the investment, Ferd analysed the online grocery retailing markets in Scandinavia. The conclusion was that Sweden has made much more progress than Norway.

The entire article is available (in Norwegian) here.

Tomas Kull started MatHem together with his wife, Karolin. Photo: MatHem

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HgCapital announces an investment in Mitratech

HGCapital

HgCapital has announced today an investment in Mitratech, a leading global provider of legal, risk and compliance software serving multinationals and SMEs across Europe and the US. HgCapital will be the lead investor in the new transaction structure, alongside TA Associates and the management team at Mitratech. The terms of this transaction were not disclosed.

Founded in 1987, Mitratech offers mission critical enterprise legal management (“ELM”) and enterprise risk management (“ERM”) software; its flagship product offering is a sector leading and award-winning legal matter management and spend management platform for large corporate legal departments, enabling customers to manage their internal workflows, documents (“system of record”), deadlines and communications, as well as providing an e-billing solution to collaborate with external legal advisors on budgeting and invoicing. Today the company provides legal, compliance, and operational risk solutions to 1,200 corporations across the globe with more than 500,000 users in over 160 countries. Its operations are supported by offices in the US, UK, and Australia.

This investment by the HgCapital TMT team follows many years of experience in the regulatory-driven business software space. Mitratech demonstrates many of the business model characteristics that HgCapital looks for, including: a business-critical product; a high proportion of repeatable revenues; strong customer loyalty; an opportunity for M&A; and a strong management team with a proven track record in both organic and M&A-led growth.

“We are delighted to be working with Jason Parkman and his talented management team, alongside TA Associates,” said Jean-Baptiste Brian, a Director in the HgCapital TMT team. “HgCapital has a strong track record of successful investments in regulatory compliance-driven software companies. We are impressed with the excellent progress Mitratech has made in establishing itself as a global player in this sector, and we look forward to supporting their continued growth going forward.”

“TA Associates has been a strong partner for us over the past 18 months, and an important part of our unprecedented recent growth. We look forward to continuing this relationship for years to come,” said Jason Parkman, Mitratech CEO. “Our new partnership with HgCapital brings us additional strength to fuel our growth in legal and risk management generally, as well as the focus to accelerate our current momentum of international expansion. The combination of these two strategic investors provides more access to global resources and enables us to invest even more to deliver innovation and value for our clients.”

“Since forming our strategic partnership with Mitratech in September 2015, it has been a pleasure to partner with Jason Parkman and his team,” said Hythem El-Nazer, a Managing Director at TA Associates. “The business has more than doubled during our partnership and, more importantly, Mitratech has solidified itself as a leader in the Enterprise Legal and Risk Management software market. We look forward to continuing to support Mitratech and partnering with HgCapital as the business continues to expand globally.”

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Cerelia acquires English Bay Batter

ik-investment-partners

Cerelia acquires English Bay Batter

French food company Cerelia, leading producer of ready-to-bake dough and ready-to- heat pancakes in Europe, supported by the IK VII Fund since 2015, is accelerating its development through the acquisition of English Bay Batter, the North American cookie specialist.

The merger will create an international group able to meet the needs of its historical clients by offering an enlarged range of products through three different distribution channels: Retail, In-store Bakery and Food-service.

Founded in 1983 by Jack Seguin in Vancouver, English Bay Batter (EBB) has developed a unique know-how producing cookies, muffins, brownies and other pastries. The company’s products are widely distributed in the US and Canada through Retail and Food-service channels. Building on its raw and cooked frozen products expertise, EBB recently and successfully launched a range of refrigerated dough products.

The acquisition is consistent with Cerelia’s growth strategy, based on the pooling of skills and market expertise. As part of the Cerelia group, EBB will further its development in the US and Canada thanks to substantial investment plans aimed at supporting innovation and industrial transformation. Conversely, EBB’s expertise in its market will enable Cerelia to broaden its product offering in Europe and Asia.

Cerelia’s CEO Guillaume Réveilhac is enthusiastic about this acquisition: “English Bay Batter is a leading player in North America, which is a strategic market for Cerelia. Our two companies’ DNAs are comparable in all respects. We are happy to welcome the EBB team, knowing that our group is initiating a new phase of development.”

“After two build-up acquisitions in Europe completed by Cerelia in the past 18 months – Bioderij in the Netherlands in 2015 and BakeAway in the UK n 2016, the acquisition of EBB is a key milestone in its plan for growth to accelerate its development in North America, adding local manufacturing capabilities, existing customer relationships and a deep market understanding to Cerelia’s innovation capabilities. Combined sales of the group to reach over 400 million euros” said Rémi Buttiaux, Partner at IK Investment Partners.

This acquisition is fully funded through a senior debt issuance as part of a full refinancing of its current debt package. Due to the solid track record of Cerelia and a favourable debt market, the company significantly improves its financing terms and documentation.

Cerelia was advised by Lincoln International, Stikeman Elliott / Willkie Farr & Gallagher and Bain Consulting throughout the acquisition process. Lazard and Willkie Farr & Gallagher advised Cerelia throughout the debt refinancing process. Bank of Ireland, BNP Paribas, Crédit Mutuel CIC, Crédit Agricole CIB, ING, Natixis and Société Générale arrange the new senior debt financing.

The financial terms of the transaction are not disclosed.

For any questions, please contact:

Cerelia
Marianne Szychowski
Executive assistant to the CEO
Phone: +33 (0)3 21 72 75 75

IK Investment Partners
Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566

About Cerelia
Cerelia is the European leader in the production of ready-made doughs and pancakes, with sales of over 300 million euros in 2017. Cerelia offers a large range of products: rolled dough, pizza dough, pastries, crepes and pancakes. Cerelia has launched an organic line, and also offers gluten-free and lactose-free products. Cerelia’s products are commercialized under its clients’ brands, both retailers and industrial companies, as well as under its own brands: Croustipate, Jan, Pop Bakery and Creapan in particular. To learn more, visit www.cerelia.com and www.bioderij.nl

About English Bay Batter
Founded in 1983, English Bay Batter is a producer of ready to bake dough and other cooked products in the US and Canada. Product offering mainly consists in cookies, croissants, muffins, brownies, biscuits and pie crusts. Like Cerelia’s, EBB’s products find their origin in traditional as well as in specific production (gluten-free, GMO-free etc.). Based in Vancouver (British Columbia), the company employs 430 people across four industrial sites in Vancouver, Toronto and Columbus (Ohio/USA). EBB has developed long-term commercial relationships with clients across four main distribution channels: Retail (through private label), In-store bakeries, QSRs and Food-service. To learn more, visit www.englishbaycookies.com

About IK Investment Partners
IK Investment Partner is a pan-European private equity firm investing across Northern Europe, the DACH region (Germany, Austria, and Switzerland), France and Benelux. Since 1989, IK has raised over 9 billion euros in capital and invested in over 100 companies in Europe. IK invests alongside management teams in mid-size companies benefitting from strong growth potential and operating in four core sectors: services, care, industrial goods and consumer goods. To learn more, visit www.ikinvest.com

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Plantasjen is acquiring SABA Blommor AB

Ratos

Ratos’s subsidiary Plantasjen is acquiring SABA Blommor AB, one of the leading service providers of in-store solutions for flowers in Sweden. With over 700 points of sales across the country, mostly in the grocery segment, the acquisition propels Plantasjen’s journey from garden center into a leading brand for plants.

Plantasjen is strengthening its position through the acquisition of SABA Blommor AB from SABA Logistics, a Dole Food Company. The company has approximately 160 employees, and an annual turnover of approximately SEK 330m. With the acquisition Plantasjen’s offer leaps from 40 garden centers to over 700 points of sales.

“Through combining SABA’s more than 700 points of sales and competence as a leading supplier of flowers to the grocery segment, with Plantasjen’s industry leading supply-chain and know-how of plants, we will increase the availability for our customers. The acquisition is an important part of our strategy to create a unique offering with an outstanding supply-chain and increased market presence for more people to enjoy life with plants,” says Plantasjen’s CEO Jon Abrahamsson Ring.

In addition, SABA is not present in Norway and Finland where grocery sales of plants are less developed but fast growing which provides additional opportunities for Plantasjen’s growth going forward.

The acquisition is subject to approval by the relevant authorities and is expected to be completed in the second quarter of 2017

– See more at: http://ratos.se/en/Press/Press-releases/2017/Ratos-AB-Plantasjen-is-acquiring-SABA-Blommor-AB/#sthash.OGSlbFhd.dpuf

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Joining forces to challenge the dominating grocery chains

Merger plans between Adams Matkasse and Godtlevert.no in Norway: Joining forces to challenge the dominating grocery chains

Merger plans between Adams Matkasse and Godtlevert.no in Norway: Joining forces to challenge the dominating grocery chains

The two online dinner bag providers, Adams Matkasse and Godtlevert.no are joining forces and intend to finalize a merger. With this, they will be able to challenge the three dominating grocery chains in Norway.
“Both Adams and Godtlevert.no have since the start had a strong ambition and desire to increase the competition in the Norwegian grocery market. Through this merger, we will become a real contender to the established grocery chains”, says the Godtlevert.no founder Kjetil Graver. He is convinced that the merger will result in substantial cost synergies, which is crucial to compete against the grocery chains’ scale advantages.Kjetil Graver and his co-founders are now merging the company they established in 2010 with the Bergen-based dinner bag provider Adams Matkasse. The shareholders of Godtlevert.no will receive shares in Linas Matkasse as payment. Linas Matkasse, a company backed by the Norwegian private equity firm Herkules Capital, owns more than 90% of Adams Matkasse.Adams Matkasse and Godtlevert.no have an annual revenue base of NOK 330 and 390 million and close to 25 000 and 30 000 customers respectively. The two brands will continue to operate as separate concepts, and resources will be committed to further strengthen and enhance the two brands.Adams Matkasse has 74 employees, while Godtlevert.no employs about 65 people. Both companies have during the last years focused heavily on finding local suppliers across the country who have a great sense of traditional heritage. This has contributed to additional growth and has increased employment at several smaller food suppliers outside the larger cities.“Our disruptive business model is based on excluding expensive intermediaries like the large wholesalers. Instead, we offer high quality products delivered directly from the manufacturers. These quality conscious and traditional suppliers are too small to get shelf space at the large grocery chains. Thus, the merger will provide these manufacturers with a much greater opportunity to reach a national audience”, says Managing Director at Adams Matkasse, Veslemøy Tvedt Fredriksen.

With this transaction, Herkules takes another big bite of the Nordic grocery market. In 2015,  Herkules acquired 35% of the shares of Linas Matkasse. Linas will own 100% of the newly merged company.

“This transaction fits into our long-term strategy to focus on the grocery market both in Norway and internationally. We feel that this structure and business model can credibly challenge the established players and make money at the same time. Herkules can contribute with both growth capital and considerable industry knowledge”, says Sverre B. Flåskjer Managing Partner at Herkules Capital.

The merger is subject to approval from the Norwegian competition authority.

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Bregal Unternehmerkapital supports the online printing platform Helloprint to accelerate its growth

Bregal unternehmerkapital

The European online printing market is growing and will continue to win significant market share from offline competitors in the years to come. Rotterdam-based Helloprint is a key player in the industry and one of Europe’s fastest growing online platforms, offering more than 2,000 products via its network of over 100 international printers. To increasingly benefit from the positive market development, Helloprint has entered into a long-term partnership with Bregal Unternehmerkapital and Project A, the Berlin-based venture capital investor, who are investing several million euros to acquire a minority stake in Helloprint via their holding Onlineprinters.

This investment will provide Helloprint with additional financial and strategic resources to continue accelerating its growth and to expand its platform business more rapidly. Currently, Helloprint provides printed products to more than 150,000 customers in the Netherlands, Belgium, France, Italy, the UK, Spain, Germany and Ireland.

Helloprint will use the injection of capital to enhance its IT systems, grow its team and implement new customer acquisition efforts. Thanks to the company’s service-oriented platform model, Helloprint is able to grow without major capex investments. The new funding follows a seed financing round providing start-up capital and several million euros in series A financing by private investors.

Bregal is excited to have found another strong partner in a very promising market and is looking forward to actively supporting Helloprint in its growth ambitions.

Press contact:

IRA WÜLFING KOMMUNIKATION
Dr. Reinhard Saller
Phone: +49 89 2000 30-30
bregal@wuelfing-kommunikation.de

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3i announces sale of ESG generating proceeds of £30 million

3i Group plc (“3i”), and funds managed by 3i, today announce the sale of ESG, a UK based provider of testing, inspection and compliance (“TIC”) services, focused on Infrastructure, Built Environment and Energy & Waste to Socotec, a French headquartered, global leader in Inspection, Measurement, Certification and Training.

Proceeds to 3i total £30m, which represent a 23% uplift on its December 2016 valuation and a 39% uplift on its March 2016 valuation. The transaction is due to complete later this week.

Pete Wilson, Partner 3i, commented:
“During our investment period, ESG has cemented its position as the market leader in the provision of TIC services to its chosen sectors in the UK. I would like to thank Ian Sparks and his management for their significant commitment over the last few years, and I wish them well through the next phase of ESG’s growth with Socotec”.

Ian Sparks, CEO of ESG added:
“3i has been an extremely supportive partner to ESG and their in depth knowledge of the TIC sector has been invaluable in helping support our ambitious growth plans. The business is well positioned for future growth and I am looking forward to continuing to deliver for our clients as part of the Socotec group”.

3i’s advisers on the transaction were DC Advisory (financial adviser), Travers Smith (legal), KPMG (financial, pensions & IT), Deloitte (tax) and OC&C (commercial).

-Ends-

For further information, contact:

3i Group plc
Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.

Regulatory information
This transaction involved a recommendation of 3i Investments plc.

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BerGenBio heads for IPO

Investinor

Investinor’s portfolio company BerGenBio announces its intention to launch an Initial Public Offering and apply for a listing on Oslo Stock Exchange.

Completion of the IPO will be subject to receiving the relevant approvals from Oslo Børs as well as prevailing equity capital market conditions.

Read the full announcement at OSE’s website.

BerGenBio is a clinical-stage biopharmaceutical company focused on developing a pipeline of first-in-class drug candidates to treat multiple aggressive cancers.

The Company has pioneered the research and understanding of the central role of Axl kinase in a broad range of aggressive cancers that spread, avoid the immune system and are resistant to existing
drugs. Tumours with these characteristics are the cause of the majority of cancer deaths.

BerGenBio is developing a number of Axl kinase inhibitors, which represents a novel approach to address the key mechanisms leading to tumours becoming malignant and
aggressive. This approach presents the Company with an opportunity to create new therapeutic options for cancer patients.

The Company is also developing a pipeline of additional Axl inhibitors, including an anti-Axl kinase antibody and antibody drug conjugate (ADC), which are currently in preclinical stage.

In addition, BerGenBio is developing companion diagnostics to identify cancer patients whose tumours express Axl kinase and are therefore more likely to respond to treatment
with Axl inhibitors.

Richard Godfrey, CEO of BerGenBio, commented:

”BerGenBio is pioneering a new approach to treating aggressive cancers based on its deep understanding of Axl biology. Our lead compound, BGB324, the only highly selective Axl
inhibitor in clinical development, has already delivered encouraging clinical data in patients with AML/MDS and NSCLC, indicating it could provide an important new improved treatment option for these indications.

The clinical collaboration with MSD announced today will allow us to assess BGB324 in combination with its immune checkpoint inhibitor KEYTRUDA. Our
planned IPO will provide BerGenBio with the funds needed to develop BGB324 through to regulatory trials and to generate significant value for shareholders. We will continue to
evaluate the optimal strategy for further development and commercialisation of BGB324, either alone or in conjunction with partners.”

Stein H. Annexstad, Chairman of the Board, commented:

“The IPO is a natural next step in the Company’s development that will help it secure a broader, long-term shareholder base. In addition, the listing will enhance BerGenBio’s
visibility among potential partners, ensure organised and regulated trading of the shares as well as provide access to the capital markets.”

Offering Highlights
The IPO will comprise a public offering to institutional and retail investors in Norway and Sweden, and a private placement to certain institutional investors internationally. The largest
existing shareholder has indicated that it will offer strong support through the IPO of the Company.

ABG Sundal Collier, Arctic Securities and DNB Markets are acting as Joint Global Coordinators and Joint Bookrunners in the IPO.

Enquiries:
Richard Godfrey, CEO
richard.godfrey@bergenbio.com, +47 917 86 304

Petter Nielsen, CFO
petter.nielsen@bergenbio.com, +47 922 47 464

For International media enquiries
David Dible / Mark Swallow / Marine Perrier, Citigate Dewe Rogerson
bergenbio@citigatedr.co.uk, +44 207 638 9571

For media enquiries in Norway
Mitra Hagen Negård, Kari Holm Hejna, First House
mhn@firsthouse.no, khh@firsthouse.no, +47 957 936 31
Important Notice

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

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